WEBVTT

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<v Speaker 1>Reports are coming out that Kamala Harris is accepting crypto donations,

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<v Speaker 1>but when you go to her website there's no feature

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<v Speaker 1>to do so who's lying here? And we got big

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<v Speaker 1>attacks against the crypto industry from the SEC, c, FDC

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<v Speaker 1>and even the Federal Reserve with Operation Choke point two

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<v Speaker 1>point zero. Share the details of all three of these.

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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 podcast. You're 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 comment 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. Folks. Some quick metrics I

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<v Speaker 1>want to share with you all because I like to

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<v Speaker 1>look at the market holistically. Right now, the price is

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<v Speaker 1>not great, there's not a lot happening, but data is

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<v Speaker 1>showing us that stable coin supplies increasing. Whales are buying

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<v Speaker 1>to dip so here we got reports today from Whales

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<v Speaker 1>Alert that one hundred million in USDC stable coin was

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<v Speaker 1>minted at the Treasury and it came in two batches,

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<v Speaker 1>one for fifty million and the other for fifty million.

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<v Speaker 1>So these are things I pay attention to. Whether the

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<v Speaker 1>stable coin supply is going up, if the bitcoin whales

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<v Speaker 1>are buying, what's happening in the macro and so forth.

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<v Speaker 1>So we are seeing the stable coin supply going up,

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<v Speaker 1>meaning this liquidity will be used to buy to dip,

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<v Speaker 1>and that's very bullish, as I think many of these

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<v Speaker 1>whales and smart money are anticipating higher highs coming that

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<v Speaker 1>we're not done. This bull market's not done, and you

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<v Speaker 1>know we're closing shop and it's now a bear market.

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<v Speaker 1>That's not the case. Also important to highlight is that

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<v Speaker 1>the bitcoin bulls were able to successfully defend support at

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<v Speaker 1>the fifty six one hundred dollars price point. So, as

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<v Speaker 1>I said in yesterday's podcast and even the newsletter, we

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<v Speaker 1>have to survive September. It's going to be rocky, it's

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<v Speaker 1>going to be bloody. So be patient if you are

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<v Speaker 1>able to, obviously, try to buy the dip. Not financial advice,

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<v Speaker 1>That's what I'm doing, but guys, be patient. We just

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<v Speaker 1>got to get through this month and then I think

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<v Speaker 1>come October and the start of Q four, we're going

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<v Speaker 1>to start to see the markets move significantly, So once again,

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<v Speaker 1>be patient. All right, guys, we got news today that

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<v Speaker 1>Kamala Harris apparently is using coinbase to accept crypto donations.

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<v Speaker 1>This is being reported by Fortune magazine and the source

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<v Speaker 1>of that is Coinbass CFO. So I went to Kamala

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<v Speaker 1>Harris's website and guess what. I only see the option

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<v Speaker 1>to donate via Venmo, Google, Play Playpal. There's nothing here

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<v Speaker 1>that says you can donate with crypto. So something is

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<v Speaker 1>up here. It's really weird. I don't know who's lying,

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<v Speaker 1>and we haven't heard one word from Kamala Harris. I

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<v Speaker 1>tweeted out about this new saying, okay, if she accepts

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<v Speaker 1>crypto donations, if she is indeed, and I don't know

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<v Speaker 1>where or how, but will she actually come out and

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<v Speaker 1>state her crypto policy and support crypto. We have not

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<v Speaker 1>heard one word. And she has not put a stop

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<v Speaker 1>to Gary against her and Elizabeth Warren from attacking the industry.

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<v Speaker 1>We see the attacks are coming in Gary. Just last

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<v Speaker 1>week sent to Wells noticed the open Sea. So the

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<v Speaker 1>nonsense continues. So Kamala Harris is dropping the ball here,

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<v Speaker 1>and I think many folks are starting to get impatient.

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<v Speaker 1>I'm not saying that I want Kamala Harris to support cryptos,

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<v Speaker 1>who I can vote for her. That's not my point.

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<v Speaker 1>As I've been telling you guys, we need bipartisan support

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<v Speaker 1>to get crypto regulations through. Remember seventy one Democrats join

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<v Speaker 1>the Republicans in the House to pass the FIT twenty

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<v Speaker 1>one bill. They Republicans couldn't do it by themselves, and

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<v Speaker 1>that's the same thing they're going to have to do

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<v Speaker 1>to get it through the Senate. So we need Kamala

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<v Speaker 1>Harris to support crypto to get this issue off the table.

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<v Speaker 1>It shouldn't be an election issue now, Trump, you got

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<v Speaker 1>to give him credit. He's all out, he's clear and

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<v Speaker 1>what he's doing. He said he will fire Gary Answer

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<v Speaker 1>and he's going to support this industry. I just wish

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<v Speaker 1>Kamala Harris would come out and state where does she stand.

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<v Speaker 1>And I don't understand what the hell is happening with

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<v Speaker 1>this crypto donation thing here. This seems to be a

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<v Speaker 1>big lie. I don't know if the coinbase CFO is

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<v Speaker 1>lying or Kamala Harris's team lied to him. I don't

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<v Speaker 1>know what's going on, but this is pretty shady. Now, guys,

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<v Speaker 1>we've got a series of attacks against the industry. We're

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<v Speaker 1>going to start with the SEC first, and then we're

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<v Speaker 1>going to go to the CFTC and then the Federal Reserve.

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<v Speaker 1>So the SEC charges crypto focused advisory firm Galo's Capital

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<v Speaker 1>for custody failures, and folks, they're charging him with custody

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<v Speaker 1>failures because they were storing funds at FTX, and everyone

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<v Speaker 1>is like, wait, wasn't Gary Gainster meeting with Sam Beakmerfried

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<v Speaker 1>and FTX officials were at the SEC's office like every month.

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<v Speaker 1>Wasn't Gary working on that special broker dealer license for

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<v Speaker 1>FTX that he gave to Prometheum And the SEC didn't

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<v Speaker 1>do their due diligence, didn't do any type of investigation,

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<v Speaker 1>and you're suing companies for using FTX. This is ridiculous

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<v Speaker 1>and this is where you see these regulatory agencies and

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<v Speaker 1>government agencies have gone rogue. I mean hypocrisy, lies, unlawful activities,

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<v Speaker 1>and we've seen the unlawful activities in the SEC. So

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<v Speaker 1>Adam Cochran weighed in saying the SEC suing a fund

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<v Speaker 1>for storing funds in FTX is wild. Sure the fund

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<v Speaker 1>allegedly failed to keep funds with a valid custodian. But

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<v Speaker 1>the SEC also failed to identify the largest fraud in

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<v Speaker 1>history even when actively engaged with and investigating FTX, which

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<v Speaker 1>is why anyone lost funds. He's absolutely right. Maybe if

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<v Speaker 1>Gary hadn't been so focused on random ico projects and

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<v Speaker 1>had stopped a twenty billion dollar fraud instead of trying

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<v Speaker 1>to befriend him for a job, then they wouldn't be

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<v Speaker 1>in this mess. Adam is one hundred percent right here,

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<v Speaker 1>right folks. Even Kristen Smith, head of the Blockchain Association,

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<v Speaker 1>weighed in on this, saying, another day, another attempt by

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<v Speaker 1>the SEC to drive the crypto ecosystem offshore. The SEC

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<v Speaker 1>claims Galo's Capital failed to comply with the custody rule.

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<v Speaker 1>Galo's settled, but it's worth digging into the custody rule

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<v Speaker 1>and how the SEC uses it to discourage investments in crypto.

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<v Speaker 1>Galo's Capital held cryptotokens with a digital asset firm, but

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<v Speaker 1>not one that the SEC counts as a qualified custodian.

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<v Speaker 1>The problem is that the SEC designated qualified custodians rarely

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<v Speaker 1>support cryptotokens. In other words, the SEC has made it

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<v Speaker 1>impossible for investment advisors to comply with its own rules.

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<v Speaker 1>They are asked to custody crypto assets with a qualified custodian,

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<v Speaker 1>But qualified custodians do not generally support crypto assets. And

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<v Speaker 1>she's of course referencing like SAB one two one, which

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<v Speaker 1>prevents banks from being able to hold these things. Face

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<v Speaker 1>with this reality, investment advisors try their best to find

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<v Speaker 1>a solution that protects client's assets, only to get hit

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<v Speaker 1>with SEC charges and fines. So, as she continues here,

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<v Speaker 1>but I think you get the gist of the hypocrisy

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<v Speaker 1>and the lines of the SEC. Now let's move ahead

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<v Speaker 1>to the FED. So Hitlin long highlighted here another bank,

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<v Speaker 1>another enforcement action. So we see pro crypto banks, those

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<v Speaker 1>that are working with crypto firms are getting attacked via

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<v Speaker 1>the Operation Choke point two point zero. And the Federal

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<v Speaker 1>Reserve put out of press release today about it. And

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<v Speaker 1>it's apparently the United Texas Bank Base in Dallas, Texas. Now,

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<v Speaker 1>on that note, Paul Grewall, he and the folks at

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<v Speaker 1>Coinbase sent a four yer litigation against the FDIC, and

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<v Speaker 1>he said, today we filed this notice of anticipated motion.

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<v Speaker 1>In short, the public is entitled by law to every

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<v Speaker 1>letter the FDIC sent to any financial institution suggesting that

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<v Speaker 1>they indefinitely pause crypto related activities. We appreciate the court's consideration.

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<v Speaker 1>So let's see what comes out of this. And the

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<v Speaker 1>reason all this is happening, folks, is Elizabeth Warren. When

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<v Speaker 1>I was in DC back in May, I spoke to

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<v Speaker 1>some people and they told me she has staffers everywhere

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<v Speaker 1>and she got that head of the Financial Services so

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<v Speaker 1>to speak job, you know, because she made a deal

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<v Speaker 1>with Biden that hey, I'm going to drop out the race,

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<v Speaker 1>but give me this role. So she's pulling the strings

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<v Speaker 1>at the at the FED, at at the Treasury, at

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<v Speaker 1>the SEC, at the CFTC and everywhere. Guys. She's got

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<v Speaker 1>her cronies everywhere. And I heard this from some reputable

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<v Speaker 1>folks in d C. So that's what's happening here. If

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<v Speaker 1>you're wondering, oh, is Jerome Powell waking up saying, oh,

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<v Speaker 1>let's go cut off banking to the crypto acid class, No, right,

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<v Speaker 1>it's it's Elizabeth Warrener making the calls and she has

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<v Speaker 1>that power right now. And of course we know she

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<v Speaker 1>controls Gary Genser. So that is what's happening here, folks.

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<v Speaker 1>That's why you see all these attacks and unlawful moves

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<v Speaker 1>and lies and like I said, hypocrisy. So the next

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<v Speaker 1>news was the CFDC issues order against UNISWAMP labs were

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<v Speaker 1>offering illegal digital asset privatives trading. Now you know, SWAMP

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<v Speaker 1>is a decentralized exchange and they're not only getting hit

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<v Speaker 1>by the CFTC but also the SEC. However, one of

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<v Speaker 1>the commissioners at the CFDC, specifically Commissioner Mersinger, she dissented

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<v Speaker 1>based on this move by the CFDC, and Alexander Grieve

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<v Speaker 1>highlighted the following worth noting that Commissioner Mersinger is one

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<v Speaker 1>of the leading candidates for a CFDC chair under a

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<v Speaker 1>Trump admin. So I think we're seeing the political lines here, folks,

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<v Speaker 1>and it's really frustrating. We need both Democrats and Republicans

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<v Speaker 1>to support a crypto together. But what we'll get there

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<v Speaker 1>just we got to get past these hurdles. And I

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<v Speaker 1>know a lot of you are going to comment that's

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<v Speaker 1>why you got to vote for Trump. And I'm not

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<v Speaker 1>here to tell people who to vote for necessarily, because

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<v Speaker 1>I know the presidential election involves more than crypto. So

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<v Speaker 1>I like to be a neutral party reporting the news

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<v Speaker 1>and let you guys your decisions accordingly. So I'm as

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<v Speaker 1>you see, I criticize Kamala Harris. That doesn't mean that

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<v Speaker 1>I'm telling you don't go vote for her because I

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<v Speaker 1>don't know what you're voting for her regarding right and

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<v Speaker 1>but I will tell you what I feel is wrong

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<v Speaker 1>and what she needs to do better. So that's my

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<v Speaker 1>approach in bringing you guys the news. And on the

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<v Speaker 1>note of elections, guys, John Deeton has won the primary, guys,

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<v Speaker 1>the Republican He's a Republican nominee in the state of Massachusetts,

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<v Speaker 1>and even Mark Cuban highlighted here, congrats to John Deeton.

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<v Speaker 1>Only one w to go, so he's going up against

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<v Speaker 1>Elizabeth Warren. So you know, like I said before, in

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<v Speaker 1>the presidential election, it's a bit different. But when it

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<v Speaker 1>comes to John Deeton in Massachusetts, vote for John, folks.

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<v Speaker 1>So congrats to John. That's a big win, folks. Quick

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

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<v Speaker 1>for years. I started using them since back in twenty

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<v Speaker 1>eight team they have Bitcoin in all the top ball points.

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<v Speaker 1>They have two hundred and sixty plus cryptocurrencies and they're

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<v Speaker 1>your funds, and they have some great features. They are

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<v Speaker 1>actually launching a great product coming very soon, which I'll

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<v Speaker 1>reveal to you guys. But like I said, I've been

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<v Speaker 1>using this platform for years. I can vouch for it.

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<v Speaker 1>So if you'd like to learn more, visit the link

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<v Speaker 1>in the description. Now, folks, next week we got a

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<v Speaker 1>big hearing around DeFi, So the Financial Committee or the

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<v Speaker 1>House Financial Committee GOP has officially rescheduled their hearing on

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<v Speaker 1>DeFi for next Tuesday, September tenth. The hearing was originally

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<v Speaker 1>scheduled for July, but got pushed back till after the

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<v Speaker 1>August recess. So well, the folks that the Digital Chambers

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<v Speaker 1>said they're going to do a summary on this, but

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<v Speaker 1>this is interesting more hearings about crypto and if you

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<v Speaker 1>caught my interview with Cody Carbone of the Digital Chamber.

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<v Speaker 1>This morning, there's a hearing coming up with Ginser is

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<v Speaker 1>going to have to appear, actually two hearings, so let's

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<v Speaker 1>see what Ginster is going to have to say. Be

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<v Speaker 1>sure to check out that interview now, folks. Final news

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<v Speaker 1>item here, Samsung is getting ready to invest in back

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<v Speaker 1>Sony's blockchain. So I've been telling you guys about Sony's

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<v Speaker 1>Ethereum layer two called Sonium. Sony's also building a crypto

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<v Speaker 1>exchange in Japan. So now you've got Samsung saying hey,

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<v Speaker 1>we want to participate. So you are seeing a lot

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<v Speaker 1>of these legacy tech companies getting involved in crypto, and

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<v Speaker 1>I hope you recognize what's happening here. This is big.

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<v Speaker 1>They're not doing it for fun, they're not doing it

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<v Speaker 1>to lose money. They want to make money. They see

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<v Speaker 1>what's on the horizon and they want to stay ahead

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<v Speaker 1>of the curve. They don't want to get disrupted. So

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<v Speaker 1>Samsung next invest in Startial Labs, enhancing blockchain capabilities for seamless,

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<v Speaker 1>decentral application development partnership focuses on Star Network, Sonium startail

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<v Speaker 1>cloud services, reducing entry costs and technical barriers. So big,

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<v Speaker 1>big news here, folks. These are big names, big power

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<v Speaker 1>players in the tech space. I mean you probably have

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<v Speaker 1>devices in your house that are Samsung or Sony, right,

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<v Speaker 1>and they are getting involved with blockchain and crypto. Pretty

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<v Speaker 1>incredible stuff, right, folks. Let me know what you think.

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<v Speaker 1>Leave your thoughts and comments below. Also, be sure to

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<v Speaker 1>sign up for my free email news that are on

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<v Speaker 1>substack one hundred percent free link will being a description. Also,

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<v Speaker 1>be sure to grab a copy of my book, Rethinking Crypto.

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<v Speaker 1>It's available on Amazon and paperback and digital also on

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<v Speaker 1>Barnes and Nobles dot com and grab a copy to

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

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<v Speaker 1>and family who want to learn about crypto. This will

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<v Speaker 1>make a great gift. It covers crypto's past, present, and future.

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<v Speaker 1>It includes tips for investing, so it's very good for

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<v Speaker 1>people who are new and want to know what the

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<v Speaker 1>hell happened with FTX, and why is Wall Street here

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<v Speaker 1>launching et aps, what is tokenization? And much more. And

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<v Speaker 1>if you bought a copy of Ready, Folks, please leave

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<v Speaker 1>a rating and review. It will really help me out.

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<v Speaker 1>Thank you so much. I appreciate you all, and I'll

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<v Speaker 1>talk to you all later.