Speaker 1: Reports are coming out that Kamala Harris is accepting crypto donations,
Speaker 1: but when you go to her website there's no feature
Speaker 1: to do so who's lying here? And we got big
Speaker 1: attacks against the crypto industry from the SEC, c, FDC
Speaker 1: and even the Federal Reserve with Operation Choke point two
Speaker 1: point zero. Share the details of all three of these.
Speaker 1: Let's get into it. Hey, everybody, welcome into the Thinking
Speaker 1: Crypto podcast. You're home for cryptocurrency news and interviews. I'm
Speaker 1: your host, Tony Edward. On your way in. Please sit
Speaker 1: that subscribe button as well as a thumbs up button
Speaker 1: and leave a comment below. If you're listening on a
Speaker 1: podcast platform such as Spotify or Apple, please leave a
Speaker 1: five star rating and review. Folks. Some quick metrics I
Speaker 1: want to share with you all because I like to
Speaker 1: look at the market holistically. Right now, the price is
Speaker 1: not great, there's not a lot happening, but data is
Speaker 1: showing us that stable coin supplies increasing. Whales are buying
Speaker 1: to dip so here we got reports today from Whales
Speaker 1: Alert that one hundred million in USDC stable coin was
Speaker 1: minted at the Treasury and it came in two batches,
Speaker 1: one for fifty million and the other for fifty million.
Speaker 1: So these are things I pay attention to. Whether the
Speaker 1: stable coin supply is going up, if the bitcoin whales
Speaker 1: are buying, what's happening in the macro and so forth.
Speaker 1: So we are seeing the stable coin supply going up,
Speaker 1: meaning this liquidity will be used to buy to dip,
Speaker 1: and that's very bullish, as I think many of these
Speaker 1: whales and smart money are anticipating higher highs coming that
Speaker 1: we're not done. This bull market's not done, and you
Speaker 1: know we're closing shop and it's now a bear market.
Speaker 1: That's not the case. Also important to highlight is that
Speaker 1: the bitcoin bulls were able to successfully defend support at
Speaker 1: the fifty six one hundred dollars price point. So, as
Speaker 1: I said in yesterday's podcast and even the newsletter, we
Speaker 1: have to survive September. It's going to be rocky, it's
Speaker 1: going to be bloody. So be patient if you are
Speaker 1: able to, obviously, try to buy the dip. Not financial advice,
Speaker 1: That's what I'm doing, but guys, be patient. We just
Speaker 1: got to get through this month and then I think
Speaker 1: come October and the start of Q four, we're going
Speaker 1: to start to see the markets move significantly, So once again,
Speaker 1: be patient. All right, guys, we got news today that
Speaker 1: Kamala Harris apparently is using coinbase to accept crypto donations.
Speaker 1: This is being reported by Fortune magazine and the source
Speaker 1: of that is Coinbass CFO. So I went to Kamala
Speaker 1: Harris's website and guess what. I only see the option
Speaker 1: to donate via Venmo, Google, Play Playpal. There's nothing here
Speaker 1: that says you can donate with crypto. So something is
Speaker 1: up here. It's really weird. I don't know who's lying,
Speaker 1: and we haven't heard one word from Kamala Harris. I
Speaker 1: tweeted out about this new saying, okay, if she accepts
Speaker 1: crypto donations, if she is indeed, and I don't know
Speaker 1: where or how, but will she actually come out and
Speaker 1: state her crypto policy and support crypto. We have not
Speaker 1: heard one word. And she has not put a stop
Speaker 1: to Gary against her and Elizabeth Warren from attacking the industry.
Speaker 1: We see the attacks are coming in Gary. Just last
Speaker 1: week sent to Wells noticed the open Sea. So the
Speaker 1: nonsense continues. So Kamala Harris is dropping the ball here,
Speaker 1: and I think many folks are starting to get impatient.
Speaker 1: I'm not saying that I want Kamala Harris to support cryptos,
Speaker 1: who I can vote for her. That's not my point.
Speaker 1: As I've been telling you guys, we need bipartisan support
Speaker 1: to get crypto regulations through. Remember seventy one Democrats join
Speaker 1: the Republicans in the House to pass the FIT twenty
Speaker 1: one bill. They Republicans couldn't do it by themselves, and
Speaker 1: that's the same thing they're going to have to do
Speaker 1: to get it through the Senate. So we need Kamala
Speaker 1: Harris to support crypto to get this issue off the table.
Speaker 1: It shouldn't be an election issue now, Trump, you got
Speaker 1: to give him credit. He's all out, he's clear and
Speaker 1: what he's doing. He said he will fire Gary Answer
Speaker 1: and he's going to support this industry. I just wish
Speaker 1: Kamala Harris would come out and state where does she stand.
Speaker 1: And I don't understand what the hell is happening with
Speaker 1: this crypto donation thing here. This seems to be a
Speaker 1: big lie. I don't know if the coinbase CFO is
Speaker 1: lying or Kamala Harris's team lied to him. I don't
Speaker 1: know what's going on, but this is pretty shady. Now, guys,
Speaker 1: we've got a series of attacks against the industry. We're
Speaker 1: going to start with the SEC first, and then we're
Speaker 1: going to go to the CFTC and then the Federal Reserve.
Speaker 1: So the SEC charges crypto focused advisory firm Galo's Capital
Speaker 1: for custody failures, and folks, they're charging him with custody
Speaker 1: failures because they were storing funds at FTX, and everyone
Speaker 1: is like, wait, wasn't Gary Gainster meeting with Sam Beakmerfried
Speaker 1: and FTX officials were at the SEC's office like every month.
Speaker 1: Wasn't Gary working on that special broker dealer license for
Speaker 1: FTX that he gave to Prometheum And the SEC didn't
Speaker 1: do their due diligence, didn't do any type of investigation,
Speaker 1: and you're suing companies for using FTX. This is ridiculous
Speaker 1: and this is where you see these regulatory agencies and
Speaker 1: government agencies have gone rogue. I mean hypocrisy, lies, unlawful activities,
Speaker 1: and we've seen the unlawful activities in the SEC. So
Speaker 1: Adam Cochran weighed in saying the SEC suing a fund
Speaker 1: for storing funds in FTX is wild. Sure the fund
Speaker 1: allegedly failed to keep funds with a valid custodian. But
Speaker 1: the SEC also failed to identify the largest fraud in
Speaker 1: history even when actively engaged with and investigating FTX, which
Speaker 1: is why anyone lost funds. He's absolutely right. Maybe if
Speaker 1: Gary hadn't been so focused on random ico projects and
Speaker 1: had stopped a twenty billion dollar fraud instead of trying
Speaker 1: to befriend him for a job, then they wouldn't be
Speaker 1: in this mess. Adam is one hundred percent right here,
Speaker 1: right folks. Even Kristen Smith, head of the Blockchain Association,
Speaker 1: weighed in on this, saying, another day, another attempt by
Speaker 1: the SEC to drive the crypto ecosystem offshore. The SEC
Speaker 1: claims Galo's Capital failed to comply with the custody rule.
Speaker 1: Galo's settled, but it's worth digging into the custody rule
Speaker 1: and how the SEC uses it to discourage investments in crypto.
Speaker 1: Galo's Capital held cryptotokens with a digital asset firm, but
Speaker 1: not one that the SEC counts as a qualified custodian.
Speaker 1: The problem is that the SEC designated qualified custodians rarely
Speaker 1: support cryptotokens. In other words, the SEC has made it
Speaker 1: impossible for investment advisors to comply with its own rules.
Speaker 1: They are asked to custody crypto assets with a qualified custodian,
Speaker 1: But qualified custodians do not generally support crypto assets. And
Speaker 1: she's of course referencing like SAB one two one, which
Speaker 1: prevents banks from being able to hold these things. Face
Speaker 1: with this reality, investment advisors try their best to find
Speaker 1: a solution that protects client's assets, only to get hit
Speaker 1: with SEC charges and fines. So, as she continues here,
Speaker 1: but I think you get the gist of the hypocrisy
Speaker 1: and the lines of the SEC. Now let's move ahead
Speaker 1: to the FED. So Hitlin long highlighted here another bank,
Speaker 1: another enforcement action. So we see pro crypto banks, those
Speaker 1: that are working with crypto firms are getting attacked via
Speaker 1: the Operation Choke point two point zero. And the Federal
Speaker 1: Reserve put out of press release today about it. And
Speaker 1: it's apparently the United Texas Bank Base in Dallas, Texas. Now,
Speaker 1: on that note, Paul Grewall, he and the folks at
Speaker 1: Coinbase sent a four yer litigation against the FDIC, and
Speaker 1: he said, today we filed this notice of anticipated motion.
Speaker 1: In short, the public is entitled by law to every
Speaker 1: letter the FDIC sent to any financial institution suggesting that
Speaker 1: they indefinitely pause crypto related activities. We appreciate the court's consideration.
Speaker 1: So let's see what comes out of this. And the
Speaker 1: reason all this is happening, folks, is Elizabeth Warren. When
Speaker 1: I was in DC back in May, I spoke to
Speaker 1: some people and they told me she has staffers everywhere
Speaker 1: and she got that head of the Financial Services so
Speaker 1: to speak job, you know, because she made a deal
Speaker 1: with Biden that hey, I'm going to drop out the race,
Speaker 1: but give me this role. So she's pulling the strings
Speaker 1: at the at the FED, at at the Treasury, at
Speaker 1: the SEC, at the CFTC and everywhere. Guys. She's got
Speaker 1: her cronies everywhere. And I heard this from some reputable
Speaker 1: folks in d C. So that's what's happening here. If
Speaker 1: you're wondering, oh, is Jerome Powell waking up saying, oh,
Speaker 1: let's go cut off banking to the crypto acid class, No, right,
Speaker 1: it's it's Elizabeth Warrener making the calls and she has
Speaker 1: that power right now. And of course we know she
Speaker 1: controls Gary Genser. So that is what's happening here, folks.
Speaker 1: That's why you see all these attacks and unlawful moves
Speaker 1: and lies and like I said, hypocrisy. So the next
Speaker 1: news was the CFDC issues order against UNISWAMP labs were
Speaker 1: offering illegal digital asset privatives trading. Now you know, SWAMP
Speaker 1: is a decentralized exchange and they're not only getting hit
Speaker 1: by the CFTC but also the SEC. However, one of
Speaker 1: the commissioners at the CFDC, specifically Commissioner Mersinger, she dissented
Speaker 1: based on this move by the CFDC, and Alexander Grieve
Speaker 1: highlighted the following worth noting that Commissioner Mersinger is one
Speaker 1: of the leading candidates for a CFDC chair under a
Speaker 1: Trump admin. So I think we're seeing the political lines here, folks,
Speaker 1: and it's really frustrating. We need both Democrats and Republicans
Speaker 1: to support a crypto together. But what we'll get there
Speaker 1: just we got to get past these hurdles. And I
Speaker 1: know a lot of you are going to comment that's
Speaker 1: why you got to vote for Trump. And I'm not
Speaker 1: here to tell people who to vote for necessarily, because
Speaker 1: I know the presidential election involves more than crypto. So
Speaker 1: I like to be a neutral party reporting the news
Speaker 1: and let you guys your decisions accordingly. So I'm as
Speaker 1: you see, I criticize Kamala Harris. That doesn't mean that
Speaker 1: I'm telling you don't go vote for her because I
Speaker 1: don't know what you're voting for her regarding right and
Speaker 1: but I will tell you what I feel is wrong
Speaker 1: and what she needs to do better. So that's my
Speaker 1: approach in bringing you guys the news. And on the
Speaker 1: note of elections, guys, John Deeton has won the primary, guys,
Speaker 1: the Republican He's a Republican nominee in the state of Massachusetts,
Speaker 1: and even Mark Cuban highlighted here, congrats to John Deeton.
Speaker 1: Only one w to go, so he's going up against
Speaker 1: Elizabeth Warren. So you know, like I said before, in
Speaker 1: the presidential election, it's a bit different. But when it
Speaker 1: comes to John Deeton in Massachusetts, vote for John, folks.
Speaker 1: So congrats to John. That's a big win, folks. Quick
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Speaker 1: big hearing around DeFi, So the Financial Committee or the
Speaker 1: House Financial Committee GOP has officially rescheduled their hearing on
Speaker 1: DeFi for next Tuesday, September tenth. The hearing was originally
Speaker 1: scheduled for July, but got pushed back till after the
Speaker 1: August recess. So well, the folks that the Digital Chambers
Speaker 1: said they're going to do a summary on this, but
Speaker 1: this is interesting more hearings about crypto and if you
Speaker 1: caught my interview with Cody Carbone of the Digital Chamber.
Speaker 1: This morning, there's a hearing coming up with Ginser is
Speaker 1: going to have to appear, actually two hearings, so let's
Speaker 1: see what Ginster is going to have to say. Be
Speaker 1: sure to check out that interview now, folks. Final news
Speaker 1: item here, Samsung is getting ready to invest in back
Speaker 1: Sony's blockchain. So I've been telling you guys about Sony's
Speaker 1: Ethereum layer two called Sonium. Sony's also building a crypto
Speaker 1: exchange in Japan. So now you've got Samsung saying hey,
Speaker 1: we want to participate. So you are seeing a lot
Speaker 1: of these legacy tech companies getting involved in crypto, and
Speaker 1: I hope you recognize what's happening here. This is big.
Speaker 1: They're not doing it for fun, they're not doing it
Speaker 1: to lose money. They want to make money. They see
Speaker 1: what's on the horizon and they want to stay ahead
Speaker 1: of the curve. They don't want to get disrupted. So
Speaker 1: Samsung next invest in Startial Labs, enhancing blockchain capabilities for seamless,
Speaker 1: decentral application development partnership focuses on Star Network, Sonium startail
Speaker 1: cloud services, reducing entry costs and technical barriers. So big,
Speaker 1: big news here, folks. These are big names, big power
Speaker 1: players in the tech space. I mean you probably have
Speaker 1: devices in your house that are Samsung or Sony, right,
Speaker 1: and they are getting involved with blockchain and crypto. Pretty
Speaker 1: incredible stuff, right, folks. Let me know what you think.
Speaker 1: Leave your thoughts and comments below. Also, be sure to
Speaker 1: sign up for my free email news that are on
Speaker 1: substack one hundred percent free link will being a description. Also,
Speaker 1: be sure to grab a copy of my book, Rethinking Crypto.
Speaker 1: It's available on Amazon and paperback and digital also on
Speaker 1: Barnes and Nobles dot com and grab a copy to
Speaker 1: support the podcast. Grab a few copies for your friends
Speaker 1: and family who want to learn about crypto. This will
Speaker 1: make a great gift. It covers crypto's past, present, and future.
Speaker 1: It includes tips for investing, so it's very good for
Speaker 1: people who are new and want to know what the
Speaker 1: hell happened with FTX, and why is Wall Street here
Speaker 1: launching et aps, what is tokenization? And much more. And
Speaker 1: if you bought a copy of Ready, Folks, please leave
Speaker 1: a rating and review. It will really help me out.
Speaker 1: Thank you so much. I appreciate you all, and I'll
Speaker 1: talk to you all later.