Speaker 1: Grayscale relaunches their XRP trust. This increases the odds of
Speaker 1: an XRP spot ETF being approved in the United States.
Speaker 1: This is very big and Gary Genser is getting investigated
Speaker 1: by top Republicans as a hearing is coming up and
Speaker 1: he's going to be in big trouble. Let's break it down. Hey, everybody,
Speaker 1: welcome into the Thinking Crypto Podcasts. You're home for cryptocurrency
Speaker 1: news and interviews. I'm your host, Tony Edward. On your
Speaker 1: way in. Please hit that subscribe button as well as
Speaker 1: a thumbs up button and leave a comment below. If
Speaker 1: you're listening on a podcast platform such as Spotify or Apple,
Speaker 1: please leave a five star rating and review. Folks, the
Speaker 1: breaking news Grayscale has officially relaunched their XRP trust. If
Speaker 1: you recall, they had this in place, but when the
Speaker 1: SEC sued Ripple they had to dissolve it. And we
Speaker 1: know many exchanges delisted XRP. But since Ripple won the
Speaker 1: lion's share of the lawsuit and XRP was declared intrinsically
Speaker 1: not a security, many exchanges started relisting. And this is
Speaker 1: a very big move here from Grayscale, showing that there
Speaker 1: is demand for this asset, and if there wasn't, they
Speaker 1: wouldn't be launching it, right, folks. So you have institutional
Speaker 1: on ramps being built here, and as always, game theory
Speaker 1: will play out. You're going to see their competitors launch
Speaker 1: these type of funds around XRP as well. If you
Speaker 1: caught my interview with Matt Hogan a bit wise earlier
Speaker 1: this morning, he hinted towards XRP, Cardano and so forth
Speaker 1: that they're working on building ETFs and so forth around
Speaker 1: these things. So institutional investors are building products around XRP. Now,
Speaker 1: I know some people are gonna hate XRP, They're gonna
Speaker 1: hate Ripple, but I'm not here to invest with my emotions.
Speaker 1: I'm here to invest with facts and the reality of
Speaker 1: the situation. I'm diversified. I hold Bitcoin, Etherorem Salana, XRP,
Speaker 1: Cardano and so forth. So I'm just looking to make money.
Speaker 1: I don't have a religious agenda here. I don't have
Speaker 1: a sort of narrative agenda. I believe in crypto and
Speaker 1: I'm here to make money. So very big move and
Speaker 1: that is why you're seeing these big companies do this.
Speaker 1: And you know, Ripple has a lot going on for
Speaker 1: them right now, they're going to be launching their stable coin,
Speaker 1: they've enabled Ethereum smart contracts, or they will be on
Speaker 1: the platform on the XRP ledger. I should say, so
Speaker 1: all of these things are very good for the adoption
Speaker 1: and price of the XRP assets. Now, they said this
Speaker 1: is only available to accredited investors. They said gray scales.
Speaker 1: XRP trust allows investors to gain exposure to XRP, the
Speaker 1: token powering the XRP ledger, a distributed peer to peer
Speaker 1: network created to help cross border financial institutions. Now, folks,
Speaker 1: with this domino in place, it means the chances of
Speaker 1: a potential XRP ETF being approved in the United States
Speaker 1: has become more probable. The chances have increased, so get
Speaker 1: ready right, And obviously we need some clarity in the
Speaker 1: market because Solana is also in the same bucket here
Speaker 1: where we need clarity from cong risks and we need
Speaker 1: legislation because Gary Genser, we know he's up to no
Speaker 1: good and we're gonna talk a bit about him later,
Speaker 1: but we need more clarity here. But this once again
Speaker 1: increases the chances, So very big news around XRP. Now,
Speaker 1: you may say Tony, But look at the price, dude,
Speaker 1: the price is down. What are you so excited about.
Speaker 1: I look at market cycles. I don't care what's happening
Speaker 1: right now because I'm looking at the macro I've been
Speaker 1: sharing with you guys. Everybody's waiting for the FED raid cuts.
Speaker 1: That's going to be very bullish in the markets. Yes,
Speaker 1: there's gonna be volatility. September as a whold is a wash.
Speaker 1: It's a bloody month. So I'm not looking for anything
Speaker 1: this month. Now, come Q four, we're going to start
Speaker 1: to see Bitcoin climb out of this consolidation phase and
Speaker 1: then alts will follow. So you have to understand the
Speaker 1: market cycles. This is why on this podcast, I give
Speaker 1: you the full picture. I give you a holistic view,
Speaker 1: not just the technical analysis. I give you the adoption news,
Speaker 1: the fundamentals, the macro. All of these things help to
Speaker 1: paint the picture where we're at and where we're at it.
Speaker 1: So here three sixty Trader Dan from the three sixty Trader.
Speaker 1: I just had him on the podcast. He gave his
Speaker 1: XRP price prediction, so be sure to check out that interview.
Speaker 1: He said, XRP on the weekly looking macro bullish, here
Speaker 1: inside the ascending triangle has the local double bottom here
Speaker 1: into the apex price is pinching. This should challenge the
Speaker 1: pattern highs soon into the seventy cents area. Crypto Michael,
Speaker 1: who's an analyst that has been talking about xrps chart
Speaker 1: for a very long time. He says XRP slash Bitcoin
Speaker 1: looks ready for a huge squeeze. So this is a
Speaker 1: very important chart because many folks, they will look at
Speaker 1: an all coin versus Bitcoin denominated in bitcoin, and you'll
Speaker 1: see many all coins have bleeded against Bitcoin over time.
Speaker 1: But eventually all coins line up very nicely and they
Speaker 1: set up for a move. Solana was a first mover
Speaker 1: in this type of setup. It was showing a lot
Speaker 1: of strength on its chart versus Bitcoin, and I think
Speaker 1: etherorem will event we get there. So it's a matter
Speaker 1: of time. Be patient, guys. I've told you many times.
Speaker 1: The liquidity enters through bitcoin. Bitcoin does is it's run
Speaker 1: up and then the liquidity flows to the all coins.
Speaker 1: Now within the all coin category, there are different tiers.
Speaker 1: We saw mean coins did really well in twenty twenty
Speaker 1: three into early twenty twenty four, AI coins as well well,
Speaker 1: the blue chip coins like XRP, Cardano and so forth.
Speaker 1: They're going to have their turn. So I hope you
Speaker 1: understand what I'm saying here. This is not my feelings,
Speaker 1: this is not my emotions. This is what we've seen
Speaker 1: the market do, what the charts are telling us, what
Speaker 1: the technicals are telling us. And I hope you're looking
Speaker 1: at data. I hope you're not listening to people telling
Speaker 1: you about conspiracy theories and their feelings and emotions, because
Speaker 1: that's all garbage. Let's look at data, guys, right, and
Speaker 1: charts are showing us a really good story here. And
Speaker 1: the adoption news Radescale relaunching their XRP trust is very bullish. Now,
Speaker 1: quick word from our sponsor, and that is v Chain,
Speaker 1: which is one of the top enterprise layer one blockchains
Speaker 1: out there. I've been a VET token holder for years.
Speaker 1: I'm a believer in this project. I'm bullish on it.
Speaker 1: And many companies are using the v chain blockchain to
Speaker 1: build Web three technologies and decentralized application ecosystems. And they
Speaker 1: are working with many big players folks such as PwC,
Speaker 1: which is a top four accounting firm. They're working with BMW, Walmart, China,
Speaker 1: Boston Consulting Group. In fact, there's some very big news here.
Speaker 1: They're going to be doing a hackathon with the Boston
Speaker 1: Consulting Group, so that's a big player. Folks, go research
Speaker 1: who the Boston Consulting Group is. So vchain is doing
Speaker 1: some great things. And like I said, I'm a VET
Speaker 1: token holder, so I'm putting my money where my mouth is.
Speaker 1: I believe in this project. Some of the key features
Speaker 1: of the v chain blockchain includes it's secure, affordable, scalable, fast,
Speaker 1: and sustainable. If you'd like to learn more about vchain,
Speaker 1: go to vchain dot org arifolks, the big news continues.
Speaker 1: SEC Chair Gary Ginster is under investigation by Republican lawmakers
Speaker 1: Jim Jordan, Patrick McHenry and James Comer for engaging in
Speaker 1: suspected political favoritism in his hiring practices. You know, a
Speaker 1: lot of people don't want to hear the political divide
Speaker 1: with these agencies, especially a lot of former SEC folks.
Speaker 1: They tried to sweep it under the rug. But the
Speaker 1: SEC is divided politically. We see hester person Markey way
Speaker 1: to believe a certain way about crypto in the industry,
Speaker 1: while the Democrats, Gary Ginster and the other two Democrat
Speaker 1: commissioners feel us a different way. You see the clear
Speaker 1: political divide, and we know Gary Ginster is a puppet
Speaker 1: on strings control by Elizabeth Warren. I mean, we've talked
Speaker 1: about this at nauseam. I don't have to repeat myself
Speaker 1: with a million time. But I hope you see what's
Speaker 1: happening here, and I'm glad they're launching an investigation. My
Speaker 1: hope is that Patrick McHenry also issues that subpoena for
Speaker 1: the FTX documents which Gary Ginser has not handed over yet.
Speaker 1: And we know why he was trying to build that
Speaker 1: special broker dealer license monopoly for FTX, where you know,
Speaker 1: the SEC would control a lot of things, and of
Speaker 1: course that fell apart. He didn't do his job in
Speaker 1: doing his due diligence in investigating what FTX was doing,
Speaker 1: and of course there was the whole collapse under his watch.
Speaker 1: So there's also a hearing coming up, guys, and here
Speaker 1: eleanor Terrati, Fox Business reported September is a big month
Speaker 1: for hearings on Capitol Hill. The Financial Committee just announced
Speaker 1: one for next Wednesday at ten am Eastern entitled Dazed
Speaker 1: and Confused, breaking down the SEC's politicize approach to digital assets.
Speaker 1: Witnesses yet to be announced. They're having a hearing on this.
Speaker 1: Gary's gonna get embarrassed. He's gonna get grilled. Gary Ginster
Speaker 1: is also said to be appearing on a hill at
Speaker 1: the end of the month, although I'm told an official
Speaker 1: date and whether or not they will invite other SEC
Speaker 1: commissioners to testify alongside him has not been finalized yet.
Speaker 1: I would love for other commissioners, especially like Hester Purtser
Speaker 1: Marqui Wada, to come in and speak, to have some balance.
Speaker 1: That would be very interesting. It looks like they're ramping
Speaker 1: up their efforts here against the SEC, and look, Gary
Speaker 1: Gainster has lost the narrative right. He's a complete buffoon.
Speaker 1: I've been calling him a scumbag because he's not engaging
Speaker 1: with the crypto industry in good faith. He is doing
Speaker 1: scumbag activities, and as we've talked a lot about, it's
Speaker 1: all because he's trying to protect the Tradify incumbents who
Speaker 1: have weaponized him. They made the call, Gary, stop these guys.
Speaker 1: We need to catch up. We want to launch our
Speaker 1: own blockchains. We want to control this market. So that's
Speaker 1: the game. Here now. Eleanor Trott is also reporting that
Speaker 1: on Wednesday afternoon, the Digital Chamber and Congressman Wilie Nichols
Speaker 1: office hosted a private policy focused roundtable meeting that's centered
Speaker 1: specifically on bitcoin. The meeting was for House Democrats interested
Speaker 1: in learning more about the largest digital currency and how
Speaker 1: to legislate it, she said. In attendance eight Democratic House
Speaker 1: members names were not revealed, and representatives from Riot Platforms,
Speaker 1: Baker McKenzie, and a bunch of the other bitcoin mining companies.
Speaker 1: She said. Topics discussed We're using bitcoin for financial inclusion,
Speaker 1: mining and energy sustainability, and as well as competition with China,
Speaker 1: so this is great. We need to do advocacy and education.
Speaker 1: We need to get more Democrats on board. We know
Speaker 1: a good amount of them flipped on Gary Against and
Speaker 1: Elizabeth Warren in repealing SAF one two one and in
Speaker 1: passing the FIT twenty one bill out of the House.
Speaker 1: But we need to get this bill through the Senate,
Speaker 1: and we need more of them to influence Kamala Harris
Speaker 1: because we have not heard where she stands. We've heard
Speaker 1: little cricket noises, braid or a little breadcrumbs that, oh yeah,
Speaker 1: she'll support crypto, but show me, don't tell me, right.
Speaker 1: We need to hear it straight from her mouth. We
Speaker 1: need to see some sort of policy. But this is great.
Speaker 1: Shout out to Congressman Wilely Nickel, Democrats. Shout out to Rocana.
Speaker 1: They're doing their best here, but we need more action, guys.
Speaker 1: But good news now, so not so good news. E Toro,
Speaker 1: which is one of the companies that was being sued
Speaker 1: by the SEC. Because every exchange is getting sued by
Speaker 1: the SEC right now, Coinbase, Robin Hoood, Crack and you
Speaker 1: name it, right, Uni Swap, even well, E Toro. They
Speaker 1: are going to cease most of their crypto offers in
Speaker 1: the United States and they have settled with the SEC.
Speaker 1: So it really sucks that they are capitulating here. They're
Speaker 1: going to pay one point five million dollars as part
Speaker 1: of a settlement. This really sucks. It's not good news
Speaker 1: because Gary's going to take this and say, see see
Speaker 1: I told you guys right, He's going to try to
Speaker 1: use this in his case against Coinbase and these other folks.
Speaker 1: But it is what it is. And I really wish
Speaker 1: Etore would have fought back. But you know, right now,
Speaker 1: because of this whole shutdown. Users or US users can
Speaker 1: only trade bitcoin, bitcoin cash, and Ether. Other positions will
Speaker 1: be liquidated in mid March of next year, so no
Speaker 1: all coins, no other all coins outside of Etheroreum and
Speaker 1: bitcoin cash because of this regulatory uncertainty. This is the
Speaker 1: scumbag activity we're dealing with here. A bunch of legal
Speaker 1: experts and lawyers weighed in on this. Paul Griwall of
Speaker 1: Coinbase that they just conceded eth is not offered as
Speaker 1: an investment contract security in secondary markets. But the SEC
Speaker 1: will not explain why ethan bitcoin but no others because
Speaker 1: they can't. There is no plan, no framework, no logic,
Speaker 1: no due process, and certainly no respect for the law.
Speaker 1: He's absolutely right here. Bill Hughes, who I've had on
Speaker 1: the podcast, He's a lawyer at Consensus said. The SEC's
Speaker 1: order says e Toro US had around two hundred and
Speaker 1: forty thousand customer accounts. To put that in perspective, Coinbase
Speaker 1: has over one hundred million. One point five million dollars
Speaker 1: is nothing. It's a departure fee for leaving the United
Speaker 1: States behind and focusing on international business. So it really
Speaker 1: sucks that now e Toro can't offer full services here
Speaker 1: in the US. It eliminates, you know, some competition, and
Speaker 1: competition is healthy for consumers in the market. Alexander Grieves said,
Speaker 1: e Toro just settled with the SEC over offering crypto
Speaker 1: on their platform. First off, what reset? Second and more importantly,
Speaker 1: note that the SEC permits eth to continue trading on
Speaker 1: the platform, effectively enshrining it as a non security commodity.
Speaker 1: So really sucks. Now some good news. Let's move on
Speaker 1: to some good news here today in tokenization, Morgan from
Speaker 1: Ava Labs highlighted the following Parafied Capital tokenized part of
Speaker 1: their VC fund on the Avalanche blockchain. Its native token
Speaker 1: is AVAX, leveraging securitize. So the tokenization of assets and
Speaker 1: funds and so forth continues, guys. And we're seeing tokenization
Speaker 1: on Avalanche, on Etheroreum, on Solana and so forth. This
Speaker 1: is the future the token economy, which I've been telling
Speaker 1: you guys for years, and I am bullish an Avalanche.
Speaker 1: I do have some of the avas token in my portfolio.
Speaker 1: I just recently had Carlos Domingo of Securitize. They're working
Speaker 1: with black Rock obviously to help them tokenize their fund
Speaker 1: and if you haven't seen that interview, check it out.
Speaker 1: I'm gonna try to get John Wu of Ava Labs
Speaker 1: back on the pond to talk about the big news
Speaker 1: here and the other things they've been working on. They've
Speaker 1: been getting a lot of adoptions. So avax is a
Speaker 1: token to watch guys. It could do really well in
Speaker 1: this bullmarket. Big news from coinbase. Coinbase rolls out wrap
Speaker 1: bitcoin alternative cb BTC on etherorem and base. So this
Speaker 1: is interesting. The cb BTC token is initially supported on
Speaker 1: the etherorem and based networks, providing a means to use
Speaker 1: Bitcoin in their decentralized finance ecosystems. So rap tokens, as
Speaker 1: they said here, enables you to do a lot with DeFi.
Speaker 1: So many tokens will get wrapped and so forth. And
Speaker 1: you know bitcoin doesn't natively have any smart contract capability,
Speaker 1: so this is why wrapping it will help enable that.
Speaker 1: So big news and smart move here by Coinbase. This
Speaker 1: is going to open up a lot of utility for bitcoin.
Speaker 1: Now some more good news, Anchorage Digital to provide custody
Speaker 1: for twenty one shares spot Bitcoin and ether ets. You
Speaker 1: may say, well, what's good about this, Well, a lot
Speaker 1: of the ETFs are currently being custodied by coin based custody,
Speaker 1: so one could argue that's a very centralized setup and
Speaker 1: that's not good. We want diversification in custody. So the
Speaker 1: fact that a lot of the these etf issuers are
Speaker 1: diversifying and going to different custodians, that's very good, right,
Speaker 1: because we don't want the risk of a collapse by
Speaker 1: one entity and that ruins the entire market, right, that
Speaker 1: is not good. We don't need any more FTX type situations.
Speaker 1: And I'm not saying Coinbase is doing anything fraudulent or
Speaker 1: scammy or whatever. I'm just saying it's just increases the
Speaker 1: risk that if something God forbid where it happen to coinbase,
Speaker 1: it would be pretty detrimental to the market, right, folks.
Speaker 1: So black Rock uses coin based custody and so forth.
Speaker 1: Now twenty one Shares is also going to be using bitgo.
Speaker 1: So bit goes a sponsor in my podcast and they're
Speaker 1: a trusted custodian as well, So great news. Good to
Speaker 1: see the diversification. This is what we want to see,
Speaker 1: trusted institutions who have insurance, security and much more. The
Speaker 1: versification of how the assets are stored and really really
Speaker 1: good for the future adoption and growth of the asset class.
Speaker 1: That's the news, folks. Let me know what you think,
Speaker 1: especially about the XRP grayscale news. I think that's a
Speaker 1: big one. And don't forget to sign up for my
Speaker 1: free email newsletter on substack. It's one hundred percent free podcast.
Speaker 1: By grabbing a copy of my book. It's available on
Speaker 1: Amazon and paperback in digital also on Barnes and Nobles
Speaker 1: dot com. Buy a copy for yourself, Buy a few
Speaker 1: copies for your friends and family. It makes a great gift.
Speaker 1: Help them to learn about crypto as we enter the
Speaker 1: next phase of the bullmarket. Guys, it includes investment tips
Speaker 1: and so forth. It talks about Crypto's past, president and future.
Speaker 1: And if you bought a copy already, please please please
Speaker 1: leave a rating and review. It will really help me
Speaker 1: out in my rankings. Thank you so much. I appreciate
Speaker 1: you all, and I'll talk to you all later.