Speaker 1: The SEC takes a massive loss in the coin base case,
Speaker 1: getting called arbitrary and capricious again. And Gary Ginster is
Speaker 1: trying to save face. He's got a bunch of media
Speaker 1: rounds he's going to do tomorrow. I'll share what the
Speaker 1: industry is saying about all this. And Gary Ginster and
Speaker 1: reports are coming into Donald Trump's going to do an
Speaker 1: executive order day one for crypto, possibly repealing SAB one
Speaker 1: two one. Let's get into it. Hey, everybody, welcome into
Speaker 1: the Thinking Crypto Podcasts. You're home for cryptocurrency news and interviews.
Speaker 1: I'm your host, Tony Edward. On your way in. Please
Speaker 1: let that subscribe button as well as the thumbs up
Speaker 1: button and leave a comment below. If you're listening on
Speaker 1: a podcast platform such as Spotify or Apple, please leave
Speaker 1: a five star rating and review. Folks, we got to
Speaker 1: talk about bitcoin because we know bitcoin took a bit
Speaker 1: of a tumble earlier today and it's currently up a bit.
Speaker 1: It's around ninety four thousand dollars. But what's happening from
Speaker 1: the macro right, We've been talking about the macro backdrop
Speaker 1: with the treasury bond yields and inflation, you got problems
Speaker 1: happening in California with fires. I think it's now the
Speaker 1: United States costliest natural disaster. So there's a lot going
Speaker 1: on and the markets are a bit spooked. However, you
Speaker 1: know what we've seen is that narrative usually follows price,
Speaker 1: and I think there's a bit of that because after
Speaker 1: the Q four run up, which was incredible, a cool
Speaker 1: down was needed and then you had all these things
Speaker 1: pop up and it's driving more cell pressure. However, from
Speaker 1: a macro perspective, guys, we're still on track. There hasn't
Speaker 1: been any invalidation of the bull market, and I love
Speaker 1: what analyst Crypto Wizard had to say, not much longer.
Speaker 1: Bitcoin is experiencing a healthy ABC correction, just like it
Speaker 1: did every January in a bull market. It's nearing its end.
Speaker 1: History shows after this we'll see a rally with a
Speaker 1: March top. If you're calling a top, you might want
Speaker 1: to do that in March. So it's what I've been
Speaker 1: telling you guys, right. The seasonality is playing out here,
Speaker 1: not just for bitcoin and crypto, but for the stock market.
Speaker 1: I told you guys we could see a run up
Speaker 1: into March April. Then what happens selling may go away
Speaker 1: then a continuation in Q three into a Q four
Speaker 1: mania blow off top. Now the bow off top could
Speaker 1: come at the end of Q two, that's possible as well.
Speaker 1: So we'll have to watch the charts closely. But what
Speaker 1: we're experiencing right now is nothing outside of the norm.
Speaker 1: And that is what I want to hammer home, because
Speaker 1: when you look at the charts and the data and
Speaker 1: much more, no invalidation, similar patterns of what we saw
Speaker 1: in twenty seventeen, twenty twenty one, and now in twenty
Speaker 1: twenty five, guys, So we got to really exercise patience
Speaker 1: and really look at the data. He also highlighted the
Speaker 1: following a market sweep. We're now on the fifth sweep.
Speaker 1: Some people never learn Bitcoin will sweep sellers up and
Speaker 1: leave them trapped and sidelined, only to see it rally
Speaker 1: to new all time highs once again. It's an evil
Speaker 1: role for bears. So bears are going to get excited.
Speaker 1: Oh you see bitcoins down and all coins are down.
Speaker 1: We're going to short. But it's very dangerous to shorten
Speaker 1: a bull market because things can reverse very quickly. Because
Speaker 1: you have that sentiment, you have other macro factors. So
Speaker 1: bears are on a short leash here, and while they
Speaker 1: may get some profits shortening a bit, it's not going
Speaker 1: to last long because this is not the blow off
Speaker 1: top folks, based on the data, not our feelings or
Speaker 1: in emotions. So we really got to be patient here, guys,
Speaker 1: and let's see if there's some recovery by the time
Speaker 1: next week that Trump is back in office and we
Speaker 1: get some updates from a macro perspective with what the
Speaker 1: Fed's going to do a QI and all those things. Now,
Speaker 1: speaking of President Trump, guys, there's reports coming out from
Speaker 1: the Washington Post saying President elect Trump expected to repeal
Speaker 1: crypto accounting policy requiring banks holding digital assets to count
Speaker 1: them as liabilities. So what is this. It's the repeal
Speaker 1: of the SEC's bullshit rules SAB one two one, which
Speaker 1: is like a de facto block on banks being able
Speaker 1: to hold bitcoin and crypto on their books. So that's
Speaker 1: the block, right, and it looks like they want to
Speaker 1: make this a high priority and get it repealed. There
Speaker 1: could be some sort of executive order that would be
Speaker 1: huge because if these banks are able to hold directly,
Speaker 1: it removes a big roadblock and they can start buying
Speaker 1: and holding directly. So here's a quote from that article.
Speaker 1: The Trump team has made it very clear that this
Speaker 1: is a priority. So very bullish news here, guys. Now
Speaker 1: the big news of the day. The SEC and Gary
Speaker 1: Genser take a massive loss in the coin Base case.
Speaker 1: They continue to lose. It's what we've been talking about
Speaker 1: since the Ripple lawsuit was filed. We've been talking about
Speaker 1: it on this podcast for years, calling out the hypocrisy,
Speaker 1: the lies, and the unlawful activity of the SEC and
Speaker 1: Gary Genser. Paul gritwalla chief legal officer a Coinbase, tweeted out,
Speaker 1: we just won our petition for a writ of men
Speaker 1: damus at the Third Circuit, rebuking the SEC for its
Speaker 1: order denying our rulemaking petition. The court held that the
Speaker 1: SEC's order was conclusiory and insufficient reason, and thus arbitra
Speaker 1: and capricious. We grant coinbas his petition in part and
Speaker 1: remand to the SEC for a more complete explanation. And guys,
Speaker 1: I mean, wow, the second time this government agency funded
Speaker 1: by your tax dollars is getting called arbitrary and capricious.
Speaker 1: And that's because he's being led by a scumbag regulator,
Speaker 1: Gary Genser, who does not care about the law. How
Speaker 1: many times have I told you, guys that he doesn't
Speaker 1: care about the law. This is about power. This is
Speaker 1: him being lobbied by the banking cartel to shut down
Speaker 1: these crypto startups so that the banking cartel can take over.
Speaker 1: It's the Jamie Diamonds of the world that are pulling
Speaker 1: the strings here. We saw it in twenty twenty four
Speaker 1: when Elizabeth Warren teamed up a Jamie Diamond to bash
Speaker 1: bigcoin and crypto. And we're going to talk about Elizabeth
Speaker 1: Warren a bit later because she's still that up to
Speaker 1: her nonsense. But guys, what a massive win for coinbase
Speaker 1: and what an epic defeat, a massive l for Gary
Speaker 1: ginsterro the SEC. This is how he's going out. Let
Speaker 1: me give you some more details from an article that
Speaker 1: they did a full write up. In a January thirteenth
Speaker 1: opinion issued by the Third Circuit, a panel of three
Speaker 1: judges granted a petition from Coinbase in part, but declined
Speaker 1: to order the SEC to launch rulemaking proceedings that could
Speaker 1: clarify the Commission's position on crypto coinbases. Appeals stemmed from
Speaker 1: a twenty twenty two requests for the SEC to create
Speaker 1: rules to govern the regulation of securities that are offered
Speaker 1: and traded via digitally native methods, including potentially rules to
Speaker 1: identify which digital assets are securities. The SEC denied Coinbasis
Speaker 1: petition in twenty twenty three, prompting the exchange to appeal
Speaker 1: to the Third Circuit. According to the judges, the SEC's
Speaker 1: ordered denying Coinbas's requests for crypto rules was conclusiory and
Speaker 1: insufficiently reasoned, and thus arbitrary and capricious. Unbelievable. They got
Speaker 1: called arbitrary and capricious in the gray scale case, were
Speaker 1: denying the bitcoins BODYTF And we know what happened after that,
Speaker 1: of course, and getting called out here and guys, the
Speaker 1: losses are piling up right and we'll see what Gary
Speaker 1: decides to do. This scumbag if he does anything with
Speaker 1: the ripple case right before you know, he heads out.
Speaker 1: I don't know if he will, but you can't put
Speaker 1: anything past this guy. He is a scumbag regulator and
Speaker 1: he's a puppet on strings. So whatever his puppet masters
Speaker 1: tell him to do, he's going to do. So the
Speaker 1: industry weighed in, you know, every legal expert calling out
Speaker 1: a huge win here. Stuart Aldaradi of Ripple, Chief leagual
Speaker 1: officer at Ripple said, huge congratulations to Paul Gridwall and
Speaker 1: coinbase for their win today against those final days. His
Speaker 1: anti crypto crusade is imploding and a federal appeals court
Speaker 1: has laid bare what the industry has said for years.
Speaker 1: His selective enforcement of securities laws was a not so
Speaker 1: covert attempt to ban the industry outright shameful. So he's
Speaker 1: spot on there. Also, Attorney Frederispoli said, love seeing the
Speaker 1: SEC get called out at the appellate level today. FYI
Speaker 1: at highly professional appellate level. Calling the SEC ifvasive and
Speaker 1: engaging in puzzling behavior can be translated as calling them
Speaker 1: lying chumps in a common vernacular. So I'm telling you guys,
Speaker 1: the SEC has become so rotten at its core, and
Speaker 1: they will lie, They will stab you in the back.
Speaker 1: These are the people, once again supposed to be the
Speaker 1: good guys, protecting consumers right abiding by the law. But
Speaker 1: they will break the law. They will lie to the court.
Speaker 1: Just look at a debt box case. They got sanctioned
Speaker 1: in the debt box case for lying to the judge.
Speaker 1: Why would you do that? Why would you go to
Speaker 1: that extent for a small industry like crypto, because that
Speaker 1: industry is disrupting the status quo of the banking cartel.
Speaker 1: That's why you go that far. That's why you don't
Speaker 1: care about what happens to your reputation. You are doing
Speaker 1: the bidding of those banking puppet masters, and that is
Speaker 1: not conspiratle guys, that is fact. If you know how
Speaker 1: politics works and money works, and how the incumbents will
Speaker 1: fight and the strings they they will pull, they will
Speaker 1: pull the people in the government. Hey, I gave you
Speaker 1: campaign donations. Hey Gary, you're one of us. You're a
Speaker 1: Goldman Sachs guy. You know what to do. Remember, Gary,
Speaker 1: before he came to the SEC, was very pro crypto.
Speaker 1: The man was talking about building uber on algorand he
Speaker 1: was teaching bitcoin and crypto at MIT. He tried to
Speaker 1: go work for Binance. Then you come to the SEC
Speaker 1: and all of a sudden, this is all a scam
Speaker 1: and it's all garbage, and it's right with fraud and right.
Speaker 1: So notice the complete one to eighty. Why his puppet
Speaker 1: masters told him what to do. Here, Fred Wispoli continued saying,
Speaker 1: after reading this coinbase emphatically did not win this case. TLDR.
Speaker 1: It lost on almost every argument, only starts winning on
Speaker 1: page thirty eight. And what it did win on the
Speaker 1: SEC did not provide a sufficient reason for denying. The
Speaker 1: position can be remedied by the SEC upon remand But interestingly,
Speaker 1: this is a phenomenal concurrence by Judge Bevis. That is
Speaker 1: exactly what Ripple is appealing. That old musty, dusty, crusty
Speaker 1: rules from a century ago don't work for crypto. As
Speaker 1: I explain, its old regulations fit poorly with this new technology,
Speaker 1: and its enforcement strategy raises constitutional notice concerns. That is
Speaker 1: a quote from the judge. And then Freddie says, if
Speaker 1: the Second Circuit adopts this line of reasoning, the SEC's
Speaker 1: done for good with Crypto. Wow. And we know the
Speaker 1: FIT twenty one bill, which was passed through the House
Speaker 1: last year Democrat and Republican support, gives more power to
Speaker 1: the CFTC and takes away a lot from the SEC,
Speaker 1: so there'll be more balance in the market. So Ganser's done. Man,
Speaker 1: he's going to be out next week. My hope is
Speaker 1: that he doesn't do anything shady here. And let's see
Speaker 1: what happens. But you can't trust this guy. He is
Speaker 1: a scumbag. And check this out. He's doing his media
Speaker 1: tour before he runs out of office. He says, tomorrow,
Speaker 1: I'll be on CNBC at eight am and then Yahoo
Speaker 1: Finance at three pm. Most people will go out quietly.
Speaker 1: Even Jake Clayton kind of you went out quietly even
Speaker 1: though he dropped that lawsuit, but he didn't go on
Speaker 1: an immediate tour. Gainster's trying to save face. So you
Speaker 1: see what's happening here. He just did an interview with Bloomberg.
Speaker 1: Why do you need to do CNBC and Yahoo Finance?
Speaker 1: Trying to save face because he's getting destroyed. He's losing
Speaker 1: in the courts, right he doesn't he's trying to change
Speaker 1: the headlines from the SEC gets called arbitrary and capricious
Speaker 1: right as he's about to exit. Notice what this is
Speaker 1: the game? Gary knows he's a smart guy. I'm not
Speaker 1: saying he's dumb, but he's a scumbag. So and John
Speaker 1: Deeton summed it up really well. He says. Another example
Speaker 1: of how Gary Ginster is leaving the SEC in disgrace,
Speaker 1: the reputation of the SEC, both inside and outside the
Speaker 1: courtroom is in complete shambles. Paul Atkins has his work
Speaker 1: cut out for him. He says, it would be nice
Speaker 1: to witness real reform in the SEC. Also, we need
Speaker 1: to reform slash abolish the accredited investor rule. The rule
Speaker 1: is inconsistent with the free market capitalism and oppressive in
Speaker 1: a society of self determination. If you can serve your
Speaker 1: country in the Marine Corps and risk dying, you should
Speaker 1: be able to purchase pre IPO shares of visa like
Speaker 1: Nancy Pelosi and her husband did. I love that. I
Speaker 1: love that. Guys. We are winning. We are on the
Speaker 1: right side of history. Ganser's done. But before I continue, guys,
Speaker 1: we're gonna talk about Paul Atkins and Elizabeth Warren. Be
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Speaker 1: bitgo dot com. Now let's continue, guys. Paul Atkins has
Speaker 1: been making the rounds meeting with different members of Congress,
Speaker 1: and we're seeing a lot of procrypto people meeting with Paul,
Speaker 1: and here Senator Bill Haggerty, who's been a champion for crypto,
Speaker 1: says Paul atkins background at the SEC and in the
Speaker 1: private sector, witnessing the real life impact of regulations makes
Speaker 1: him exactly the person that the SEC needs as its
Speaker 1: next chair. It was great to meet with him and
Speaker 1: I look forward to seeing him lead the agency. So
Speaker 1: we are seeing a procrypto alliance here, guys, with Donald
Speaker 1: Trump positioning procrypto people across the government. Now, Elizabeth Warren,
Speaker 1: Gary Ganser's handler, right, she sent a lengthy letter to
Speaker 1: Treasury Secretary designate Scott Piscent. So Scott pisents Procrypto's going
Speaker 1: to be in office very soon, and of course that
Speaker 1: letter included a whole bunch of anti crypto stops. Eleanor
Speaker 1: terrator Fox Business summarized it well, saying Senator Warren's thirty
Speaker 1: one page letter to Treasury Secretary nominee Scott Descent previews
Speaker 1: a number of crypto related questions she plans to ask
Speaker 1: during his confirmation before the Senate Finance Committee on Thursday.
Speaker 1: Questions include whether he thinks the Treasury Sanctions arm O
Speaker 1: fac should have jurisdiction over stable coins, and whether or
Speaker 1: not it should have a tool to cut off fintech
Speaker 1: in crypto companies from the US if they pose risks.
Speaker 1: So we know Warren's agenda right now. As always, I
Speaker 1: believe in law and order. I believe the SEC has
Speaker 1: a job to do to protect consumers. Now they've fallen
Speaker 1: far from that mission because of Gary Ginster and his bullshit.
Speaker 1: But at the end of the day, these agencies, you know,
Speaker 1: they're there to police and make sure bad actors don't
Speaker 1: do things. But we need to clean up these people
Speaker 1: have become so political and they have all kinds of
Speaker 1: agendas like Gainser and a Warren. And while it's not
Speaker 1: necessarily wrong that OFAC can review the crypto transactions and
Speaker 1: take a look, we want them to do that, but
Speaker 1: we don't want them to break the law and come
Speaker 1: after crypto and fairly wet. We don't want them to
Speaker 1: treat crypto arbitrary and capricious like Gary Ginster has been doing.
Speaker 1: We want them to do their job that if they
Speaker 1: do see a bad actor, they go after that bad actor.
Speaker 1: But Warren, you got to watch her framing. It's very sneaky, right,
Speaker 1: She'll try to make it seem like yo, you know,
Speaker 1: will you shut these things down if something happens. Wait,
Speaker 1: wait a minute, why would you need to shut it down?
Speaker 1: Why don't you just go after the bad actor? In
Speaker 1: certain cases can exchange us block a wallet, sure, but
Speaker 1: her verbiage is very broad, you know. For her, it
Speaker 1: would be like the government trying to shut something down
Speaker 1: without a warrant right or trampling over your rights. So
Speaker 1: it's the nuances. You got to watch her framing, very sneaky,
Speaker 1: So let's see what she decides to do. But the
Speaker 1: good thing is that she's lost. Her anti crypto army
Speaker 1: is falling apart. Ganser is gone, Sharad Brown is out,
Speaker 1: you name it, right, But she's still going to try
Speaker 1: her sneaky stuff here because she's still being lobbied by
Speaker 1: Jamie Diamond and these banking cartel people. But the crypto
Speaker 1: army is growing, folks here are Brian Armstrong, CEO of Coinbase,
Speaker 1: highlighted that standard crypto just crossed a major milestone two
Speaker 1: million advocates. He says their stretch goal is four million
Speaker 1: advocates by the twenty twenty six midterms. This will be
Speaker 1: a powerful voting block in every election moving forward. The
Speaker 1: crypto voter is not slowing down. So, guys, crypto is
Speaker 1: on the rise and adoption people who are both Democrats
Speaker 1: and Republicans invest It only became political because of Elizabeth Warren. Right,
Speaker 1: I have Democrat family members and friends. I have Republican
Speaker 1: friends and family members. The investing crypto. Guess what, when
Speaker 1: they're talking about it, they're not Oh, this is a
Speaker 1: Republican acid class, or this is a Democrat. No, it
Speaker 1: is stupid, right, But Elizabeth Warren made it that way,
Speaker 1: and that's why big part of why the Democrats lost.
Speaker 1: Crypto was the biggest spender in the election. We talked
Speaker 1: about it at a nauseum leading up to the election
Speaker 1: that what Elizabeth Warren and Gary Genster were doing it
Speaker 1: was going to hurt the Democrats. Now, Kamala Harris had
Speaker 1: an opportunity to disavow and stop this, but she didn't
Speaker 1: do it. And you make your bed lay in it
Speaker 1: all right, let's move ahead. Final news item, blockchain forensic
Speaker 1: firm Chainnalysis acquires AI powered fraud detection platform Alteria. So
Speaker 1: Chaninalysis is one of the firms that helps to track
Speaker 1: what's happening on the blockchains to help stop bad actors
Speaker 1: and much more. I believe the government is going to
Speaker 1: use their technology to do a lot of these things,
Speaker 1: and it sounds like they're going to bolster their services
Speaker 1: and products with AI. So Chainalysis intends to use the
Speaker 1: acquisition of the Israeli firm Alteria to bolster its illicit
Speaker 1: transaction prevention strategy to company noted on Monday. So this
Speaker 1: is good. We want this type of information out there
Speaker 1: that the government and different companies can use it to
Speaker 1: protect themselves from bad actors. At the end of the day.
Speaker 1: It's not about shutting down crypto. It's about stopping bad actors,
Speaker 1: just like it was about stopping Bernie made off in
Speaker 1: a regulated market, Bernie made up with scamming people. Does
Speaker 1: that mean you shut down all the banks and you
Speaker 1: stop stop using ATMs and all this stuff, of course right.
Speaker 1: Does that mean you stop investing in hedge funds or
Speaker 1: whatever in the markets? Of course not. We just have
Speaker 1: to stop bad actors. So this is really great to
Speaker 1: see that these company's you know, boltering its services. And
Speaker 1: I think there's going to be more solutions coming that
Speaker 1: will help the governments and all these folks to monitor
Speaker 1: things accordingly. They can monitor and if they find something
Speaker 1: bad grafted the bad guys, don't try to shut down
Speaker 1: the whole blockchain network and all that nonsense. Right where
Speaker 1: you can black list certain wallet addresses and things like that. Folks,
Speaker 1: let me know what you think about this news. Leave
Speaker 1: your thoughts and comments below hit the thumbs up button.
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Speaker 1: I appreciate you all, and I'll talk to you all
Speaker 1: later