WEBVTT

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<v Speaker 1>The SEC takes a massive loss in the coin base case,

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<v Speaker 1>getting called arbitrary and capricious again. And Gary Ginster is

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<v Speaker 1>trying to save face. He's got a bunch of media

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<v Speaker 1>rounds he's going to do tomorrow. I'll share what the

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<v Speaker 1>industry is saying about all this. And Gary Ginster and

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<v Speaker 1>reports are coming into Donald Trump's going to do an

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<v Speaker 1>executive order day one for crypto, possibly repealing SAB one

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

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<v Speaker 1>the Thinking Crypto Podcasts. You're home for cryptocurrency news and interviews.

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<v Speaker 1>I'm your host, Tony Edward. On your way in. Please

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

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

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

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<v Speaker 1>a five star rating and review. Folks, we got to

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<v Speaker 1>talk about bitcoin because we know bitcoin took a bit

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<v Speaker 1>of a tumble earlier today and it's currently up a bit.

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<v Speaker 1>It's around ninety four thousand dollars. But what's happening from

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<v Speaker 1>the macro right, We've been talking about the macro backdrop

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<v Speaker 1>with the treasury bond yields and inflation, you got problems

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<v Speaker 1>happening in California with fires. I think it's now the

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<v Speaker 1>United States costliest natural disaster. So there's a lot going

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<v Speaker 1>on and the markets are a bit spooked. However, you

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<v Speaker 1>know what we've seen is that narrative usually follows price,

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<v Speaker 1>and I think there's a bit of that because after

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<v Speaker 1>the Q four run up, which was incredible, a cool

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<v Speaker 1>down was needed and then you had all these things

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<v Speaker 1>pop up and it's driving more cell pressure. However, from

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<v Speaker 1>a macro perspective, guys, we're still on track. There hasn't

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<v Speaker 1>been any invalidation of the bull market, and I love

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<v Speaker 1>what analyst Crypto Wizard had to say, not much longer.

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<v Speaker 1>Bitcoin is experiencing a healthy ABC correction, just like it

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<v Speaker 1>did every January in a bull market. It's nearing its end.

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<v Speaker 1>History shows after this we'll see a rally with a

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<v Speaker 1>March top. If you're calling a top, you might want

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<v Speaker 1>to do that in March. So it's what I've been

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<v Speaker 1>telling you guys, right. The seasonality is playing out here,

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<v Speaker 1>not just for bitcoin and crypto, but for the stock market.

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<v Speaker 1>I told you guys we could see a run up

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<v Speaker 1>into March April. Then what happens selling may go away

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<v Speaker 1>then a continuation in Q three into a Q four

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<v Speaker 1>mania blow off top. Now the bow off top could

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<v Speaker 1>come at the end of Q two, that's possible as well.

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<v Speaker 1>So we'll have to watch the charts closely. But what

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<v Speaker 1>we're experiencing right now is nothing outside of the norm.

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<v Speaker 1>And that is what I want to hammer home, because

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<v Speaker 1>when you look at the charts and the data and

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<v Speaker 1>much more, no invalidation, similar patterns of what we saw

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<v Speaker 1>in twenty seventeen, twenty twenty one, and now in twenty

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<v Speaker 1>twenty five, guys, So we got to really exercise patience

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<v Speaker 1>and really look at the data. He also highlighted the

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<v Speaker 1>following a market sweep. We're now on the fifth sweep.

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<v Speaker 1>Some people never learn Bitcoin will sweep sellers up and

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<v Speaker 1>leave them trapped and sidelined, only to see it rally

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<v Speaker 1>to new all time highs once again. It's an evil

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<v Speaker 1>role for bears. So bears are going to get excited.

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<v Speaker 1>Oh you see bitcoins down and all coins are down.

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<v Speaker 1>We're going to short. But it's very dangerous to shorten

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<v Speaker 1>a bull market because things can reverse very quickly. Because

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<v Speaker 1>you have that sentiment, you have other macro factors. So

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<v Speaker 1>bears are on a short leash here, and while they

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<v Speaker 1>may get some profits shortening a bit, it's not going

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<v Speaker 1>to last long because this is not the blow off

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<v Speaker 1>top folks, based on the data, not our feelings or

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<v Speaker 1>in emotions. So we really got to be patient here, guys,

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<v Speaker 1>and let's see if there's some recovery by the time

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<v Speaker 1>next week that Trump is back in office and we

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<v Speaker 1>get some updates from a macro perspective with what the

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<v Speaker 1>Fed's going to do a QI and all those things. Now,

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<v Speaker 1>speaking of President Trump, guys, there's reports coming out from

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<v Speaker 1>the Washington Post saying President elect Trump expected to repeal

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<v Speaker 1>crypto accounting policy requiring banks holding digital assets to count

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<v Speaker 1>them as liabilities. So what is this. It's the repeal

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<v Speaker 1>of the SEC's bullshit rules SAB one two one, which

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<v Speaker 1>is like a de facto block on banks being able

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<v Speaker 1>to hold bitcoin and crypto on their books. So that's

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<v Speaker 1>the block, right, and it looks like they want to

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<v Speaker 1>make this a high priority and get it repealed. There

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<v Speaker 1>could be some sort of executive order that would be

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<v Speaker 1>huge because if these banks are able to hold directly,

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<v Speaker 1>it removes a big roadblock and they can start buying

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<v Speaker 1>and holding directly. So here's a quote from that article.

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<v Speaker 1>The Trump team has made it very clear that this

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<v Speaker 1>is a priority. So very bullish news here, guys. Now

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<v Speaker 1>the big news of the day. The SEC and Gary

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<v Speaker 1>Genser take a massive loss in the coin Base case.

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<v Speaker 1>They continue to lose. It's what we've been talking about

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<v Speaker 1>since the Ripple lawsuit was filed. We've been talking about

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<v Speaker 1>it on this podcast for years, calling out the hypocrisy,

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<v Speaker 1>the lies, and the unlawful activity of the SEC and

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<v Speaker 1>Gary Genser. Paul gritwalla chief legal officer a Coinbase, tweeted out,

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<v Speaker 1>we just won our petition for a writ of men

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<v Speaker 1>damus at the Third Circuit, rebuking the SEC for its

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<v Speaker 1>order denying our rulemaking petition. The court held that the

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<v Speaker 1>SEC's order was conclusiory and insufficient reason, and thus arbitra

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<v Speaker 1>and capricious. We grant coinbas his petition in part and

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<v Speaker 1>remand to the SEC for a more complete explanation. And guys,

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<v Speaker 1>I mean, wow, the second time this government agency funded

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<v Speaker 1>by your tax dollars is getting called arbitrary and capricious.

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<v Speaker 1>And that's because he's being led by a scumbag regulator,

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<v Speaker 1>Gary Genser, who does not care about the law. How

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<v Speaker 1>many times have I told you, guys that he doesn't

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<v Speaker 1>care about the law. This is about power. This is

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<v Speaker 1>him being lobbied by the banking cartel to shut down

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<v Speaker 1>these crypto startups so that the banking cartel can take over.

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<v Speaker 1>It's the Jamie Diamonds of the world that are pulling

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<v Speaker 1>the strings here. We saw it in twenty twenty four

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<v Speaker 1>when Elizabeth Warren teamed up a Jamie Diamond to bash

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<v Speaker 1>bigcoin and crypto. And we're going to talk about Elizabeth

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<v Speaker 1>Warren a bit later because she's still that up to

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<v Speaker 1>her nonsense. But guys, what a massive win for coinbase

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<v Speaker 1>and what an epic defeat, a massive l for Gary

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<v Speaker 1>ginsterro the SEC. This is how he's going out. Let

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<v Speaker 1>me give you some more details from an article that

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<v Speaker 1>they did a full write up. In a January thirteenth

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<v Speaker 1>opinion issued by the Third Circuit, a panel of three

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<v Speaker 1>judges granted a petition from Coinbase in part, but declined

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<v Speaker 1>to order the SEC to launch rulemaking proceedings that could

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<v Speaker 1>clarify the Commission's position on crypto coinbases. Appeals stemmed from

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<v Speaker 1>a twenty twenty two requests for the SEC to create

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<v Speaker 1>rules to govern the regulation of securities that are offered

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<v Speaker 1>and traded via digitally native methods, including potentially rules to

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<v Speaker 1>identify which digital assets are securities. The SEC denied Coinbasis

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<v Speaker 1>petition in twenty twenty three, prompting the exchange to appeal

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<v Speaker 1>to the Third Circuit. According to the judges, the SEC's

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<v Speaker 1>ordered denying Coinbas's requests for crypto rules was conclusiory and

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<v Speaker 1>insufficiently reasoned, and thus arbitrary and capricious. Unbelievable. They got

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<v Speaker 1>called arbitrary and capricious in the gray scale case, were

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<v Speaker 1>denying the bitcoins BODYTF And we know what happened after that,

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<v Speaker 1>of course, and getting called out here and guys, the

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<v Speaker 1>losses are piling up right and we'll see what Gary

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<v Speaker 1>decides to do. This scumbag if he does anything with

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<v Speaker 1>the ripple case right before you know, he heads out.

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<v Speaker 1>I don't know if he will, but you can't put

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<v Speaker 1>anything past this guy. He is a scumbag regulator and

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<v Speaker 1>he's a puppet on strings. So whatever his puppet masters

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<v Speaker 1>tell him to do, he's going to do. So the

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<v Speaker 1>industry weighed in, you know, every legal expert calling out

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<v Speaker 1>a huge win here. Stuart Aldaradi of Ripple, Chief leagual

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<v Speaker 1>officer at Ripple said, huge congratulations to Paul Gridwall and

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<v Speaker 1>coinbase for their win today against those final days. His

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<v Speaker 1>anti crypto crusade is imploding and a federal appeals court

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<v Speaker 1>has laid bare what the industry has said for years.

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<v Speaker 1>His selective enforcement of securities laws was a not so

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<v Speaker 1>covert attempt to ban the industry outright shameful. So he's

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<v Speaker 1>spot on there. Also, Attorney Frederispoli said, love seeing the

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<v Speaker 1>SEC get called out at the appellate level today. FYI

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<v Speaker 1>at highly professional appellate level. Calling the SEC ifvasive and

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<v Speaker 1>engaging in puzzling behavior can be translated as calling them

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<v Speaker 1>lying chumps in a common vernacular. So I'm telling you guys,

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<v Speaker 1>the SEC has become so rotten at its core, and

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<v Speaker 1>they will lie, They will stab you in the back.

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<v Speaker 1>These are the people, once again supposed to be the

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<v Speaker 1>good guys, protecting consumers right abiding by the law. But

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<v Speaker 1>they will break the law. They will lie to the court.

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<v Speaker 1>Just look at a debt box case. They got sanctioned

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<v Speaker 1>in the debt box case for lying to the judge.

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<v Speaker 1>Why would you do that? Why would you go to

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<v Speaker 1>that extent for a small industry like crypto, because that

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<v Speaker 1>industry is disrupting the status quo of the banking cartel.

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<v Speaker 1>That's why you go that far. That's why you don't

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<v Speaker 1>care about what happens to your reputation. You are doing

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<v Speaker 1>the bidding of those banking puppet masters, and that is

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<v Speaker 1>not conspiratle guys, that is fact. If you know how

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<v Speaker 1>politics works and money works, and how the incumbents will

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<v Speaker 1>fight and the strings they they will pull, they will

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<v Speaker 1>pull the people in the government. Hey, I gave you

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<v Speaker 1>campaign donations. Hey Gary, you're one of us. You're a

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<v Speaker 1>Goldman Sachs guy. You know what to do. Remember, Gary,

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<v Speaker 1>before he came to the SEC, was very pro crypto.

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<v Speaker 1>The man was talking about building uber on algorand he

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<v Speaker 1>was teaching bitcoin and crypto at MIT. He tried to

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<v Speaker 1>go work for Binance. Then you come to the SEC

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<v Speaker 1>and all of a sudden, this is all a scam

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<v Speaker 1>and it's all garbage, and it's right with fraud and right.

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<v Speaker 1>So notice the complete one to eighty. Why his puppet

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<v Speaker 1>masters told him what to do. Here, Fred Wispoli continued saying,

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<v Speaker 1>after reading this coinbase emphatically did not win this case. TLDR.

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<v Speaker 1>It lost on almost every argument, only starts winning on

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<v Speaker 1>page thirty eight. And what it did win on the

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<v Speaker 1>SEC did not provide a sufficient reason for denying. The

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<v Speaker 1>position can be remedied by the SEC upon remand But interestingly,

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<v Speaker 1>this is a phenomenal concurrence by Judge Bevis. That is

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<v Speaker 1>exactly what Ripple is appealing. That old musty, dusty, crusty

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<v Speaker 1>rules from a century ago don't work for crypto. As

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<v Speaker 1>I explain, its old regulations fit poorly with this new technology,

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<v Speaker 1>and its enforcement strategy raises constitutional notice concerns. That is

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<v Speaker 1>a quote from the judge. And then Freddie says, if

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<v Speaker 1>the Second Circuit adopts this line of reasoning, the SEC's

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<v Speaker 1>done for good with Crypto. Wow. And we know the

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<v Speaker 1>FIT twenty one bill, which was passed through the House

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<v Speaker 1>last year Democrat and Republican support, gives more power to

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<v Speaker 1>the CFTC and takes away a lot from the SEC,

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<v Speaker 1>so there'll be more balance in the market. So Ganser's done. Man,

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<v Speaker 1>he's going to be out next week. My hope is

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<v Speaker 1>that he doesn't do anything shady here. And let's see

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<v Speaker 1>what happens. But you can't trust this guy. He is

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<v Speaker 1>a scumbag. And check this out. He's doing his media

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<v Speaker 1>tour before he runs out of office. He says, tomorrow,

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<v Speaker 1>I'll be on CNBC at eight am and then Yahoo

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<v Speaker 1>Finance at three pm. Most people will go out quietly.

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<v Speaker 1>Even Jake Clayton kind of you went out quietly even

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<v Speaker 1>though he dropped that lawsuit, but he didn't go on

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<v Speaker 1>an immediate tour. Gainster's trying to save face. So you

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<v Speaker 1>see what's happening here. He just did an interview with Bloomberg.

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<v Speaker 1>Why do you need to do CNBC and Yahoo Finance?

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<v Speaker 1>Trying to save face because he's getting destroyed. He's losing

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<v Speaker 1>in the courts, right he doesn't he's trying to change

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<v Speaker 1>the headlines from the SEC gets called arbitrary and capricious

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<v Speaker 1>right as he's about to exit. Notice what this is

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<v Speaker 1>the game? Gary knows he's a smart guy. I'm not

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<v Speaker 1>saying he's dumb, but he's a scumbag. So and John

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<v Speaker 1>Deeton summed it up really well. He says. Another example

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<v Speaker 1>of how Gary Ginster is leaving the SEC in disgrace,

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<v Speaker 1>the reputation of the SEC, both inside and outside the

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<v Speaker 1>courtroom is in complete shambles. Paul Atkins has his work

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<v Speaker 1>cut out for him. He says, it would be nice

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<v Speaker 1>to witness real reform in the SEC. Also, we need

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<v Speaker 1>to reform slash abolish the accredited investor rule. The rule

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<v Speaker 1>is inconsistent with the free market capitalism and oppressive in

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<v Speaker 1>a society of self determination. If you can serve your

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<v Speaker 1>country in the Marine Corps and risk dying, you should

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<v Speaker 1>be able to purchase pre IPO shares of visa like

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<v Speaker 1>Nancy Pelosi and her husband did. I love that. I

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<v Speaker 1>love that. Guys. We are winning. We are on the

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<v Speaker 1>right side of history. Ganser's done. But before I continue, guys,

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<v Speaker 1>we're gonna talk about Paul Atkins and Elizabeth Warren. Be

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<v Speaker 1>sure to check out our sponsor, bitgo, which is one

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

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<v Speaker 1>Bit goes headed up by Mike Belshie, who's a web

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<v Speaker 1>many big companies across the crypto industry, such as exchanges.

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<v Speaker 1>They work with for example Bitstamp, Exchange Suite, the Crypto

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<v Speaker 1>Token Project, Pantera Capital. That's Dan Moorehead's hedge fund twenty

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<v Speaker 1>one Shares, which issues bitcoin and etherramy tfs. So they

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<v Speaker 1>have a variety of services, wallet services, they have a

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<v Speaker 1>liquidity and capital hub, and a whole bunch of things.

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<v Speaker 1>And they recently launched Guys, a retail platform where you,

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<v Speaker 1>as individu rules can go by, sell, trade and stay crypto.

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<v Speaker 1>So it's a really great easy to sign up, So

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<v Speaker 1>check out the link in the description or go to

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<v Speaker 1>bitgo dot com. Now let's continue, guys. Paul Atkins has

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<v Speaker 1>been making the rounds meeting with different members of Congress,

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<v Speaker 1>and we're seeing a lot of procrypto people meeting with Paul,

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<v Speaker 1>and here Senator Bill Haggerty, who's been a champion for crypto,

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<v Speaker 1>says Paul atkins background at the SEC and in the

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<v Speaker 1>private sector, witnessing the real life impact of regulations makes

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<v Speaker 1>him exactly the person that the SEC needs as its

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<v Speaker 1>next chair. It was great to meet with him and

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<v Speaker 1>I look forward to seeing him lead the agency. So

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<v Speaker 1>we are seeing a procrypto alliance here, guys, with Donald

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<v Speaker 1>Trump positioning procrypto people across the government. Now, Elizabeth Warren,

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<v Speaker 1>Gary Ganser's handler, right, she sent a lengthy letter to

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<v Speaker 1>Treasury Secretary designate Scott Piscent. So Scott pisents Procrypto's going

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<v Speaker 1>to be in office very soon, and of course that

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<v Speaker 1>letter included a whole bunch of anti crypto stops. Eleanor

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<v Speaker 1>terrator Fox Business summarized it well, saying Senator Warren's thirty

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<v Speaker 1>one page letter to Treasury Secretary nominee Scott Descent previews

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<v Speaker 1>a number of crypto related questions she plans to ask

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<v Speaker 1>during his confirmation before the Senate Finance Committee on Thursday.

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<v Speaker 1>Questions include whether he thinks the Treasury Sanctions arm O

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<v Speaker 1>fac should have jurisdiction over stable coins, and whether or

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<v Speaker 1>not it should have a tool to cut off fintech

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<v Speaker 1>in crypto companies from the US if they pose risks.

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<v Speaker 1>So we know Warren's agenda right now. As always, I

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<v Speaker 1>believe in law and order. I believe the SEC has

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<v Speaker 1>a job to do to protect consumers. Now they've fallen

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<v Speaker 1>far from that mission because of Gary Ginster and his bullshit.

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<v Speaker 1>But at the end of the day, these agencies, you know,

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<v Speaker 1>they're there to police and make sure bad actors don't

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<v Speaker 1>do things. But we need to clean up these people

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<v Speaker 1>have become so political and they have all kinds of

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<v Speaker 1>agendas like Gainser and a Warren. And while it's not

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<v Speaker 1>necessarily wrong that OFAC can review the crypto transactions and

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<v Speaker 1>take a look, we want them to do that, but

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<v Speaker 1>we don't want them to break the law and come

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<v Speaker 1>after crypto and fairly wet. We don't want them to

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<v Speaker 1>treat crypto arbitrary and capricious like Gary Ginster has been doing.

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<v Speaker 1>We want them to do their job that if they

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<v Speaker 1>do see a bad actor, they go after that bad actor.

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<v Speaker 1>But Warren, you got to watch her framing. It's very sneaky, right,

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<v Speaker 1>She'll try to make it seem like yo, you know,

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<v Speaker 1>will you shut these things down if something happens. Wait,

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<v Speaker 1>wait a minute, why would you need to shut it down?

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<v Speaker 1>Why don't you just go after the bad actor? In

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<v Speaker 1>certain cases can exchange us block a wallet, sure, but

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<v Speaker 1>her verbiage is very broad, you know. For her, it

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<v Speaker 1>would be like the government trying to shut something down

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<v Speaker 1>without a warrant right or trampling over your rights. So

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<v Speaker 1>it's the nuances. You got to watch her framing, very sneaky,

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<v Speaker 1>So let's see what she decides to do. But the

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<v Speaker 1>good thing is that she's lost. Her anti crypto army

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<v Speaker 1>is falling apart. Ganser is gone, Sharad Brown is out,

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<v Speaker 1>you name it, right, But she's still going to try

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<v Speaker 1>her sneaky stuff here because she's still being lobbied by

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<v Speaker 1>Jamie Diamond and these banking cartel people. But the crypto

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<v Speaker 1>army is growing, folks here are Brian Armstrong, CEO of Coinbase,

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<v Speaker 1>highlighted that standard crypto just crossed a major milestone two

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<v Speaker 1>million advocates. He says their stretch goal is four million

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<v Speaker 1>advocates by the twenty twenty six midterms. This will be

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<v Speaker 1>a powerful voting block in every election moving forward. The

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<v Speaker 1>crypto voter is not slowing down. So, guys, crypto is

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<v Speaker 1>on the rise and adoption people who are both Democrats

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<v Speaker 1>and Republicans invest It only became political because of Elizabeth Warren. Right,

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<v Speaker 1>I have Democrat family members and friends. I have Republican

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<v Speaker 1>friends and family members. The investing crypto. Guess what, when

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<v Speaker 1>they're talking about it, they're not Oh, this is a

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<v Speaker 1>Republican acid class, or this is a Democrat. No, it

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<v Speaker 1>is stupid, right, But Elizabeth Warren made it that way,

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<v Speaker 1>and that's why big part of why the Democrats lost.

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<v Speaker 1>Crypto was the biggest spender in the election. We talked

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<v Speaker 1>about it at a nauseum leading up to the election

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<v Speaker 1>that what Elizabeth Warren and Gary Genster were doing it

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<v Speaker 1>was going to hurt the Democrats. Now, Kamala Harris had

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<v Speaker 1>an opportunity to disavow and stop this, but she didn't

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<v Speaker 1>do it. And you make your bed lay in it

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<v Speaker 1>all right, let's move ahead. Final news item, blockchain forensic

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<v Speaker 1>firm Chainnalysis acquires AI powered fraud detection platform Alteria. So

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<v Speaker 1>Chaninalysis is one of the firms that helps to track

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<v Speaker 1>what's happening on the blockchains to help stop bad actors

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<v Speaker 1>and much more. I believe the government is going to

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<v Speaker 1>use their technology to do a lot of these things,

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<v Speaker 1>and it sounds like they're going to bolster their services

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<v Speaker 1>and products with AI. So Chainalysis intends to use the

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<v Speaker 1>acquisition of the Israeli firm Alteria to bolster its illicit

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<v Speaker 1>transaction prevention strategy to company noted on Monday. So this

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<v Speaker 1>is good. We want this type of information out there

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<v Speaker 1>that the government and different companies can use it to

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<v Speaker 1>protect themselves from bad actors. At the end of the day.

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<v Speaker 1>It's not about shutting down crypto. It's about stopping bad actors,

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<v Speaker 1>just like it was about stopping Bernie made off in

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<v Speaker 1>a regulated market, Bernie made up with scamming people. Does

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<v Speaker 1>that mean you shut down all the banks and you

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<v Speaker 1>stop stop using ATMs and all this stuff, of course right.

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<v Speaker 1>Does that mean you stop investing in hedge funds or

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<v Speaker 1>whatever in the markets? Of course not. We just have

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<v Speaker 1>to stop bad actors. So this is really great to

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<v Speaker 1>see that these company's you know, boltering its services. And

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<v Speaker 1>I think there's going to be more solutions coming that

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<v Speaker 1>will help the governments and all these folks to monitor

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<v Speaker 1>things accordingly. They can monitor and if they find something

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<v Speaker 1>bad grafted the bad guys, don't try to shut down

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<v Speaker 1>the whole blockchain network and all that nonsense. Right where

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<v Speaker 1>you can black list certain wallet addresses and things like that. Folks,

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<v Speaker 1>let me know what you think about this news. Leave

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<v Speaker 1>your thoughts and comments below hit the thumbs up button.

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<v Speaker 1>A great way you can support me in the podcast

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00:18:48.039 --> 00:18:51.000
<v Speaker 1>is by subscribing to my free email newsletter. It is

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<v Speaker 1>one hundred percent free on substack and grab a copy

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<v Speaker 1>of my book, Rethinking Crypto. It covers Crypto's past, president

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<v Speaker 1>and future. Buy a copy for yourself by a few

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<v Speaker 1>please for your friends and family, help them to learn

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<v Speaker 1>about crypto. Knowledge is power. And if you bought a

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00:19:04.240 --> 00:19:06.799
<v Speaker 1>copy ready, please please please leave a rating and review

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00:19:06.839 --> 00:19:09.519
<v Speaker 1>on Amazon. It will really help me out. Thank you guys.

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<v Speaker 1>I appreciate you all, and I'll talk to you all

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<v Speaker 1>later