Speaker 1: Hey, folks, Welcome into the Thinking Crypto podcast, your home
Speaker 1: for cryptocurrency news and interviews. I'm your host, Tony Edward.
Speaker 1: On your way in. Please at that subscribe button as
Speaker 1: well as a thumbs up button and leave a common blow.
Speaker 1: If you're listening on a podcast platform such as Spotify
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Speaker 1: five star rating. Weth folks, we got lots of news
Speaker 1: to talk about, some not so good news with the Claritiac,
Speaker 1: but incredible adoption news with institutions getting involved with crypto,
Speaker 1: including Black Rock, Bny mellon a bunch more. Let's start
Speaker 1: with the Clarity Act. So, folks, it's bad news after
Speaker 1: bad news with the Claritiac, and you know, we've been
Speaker 1: talking about it since late last week that things were
Speaker 1: not looking good with the timeline getting short and the
Speaker 1: ethics negotiations kind of stalling. So here's where we stand.
Speaker 1: The White House has still not responded on the bipartisan
Speaker 1: ethics language that was sent over to them last Friday,
Speaker 1: so that's not good. It means we can't even get
Speaker 1: anything going in the Senate and the Democrats are using
Speaker 1: this to their advantage. So Punchbowl News is reporting there
Speaker 1: is a clear consensus among Senate Democrats right now that
Speaker 1: without movement on ethics, illicit finance and stable coin yield,
Speaker 1: a cloture vote this week on the claritiac will fail.
Speaker 1: Democrats won't be moved by crypto cash at this point.
Speaker 1: So the Democrats are saying, no ethics, We're not. Well,
Speaker 1: that's it, it's over right, And the cloture vote is
Speaker 1: essentially that initial vote, so it's not even the final vote,
Speaker 1: so we can't even get the initial vote, guys. So
Speaker 1: this really sucks. It's a bad sign. Look, we got
Speaker 1: a few more days and maybe they can turn it
Speaker 1: around to get some sort of win here, but it
Speaker 1: is not looking good. And what's mentioned here is that
Speaker 1: the Democrats are not budging, so the crypto lobby is
Speaker 1: not affecting them. Why, It's what we were talking about
Speaker 1: for months. The banking lobby is coming in hard, Jamie Diamond,
Speaker 1: JP Morgan coming in with that stable con yield situation,
Speaker 1: sending the check out. Right, you see Elizabeth Warren going ham.
Speaker 1: She's getting those big fat checks. We know how it works.
Speaker 1: So this is not good for crypto and look, the
Speaker 1: midterms are coming up. Later this year, certainly crypto will
Speaker 1: be spending, but if the bank lobby is also spending, boy,
Speaker 1: it's going to be really nasty. Now some other updates,
Speaker 1: Senator Lummis responds to this report about the Democrats backing
Speaker 1: off and warns Democrats not to kill the Clarity Act
Speaker 1: by voting against cloture this week. Brendan Paterson said earlier today,
Speaker 1: I asked Lummis directly if failure to reach cloture on
Speaker 1: Clarity would kill the bill. She says, yeah, it will.
Speaker 1: So if they don't even do this one simple thing, right,
Speaker 1: and this is just one of the hurdles, that's it.
Speaker 1: And I don't know even if comes September, when everybody's
Speaker 1: back in office, if they're able to get this going again,
Speaker 1: because it's going to be midterm election season against the
Speaker 1: banking lobby is fighting hard and it's not looking good, folks.
Speaker 1: So this is a tough one. And the banks and
Speaker 1: the Democrats are fighting on multiple fronts. So we know
Speaker 1: the banks are banking the Democrats. Right. So here a
Speaker 1: conservative Wall Street Journal editorial board just publish a piece
Speaker 1: beating up the Claritiac, writing that the Crypto Market Structure
Speaker 1: Bill needs changes to reduce risks to the financial system.
Speaker 1: This is of course a paid piece by Jamie Diamond, right,
Speaker 1: so we know where this is coming from. So they're
Speaker 1: fighting hard, guys, They are fighting tooth and nail, And
Speaker 1: look at this, Elizabeth Warren is going after Trump's meme coin.
Speaker 1: CNN is reporting that Elizabeth Warren urged the SEC to
Speaker 1: probe into Trump's meme cooin over possible fraud. Now, from
Speaker 1: day one, I've been saying this is not a good thing.
Speaker 1: I don't care if you're a conservative, Republican independent. We
Speaker 1: all know this is not a good thing and this
Speaker 1: should not be in something that President Trump and the
Speaker 1: First Lady should have launched. Right, they both had coins,
Speaker 1: and it's just a horrible look. And now their political
Speaker 1: opponents are using it against them. And now it's being
Speaker 1: used as a hurdle to block the Clarity Act. So
Speaker 1: this puts us in a very difficult situation. Look, I've
Speaker 1: often stated I'm an independent. I think it's important for
Speaker 1: people to hear that because sometimes if I criticize one
Speaker 1: side or the other or both, people get very triggered. Right,
Speaker 1: how dare you criticize this person or this party It's like, bro,
Speaker 1: I'm calling balls and strikes here. I'm an independent, so
Speaker 1: I'm gonna I'm actually the most neutral party here because
Speaker 1: I'm not trying to root for any party in particular
Speaker 1: or go against any party in particular. I'm just calling
Speaker 1: it like I see it. And this really really sucks.
Speaker 1: So this mean cooin thing has come back to hurt
Speaker 1: us big time with the Clarity Act. And many of
Speaker 1: you heard me ramble and complain about this thing for
Speaker 1: over a year now, and here it is right. This
Speaker 1: is one of the reasons why I was saying this
Speaker 1: is not a good thing, man. But here's where we're at.
Speaker 1: The White House hasn't addressed it as yet. Hopefully, hopefully
Speaker 1: we hear something by the end of today or tomorrow,
Speaker 1: and hopefully they're able to do the cloture vote in
Speaker 1: the Senate. That would be ideal. But time is running
Speaker 1: out and we'll see where things go. Now, this is
Speaker 1: some interesting news. A US FBI intelligence agent arrested in
Speaker 1: connection with theft of one million dollars in crypto. The agent,
Speaker 1: who had top secret clearance and worked in FBI headquarters,
Speaker 1: was accused of taking crypto from Wallace. The agency had investigated.
Speaker 1: So remember, over the years, these agencies have been seizing
Speaker 1: crypto from bad actors and much more. But it looks
Speaker 1: like some bad actors that those agencies were stealing crypto.
Speaker 1: But obviously he's been caught. So the high level special
Speaker 1: agent identified as Patrick Stephen Yarmock allegedly turned himself into
Speaker 1: the agency, colleagues, reporting that he dug crypto keys from
Speaker 1: the FBI systems to make as many as a dozen
Speaker 1: transfers to himself from accounts tied to foreign individuals he'd investigated,
Speaker 1: according to an August first account followed the US District
Speaker 1: Court for the Eastern District of Virginia. Now, many of
Speaker 1: you know when you steal crypto funds, it can easily
Speaker 1: be tracked versus if you stole gold bars or cash.
Speaker 1: Right because it's all in the blockchain, you can see it.
Speaker 1: It's transparent. So it's a bad idea to try to
Speaker 1: do nefarious or bad activities with crypto because it's going
Speaker 1: to be easily easily found. So this guy got busted
Speaker 1: big time. But you know, this is human nature. You're right,
Speaker 1: You're going to have bad actors and everywhere in every
Speaker 1: level of society. But it's good that they found them
Speaker 1: and putting them to justice. Here now, folks, huge tratify
Speaker 1: adoption news. We're going to talk first about BNY Melon.
Speaker 1: So bn Y Melon is the largest custodial bank in
Speaker 1: the world, America's oldest bank. So Galaxy Digital and b
Speaker 1: and Y partner to bring institutional staking to be and
Speaker 1: wise Digital Asset custody platform, combining custody, fun account and
Speaker 1: staking rewards in a single servicing model for institutional clients,
Speaker 1: not retail institutional clients, the big money, allowing wealthy individuals
Speaker 1: and institutions to park their money in these protocols and
Speaker 1: earn staking rewards just like you can. So this is
Speaker 1: incredible news. This is massive adoption. You're seeing the biggest
Speaker 1: of the biggest institutions getting involved here and part of
Speaker 1: you know them building here. Many of them are trying
Speaker 1: to catch up. And maybe this is part of Jamie
Speaker 1: Diamond's plan. You know we were talking about earlier with
Speaker 1: JP Morgan, that stall the CLARITYAC so we can catch
Speaker 1: up and then you'll pass it. Right, then we'll let
Speaker 1: it pass because we know that the Clarity Act will
Speaker 1: give us the ability to do a lot more. But
Speaker 1: right now they're behind the curve because the native crypto
Speaker 1: firms and a lot of the four thinking companies like
Speaker 1: Blackrock and others who are first to the market with
Speaker 1: crypto products, you know, are ahead. So this is a
Speaker 1: big move, guys. Don't miss how big this is. You know,
Speaker 1: these banks are offering custody, the ability to trade the assets,
Speaker 1: to steak the assets, and they're going to do all
Speaker 1: the white glove services. You know, we talked a lot
Speaker 1: about it over the years. Right, all the bells and whistles,
Speaker 1: the moving parts and components that exist for traditional assets
Speaker 1: are being set up here. So BNY, formerly known as
Speaker 1: Bank of New York MELON, has steadily expanded its digital
Speaker 1: asset business since launching crypto custody services in twenty twenty two.
Speaker 1: The bank oversees tens of trillions of dollars in assets
Speaker 1: under custody and administration, making its move into blockchain infrastructure
Speaker 1: closely watch across the financial industry. So as always, game
Speaker 1: theory will play out when you have big moves like this,
Speaker 1: the other guys are going to be in their boardrooms meeting.
Speaker 1: You know, Hey, we got to get it catch up.
Speaker 1: We got to get our digital asset strategy together. And
Speaker 1: you know, staking is a huge part of crypto. I
Speaker 1: personally steak with Eth Cardano, Algorand and others Solana as well,
Speaker 1: and it's a great way to earn passive income. It's
Speaker 1: something I do in the bear market. So this entire
Speaker 1: bear market, I've been thinking a lot more of my
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Speaker 1: All right, moving ahead. Blackrock has launched two tokenized money
Speaker 1: market funds bstbl on Ethereum and BRSRV across multiple blockchains,
Speaker 1: both designed to qualify as eligible reserve assets for Genius
Speaker 1: Act compliance stable coin issuers. Blackrock is not playing around.
Speaker 1: Remember they were the first of the Wall Street firms
Speaker 1: to launch a t tokenized money market fund and they
Speaker 1: are expanding, so they're doubling down. And notice the blockchain
Speaker 1: they're building on Ether. So this is why I hold
Speaker 1: Ethan my portfolio. I'm diversified, of course, So these are
Speaker 1: things you want to pay attention to. It's incredible the
Speaker 1: rold's wealthiest asset manager continues to innovate and build despite
Speaker 1: the bear market, despite the CLARITYAC drama. They are doubling down, guys.
Speaker 1: So Blackrock is offering on chain shares of Blackrocks Select
Speaker 1: Treasury based Liquidity Fund BSTBL, a tokenized share class on
Speaker 1: etherorem for an existing Blackrock money market fund. In addition,
Speaker 1: a new Blackrock Daily Reinvestment stable Coin Reserve Vehicle BRSRV
Speaker 1: has also been unveiled, with daily dividend reinvestment and across
Speaker 1: multiple blockchains, set Blackrock in a press release. So this
Speaker 1: move deepens Blackrocks push into tokenized finance, blockchain based representations
Speaker 1: of traditional financial assets such as fundus, bonds or equities.
Speaker 1: Advocates say the technology can speed up settlement, enable round
Speaker 1: the clock trading, and improve transparency. Of course, these are
Speaker 1: the benefits of blockchain tech, which we've been talking about
Speaker 1: for years and now tradfi they've had their AHA moment
Speaker 1: and now they're building with the technology. So this is
Speaker 1: why relative to other asset classes and technology adoption, we
Speaker 1: are still very early and it's still an incredible time,
Speaker 1: especially in the bear market to accumulate, position yourself and
Speaker 1: of course have that macro view, have that two to
Speaker 1: three year outlook, possibly longer. Right, So just understand what's
Speaker 1: happening here, and now there's going to be ebbs and
Speaker 1: flows and volatility the market, yes, but when you always
Speaker 1: you know, when you zoom out, when in down zoom out,
Speaker 1: you see there's a clear uptrend in the adoption as
Speaker 1: well as the prices. So huge news here, and I mean,
Speaker 1: just look at what's happening right with the backdrop of
Speaker 1: the Clarity Act nonsense and the market being the you
Speaker 1: know down, you know, we are possibly near to bottom,
Speaker 1: and these guys are building like crazy, right, bny Melon,
Speaker 1: black Rock and much more. All Right, we have some
Speaker 1: Ripple news. So Ripple invests in transfer agency firm z
Speaker 1: Loo and tokenization platform Liquido, adding regulated issuance in collateral
Speaker 1: infrastructure to the XRP ledger. Huge adoption news here for
Speaker 1: the XRP Ledger, they said here deepening our push into
Speaker 1: capital markets. We are investing in ZLO and Liquido to
Speaker 1: add regulated transfer agency issuance in collateral mobility to our
Speaker 1: capital markets infrastructure built on the XRPL. This comes on
Speaker 1: the heels of Aviva Investors tokenizing it's US dollar liquidity
Speaker 1: fund on the XRPL last week, a clear signal that
Speaker 1: institutions are ready to move. Huge news the XRP ledger
Speaker 1: getting adoption. A lot of haters are crying right now,
Speaker 1: and I say that because there's been so much fud
Speaker 1: around the XRP ledger and Ripple for a long time,
Speaker 1: but they continue to see a lot of building on
Speaker 1: the XRP ledger. Even more XRP Ledger news here. X
Speaker 1: VRP holders can now borrow our l USD Ripple stable
Speaker 1: coin against their coins on etherorem without selling via the
Speaker 1: Flare networks wrapped f XRP accepted as collateral on Morpho Blue.
Speaker 1: So the ecosystem being built here to do a lot
Speaker 1: more with your XRP borrowing, lending, and much more. Now
Speaker 1: we have some big news from Western Union, one of
Speaker 1: the world's oldest and largest money transfer companies. They have
Speaker 1: launch what's called a stable card, a rain powered visa
Speaker 1: card for holding and spending dollar back stable coins. Now,
Speaker 1: if you recall, I interviewed the head of crypto at
Speaker 1: Western Union months ago. We talked about the launch of
Speaker 1: their stable coin, and Salona called USDPT and I'd hope
Speaker 1: to have him back on to talk about this. His
Speaker 1: name is Malcolm Clark. But again, guys, I mean, look
Speaker 1: at the building that's happening, right. You got the banks,
Speaker 1: the payment companies, the stock exchanges and more all getting involved,
Speaker 1: building with his technology in one fashion or the other.
Speaker 1: So don't let the price blind you, you know, to
Speaker 1: make you feel like, oh it's over for crypto. Isn't
Speaker 1: never coming back? Oh no, the prices are done. Clarityac's
Speaker 1: not passed. No, no, these guys are building. The Claritiac
Speaker 1: will eventually pass. Right. It sucks that it's not moving
Speaker 1: right now because you know politics, But eventually we'll get there.
Speaker 1: But the building, these guys are not stopping that. You
Speaker 1: think they're sitting up worried about the Clariac. Nope, moving ahead.
Speaker 1: Samsung is poised to become a dominant stable coin distributor
Speaker 1: analysts a. So you got tech giants even getting involved
Speaker 1: with stable coins and blockchain tech, so Samsung's recent announcement
Speaker 1: that it is adding stable coin support to eight hundred
Speaker 1: million new smartphones could position the tech giant to become
Speaker 1: a major stable coin distributor. Experts toll coin desk. This
Speaker 1: is not Samsung's first venture into cryptocurrencies. Samsung, the largest
Speaker 1: company in South Korea, has been actively involved in the
Speaker 1: crypto industry for several years, having introduced its Digital ass
Speaker 1: At wallet in twenty nineteen through Knox, a hardware isolated
Speaker 1: vault with fingerprint or pin access. The wallet allows users
Speaker 1: to store and manage crypto including Bitcoin, Ether and tron,
Speaker 1: and supports connecting external hard drive wallets like Ledger, nanos
Speaker 1: and NanoX directly to a Galaxy device. Samsung is now
Speaker 1: arguing that it can make payments easier using a type
Speaker 1: of cryptocurrency with consistent value. Due to its strategic moves,
Speaker 1: Samsung will emerge as a dominant distributor of stable coins
Speaker 1: such as USDC, said Joseph Go, director and head of
Speaker 1: Asia Pacific at crypto investment banking and advisory firm Aretha.
Speaker 1: This is the infrastructure to pipeline and all these things
Speaker 1: being set up for mass adoption. Guys. There are you know,
Speaker 1: millions of possibly billions of users of these Samsung phones right,
Speaker 1: and you can imagine Apple's looking at this and saying, Okay,
Speaker 1: what is our move? So you're going to see stable
Speaker 1: coins and blockchain tech in different tech sectors and different
Speaker 1: parts of the economy and much more. So all these things,
Speaker 1: all roads lead to more adoption, more usage of this technology. Now,
Speaker 1: Robinhood wins UK crypto registration before a new regulatory regime
Speaker 1: kicks off. So I've had quite a few folks from
Speaker 1: Robinhood on even lad Tenev, I've interviewed him, and I
Speaker 1: recently interviewed they head of crypto at Robinhood, and that
Speaker 1: interview should be published either later this week or next week.
Speaker 1: And they've been doing a lot with Robinhood, chain and
Speaker 1: much more, and they continue to expand globally getting their licenses.
Speaker 1: So it's an arms race, guys, and everybody's trying to
Speaker 1: get as much market share as possible, get their licenses
Speaker 1: set up shop because eventually, like I said, these regulations
Speaker 1: are going to be passed and the infrastructure is going
Speaker 1: to be set up, and this asset class is just
Speaker 1: going to continue to grow. And mature, and it's what
Speaker 1: we've been talking about for years. Blockchain rails are going
Speaker 1: to power to capital markets, the economies and government. So
Speaker 1: they were able to register here in the UK, and
Speaker 1: I'm sure they're looking at other urisdictions and markets as well.
Speaker 1: All right, final news item, micro Strategy. They continue to
Speaker 1: sell bitcoin. So Michael Saylor going back against all the
Speaker 1: things he said for years, and in fact he had
Speaker 1: to put out a tweet saying, when I say I'd
Speaker 1: never sell your bitcoin, I speak as one savor to another.
Speaker 1: I have never sold mine, not one. Satoshi Strategy is
Speaker 1: a public company, not my wall. Since twenty twenty, it
Speaker 1: has disclosed it may buy or sell bitcoin to manage
Speaker 1: capital or shared conviction, and bitcoin remains unchained. So he's
Speaker 1: getting trolled and rightfully called out because this is certainly
Speaker 1: bs For years, demand said Strategy would not sell, right,
Speaker 1: so he lied. And I don't have a problem with
Speaker 1: them selling. I mean there's all the people selling right now.
Speaker 1: The point is is the lying right. We can't trust
Speaker 1: this person and he's the face of bitcoin. I don't
Speaker 1: know why bitcoiners made this man the face of bitcoin.
Speaker 1: It's pathetic, it's completely contrary to Satoshi's vision. Satoshi who
Speaker 1: whoever she they are, disappeared anonymous. Right now, these bitcoiners
Speaker 1: looking for some messiah, propped up Michael Saylor as a god,
Speaker 1: and now he's dumping on them right again. Not necessarily
Speaker 1: an issue, just he lied and telling people don't sell,
Speaker 1: strategy will never sell, putting out ai slop over the
Speaker 1: years on X and much more. I've done videos on it.
Speaker 1: But it's pathetic and he's getting destroyed on social media rightfully.
Speaker 1: So because he just lied, he should have came out
Speaker 1: and said, look in the first place, just be upfront. Hey,
Speaker 1: I personally am not sold. I know I've said the
Speaker 1: company would not sell, but due to XX reasons and
Speaker 1: so forth, we have to. But instead he kept lying.
Speaker 1: I never said the company wouldn't sell. And it's like, bro,
Speaker 1: we have the Internet, we have videos, it's all online,
Speaker 1: you idiot. So if he was upfront and honest, I
Speaker 1: think even myself I wouldn't be like, Okay, you know what,
Speaker 1: did he have to pivot? But at least he's being honest.
Speaker 1: But he kept lying, and I think people don't like that, right,
Speaker 1: we don't, especially when they prop this guy up as
Speaker 1: the savior. Of bitcoin or whatever it is is pathetic anyway,
Speaker 1: I digress. That's the news, folks. Let me know what
Speaker 1: you think. Leave your thoughts and comments below. I know
Speaker 1: the Claritiac news is a bummer, but let's see they're
Speaker 1: able to get anything done. If not, we'll have to
Speaker 1: see what the insiders at Washington DC say, and I'll
Speaker 1: bring them on the podcast because could they pull off
Speaker 1: a miracle before the midterm elections, you know, come September maybe,
Speaker 1: but right now not looking too good. But we'll have
Speaker 1: to wait and see. So let me know what you
Speaker 1: guys think. Leave your thoughts and comments below. Hit the
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Speaker 1: to know about crypto folks. Thank you so much for
Speaker 1: tuning in. I appreciate you all, and I'll talk to
Speaker 1: you all later. H