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Speaker 1: Hey, folks, welcome into the Thinking Crypto podcast. You're home

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for cryptocurrency news and interviews. I'm your host, Tony Edward.

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On your way in. Please let that subscribe button as

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well as the thumbs up button and leave a comment below.

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If you're listening on a podcast platform such as Spotify

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or Apple, please be sure to follow and leave a

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five star rating. All right, folks, we got to start

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with the Claritiac because time is running out, but we

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continue to see more folks are endorsing this bill. Here

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today we had the former CEO of UK's second largest bank,

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which is Barclay's. He called on all of Wall Street

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to support the Claritiac. He says, I think we are

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very close to passing it. We are working towards a

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successful Claritiac, and he talked about how the bill would

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unlock innovation, which would be very very good. So majority

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of Wall Streets on board is just Jamie Diamond and

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some of these banks, you know, the smaller ones, the

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credit unions and community banks are the only ones that

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are fighting it with regards to stable coin yield. But

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mken about it. They all want even Jamie Diamond and JB.

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Morgan for the bill to pass where they get that

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legislative clarity and they can start building more. They are

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already piloting and testing the waters a bit, but they

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can't go full production and you know, pushing it out

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to the masses yet because they need that regulatory clarity.

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The only thing, as we've talked about, is the stable coin, Yeald,

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which they're trying to get it more on, even though

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they did get a compromise in the Senate Banking Committee.

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But I don't think that's going to be a major issue.

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I actually interviewed Cody Carbone of the Digital Chamber today.

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I'll be publishing that interview tomorrow morning. We talked about it.

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He doesn't anticipate that the banks are going to get

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more and that they're going to be able to put

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up any more roadblocks because they already got a compromise. However,

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the ethics issue is the big one, and Elizabeth Warren

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is on the attack. I mean she's putting out a

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lot of propaganda her and her cronies. Here, Anthony Scaramucci said,

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the following Senator and Gego have worked out a very

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strong bipartisan ethics provision. If the President of the United

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States ultimately signs off, which I think you will. Who

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will stand in the way of clarity. If the Democrats

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or the gops who are in the pocket of the

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bank lobby stand in the way, they will regret it.

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In November. Now I've been talking about this, Crypto is

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ready to deploy the war chest. So if it's Democrats

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or Republicans who stand in the way, they're going to

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feel it in the elections. And remember what happened in

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twenty twenty four. Now, I know it's a little bit

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different because people are not just voting towards Crypto, They're

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voting for the economy and much more everything that's going on.

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But still this money is going to be used in

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many different ways, and it did not work well for

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the folks who are anti Crypto, especially the Democrats, back

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in twenty twenty four. But if they want to follow

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Elizabeth Warren off the cliff again, just like they did

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in twenty twenty four, go ahead. They're going to get

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their butts handed to them come the elections once again.

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So you know, as Anthony Scaramucci highlighted here, that updated

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draft is sitting in the White House. So President Trump

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and his administration are reviewing it, and our hope is

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that he can sign off on it and the compromise,

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and come Monday they can say, hey, this bill is

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ready to go. It can get voted on next week. Now.

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In my interview with Cody Carbone today, he did say,

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we don't have enough time for this to go to

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the House. So even if we get it out of

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the Senate, folks, that will be a major win. So

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there are quite a few hurdles within the Senate, so

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hopefully they can fast track it. But if we get

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the major votes in the Senate, that will be very good.

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And he said potentially the House can vote on it

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in September when they come back and get it done quickly.

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And I don't anticipate the House is going to be

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a big deal because remember they passed the version of

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this in the House last year, right with over ten

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Democrats supporting it. So time is of the s here,

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and let's hope the Senate can make some progress next week.

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Let's hope the President signs off on this ethics compromise

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and we can get it done. Because Warren and many

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of her cronies are fighting really, really hard, and I

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love that Senator Cynthia Lummis is taking the gloves off.

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She started calling out Elizabeth Warren on X. Here's what

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she nicknamed her, Big Bank Beth and Tiger. She says,

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Big Bank Beth hates President Trump so much that she'd

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rather have no rules of the road for the digital

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acid industry, leaving consumers vulnerable and law enforcement empty handed,

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then take the win for consumers. So this is the

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same strategy they use when she was in power under

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Biden with Gary Ginster, no rules, no guidance, just let

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it all burn, right, crash and burn. That's why you

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had FTX happen, Celsius and much more if the SEC

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was actually putting ford guidance working with the other agencies. Remember,

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Against was always saying, oh, the rules are already there,

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read already to do anything and blah blah blah. Right,

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but he could have done it, but he didn't want to.

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He was under Elizabeth Warren's marching orders. So same thing,

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Warren's don't let this happen. Let's let the industry continue

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to crash and burn, right. And then she's trying to say, oh,

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Trump is going to profit off of it, which is

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ridiculous because You're putting legislation in place to protect consumers,

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and it includes ethics to stop any sitting president or

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elected official from doing these things. So Elizabeth Warren is

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such a hypocrite. And actually Lummis calls it out. She says,

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let's get the facts straight here. Number one, she claims,

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talking about Elizabeth Warren, the blind trust is a shell game.

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It's not by law, and she names the law a

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trustee is barred from disclosing trust holdings back to the official.

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That's not a loophole, it's literally what makes a blind

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trust blind. Read the law for yourself. Below. Number two,

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she claims the Trump meme coin proves that president could

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create new coins, but the Trump main coin was launched

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when President Trump was a private citizen. The ethics ban

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applies to conduct while serving. You can't retroactively ban something

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that happened before the law or the presidency existed. That's

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how the law in the Soviet Union work, not America.

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So again, the glove's coming off here. She's really calling

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out Elizabeth Warren. Number three, she acts like Trump's adult

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children running roy Liberty Financial is some unpresidented dodge. It's

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not federal ethics law has never imputed financial interests from

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adult independent children, only spouse's and minor children. That's not

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new to this bill. It's how conflict of interest law

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was worked for decades. The facts speak for themselves, don't

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fall for Lizz's lies. So, yeah, we've been talking about it.

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Elizabeth Warren completely lying, trying to make it all about Trump,

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when in fact the legislation would help curb any of

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that concerns that she has. But she's just lying, right,

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because it's just a political attack and trying to sway

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people for the midterms. Now. A Lummis also went on

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CNBC and called out the banks. She says, JP Morgan

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and the big banks are trying to kill the Claritiac

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because they simply cannot compete. Here's a quote. They view

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it as competition that will hurt their ability to sustain deposits.

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I disagree. They should embrace digital assets. Bitcoin will be

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the financial system of the future and a new financial landscape.

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They are about to go extinct. Wow. Now again, I

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mentioned earlier there was already a compromise on the stable

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coin yield that was done in the Senate Banking Committee,

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which was partially broken by a Democrat Senator Angela also Brooks.

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So the banks are just full of it, right. They

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just they got a cookie and now they're asking for

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a glass of milk. They just want to keep pestering

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and trying to get as much as they can because

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they want to keep those big bonuses. They don't want

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to compete. Now, if you remember, I believe about a

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couple months ago, I reported that the National Sheriffs Association

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they were really coming out against the CLARITIAC, and they

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were the only law enforcement agency to do that, because

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since then we've seen about five to six others, such

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as the Federal Law Enforcement Officers Association, the Fraternal Order

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of the Police, and many others. Right just yesterday we

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talked about the Major Cities Chiefs Association all endorsing the CLARITIAC. Well,

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the major county sheriffs recently had went neutral. They said, okay,

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we're not against it. We believe we can work something

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out here. Now they're completely you know, doing a one

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to eighty thing. No, we don't endorse it. This is

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a threat to public safety, all kinds of nonsense. So

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from the beginning, I said, somebody's pulling the strings here.

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There's some connection to either Elizabeth Warren or the banks,

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which one could argue is the same thing, because Elizabeth

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Warren works for the banks. So somebody's pulling the string

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here for them to come out and say that, because

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that's such an asinine statement when the industry is not

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regulated at all, and you're trying to say this is

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not a good bill, and it's like, wait, would you

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have rather nothing or something? So these guys are not

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making sense. But again, a lot of the public they

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don't know these things, right. I don't expect the average

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Joe and Jane walking down the street to know this,

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but they may catch a headline, a tweet, you know

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something that Elizabeth Warren says on video which is a

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flat out line, But they wouldn't know better, right, So

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that's the game here. So Patrick Wit, executive director of

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Crypto at the White House, says, it's not clear why

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the National Sheriffs Association is so radically out of step

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with the broader law enforcement community. So this is very,

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very weird. Again, you have the majority of these law

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enforcement agencies saying, yeah, let's get this done right, and

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no bill is perfect, but you got to start somewhere,

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and you can iterate and add things over time. So

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someone is pulling the strings there. This smells fishy. And

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again they had went from again to neutral. Now they

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went back to against. So again the timing with what

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Elizabeth Warren is doing and much more. You know, it

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kind of makes sense, all right, folks. Moving ahead, Circle,

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the issuer of the US d C stable coin, has

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been officially granted a trust charter by the New York

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Department of Financial Services. So huge win for them, So

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lets them offer a fiduciary and custody services under New

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York banking law. Big win for Circle as the largest

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US the stable coin issuer in the United States. We

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know Tether is the largest stable coin company in the world,

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but Circle is the largest here in the United States.

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Obviously they're public now and they continue to expand and

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do some incredible things. So this is again why Jamie

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Diamond is shaken in his boots, because he's going to

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lose market share because these native crypto firms are getting

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bank charters and licenses. And of course Jamie doesn't want

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to compete, want to keep He wants to keep those

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big bonuses right and give you the Breadcromb zero point

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zero one percent interest while they pocket the majority of

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the interest they earn parking your funds at the FED.

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So huge news here for Circle folks. Quick word from

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our sponsor.

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Speaker 2: This episode is brought to you by Fortax. Guys, Let's

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be honest. The crypto market has been moving sideways.

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Speaker 1: For a while now.

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Speaker 2: A lot of people are just sitting on their coins

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waiting for the next big move. But while you're waiting,

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00:11:26,039 --> 00:11:29,919
your crypto is just sitting in your wallet doing absolutely nothing.

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That's why I want to mention one of my longtime partners, Fortax.

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Instead of just letting your assets sit idle, you can

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put supported cryptocurrencies into fortestx liquidity pools and earn daily

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rewards while still keeping the flexibility to withdraw whenever you want.

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One of the reasons I've continued working with them is

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because they keep delivering. The team is public, they've successfully

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completed Cyberscope team verification, KYC, past independent security audits, and

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the platform has been building consistently for years. They focus

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on long term growth, transparency and security rather than hype.

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In a market like this, it makes far more sense

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to have your crypto working for you instead of letting

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it sit idle in your wallet. I've worked with fortest

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x for a long time and if you're planning to

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hold your crypto anyway, I genuinely think it's one of

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the smartest ways to put those assets to work. And folks,

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I know security is very important to all of us

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as we hold our crypto assets and they are fully

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audited by certic and they are sec registered and much

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more so, you got to check out fortax. Go to

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fordesx dot fi slash x slash thinking crypto link will

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00:12:39,480 --> 00:12:40,480
be in the description.

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Speaker 1: All right, guys, some not so good news I have

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to report, and this one really sucks because it's a

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hack of self custody. So I don't know how many

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of you who watch or listen to this podcast use

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cold Card. I've personally never heard of them. Honestly, I've

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used Treasure, I've used a l as far as hardware wallets,

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I currently use Treasure, and I really feel bad for

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the people who got their money stolen. So are apparently

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forty million dollars worth of bitcoin was stolen after five

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hundred cold card hardware wallets were hacked. So this is

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not good. And the folks at Galaxy Research are saying

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it could grow up to seventy million dollars. So it

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was specifically around bitcoin. The firm said nearly twelve hundred

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addresses were drained of more than one thousand bitcoin worth

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seventy million dollars in transaction. It linked to a vulnerability

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affecting cold card hardware wallets, so guys be careful out there. Again,

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I've never heard of cold card, and maybe I missed

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it somehow, but I know the larger hardware wallet companies

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were Ledger and Treasure, which you know, are big companies,

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well known, have more resources, larger teams, and they do

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you know, ongoing security updates. And look, I can't say

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that any hardware device is one hundred percent full proof,

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but at least you want to go with companies that

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are well known. Again, they have public disclosure, public accountability

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and all these things. But this really sucks. And look,

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I can imagine the trad five folks. They're going to

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come out and say, come with us, come via our

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et apps and our products. We have the proper custodians,

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we have the proper security, we have insurance, and you know,

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I've often stated that the majority of the mainstream people

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will go that direction because seed phrase management and these

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things are very difficult for them. It's it's very intimidating. Now,

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crypto obviously gives the ability for you to be your

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own bank and to own your private keys, and I

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personally do that. But I would count myself as someone

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who's tech savvy, who has gone through the ups and downs,

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who is living in breathing technology and cryptos. So I'm

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up to date with all the things like a potentially happen,

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and I know how to move my funds, and I

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have multiple layers of securities and these things. While you

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know an average person who's like, Okay, I'm gonna use

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this hardware wallop, put my stuff away, put my keys

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here and there, and they may you know, leave it

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and forget about it and then all of a sudden

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their funds are gone. You know, you know, that could

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be really bad. But this is where we're kind of

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in the dial up phase of DeFi and self custody.

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We have to get to that broadband phase and where

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the user experience is more easier, and maybe AI can

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be leveraged to help monitor all these things and to

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add an extra security layer. You know, there's been talks

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of different crypto companies doing vaults, splitting up the private keys,

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so even if one key is compromising, they can't the

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hacker can't move the funds without the other two. I

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think that's probably a model that's gonna work better over

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time versus you individually controlling the private keys. I don't know. Again,

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I control my private keys one hundred percent and that

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has worked for me. And again I use Treasure, I've

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used Ledger, large companies who have been doing this for

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a long time. So just be careful out there, folks,

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especially with a smaller firm, a smaller wallet firm. I'm

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not trying to say that they can't be good and

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it's not possibility for them to protect your funds. It's

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just they may be more at risk because they may

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not have all the resources and then know how and

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things like that. And this really sucks. But I think

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Tradfi is going to come in and use this as

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an opportunity. But with that said, the other firms like

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bit key, Ledger, Treasure, Jade, and other bigcorn hardware wallllets

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reported they were unaffected by this vulnerability. So just something

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you should be aware of, folks. Okay, final news item,

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unit Swap launches Earn with Morpho to let users earn

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yield on idle crypto assets. So this is great. Obviously,

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the sponsor of this podcasts, fortess x, is offering the

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same thing, and I'm a user of fortest x and

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they're SEC regulated and they're audited as well. So Uniswap,

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00:17:09,400 --> 00:17:12,599
which is a decentralized exchange, has teamed up with Morpho

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to launch Earn, a new lending product that lets users

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earn yield on idle crypto assets directly within the uniswap app.

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The product uses three Gauntlet curated Morpho vaults and allows

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users to deposit and withdraw instantly while keeping full custody

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of their assets uniswap set. So this is really great

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and the ability to put your assets to work and

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earn yield is huge. That is one of the strategies

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I use in the bear market. So I'll take my

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proof of steak tokens, of course, lock more of them

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up to earn the passive yel eat Solana or others

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as well. And then there's some stable coin yield programs

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that I'll you know, put more money towards, and you know,

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while the prices of the assets themselves are going down

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in a bear market, not excluding staple coins. Of course,

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you know, you can still earn those passive rewards and

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grow that your portfolio holdings around those assets. You can

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even cash it out if you want. I personally don't

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cash it out. I just let us sit there because

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I'm you know, looking to make as much as I

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can in the next bull market. So these are things

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you want to explore. Obviously, do your research. Obviously, make

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sure it's a trusted platform. You know, for example, I

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do use some exchanges for the staple coin yield stuff

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like coin base and uphold, and those are obviously very

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well known. They have insurance and all these things in place.

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So you want to do your research, you know, before

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you lock up your tokens. And maybe you just put

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some of your tokens, not all. So let's say you

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want to stake some eth right. You may have some

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eth in long term, and you keep that in a

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hardware walling and you put a little bit on the exchanges,

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lock it up for staking. So that's earning, and if

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anything ever happens, you're not losing all your eth right,

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just just as an example, So something to think about, folks,

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that's the news. Let me know what you think. Leave

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00:19:02,799 --> 00:19:05,279
your thoughts and comments below, hit the thumbsup button subscribe

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00:19:05,319 --> 00:19:08,599
if you haven't as yet. Once again, tomorrow morning, I'll

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be publishing my interview with Cody Carbone, the latest Clarityact

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00:19:12,480 --> 00:19:15,119
timeline that guys you need to know about. I think

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00:19:15,160 --> 00:19:17,559
you really want to watch it because it's a realistic

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00:19:17,640 --> 00:19:20,839
timeline and it's actually probably gonna be a little bit

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00:19:20,880 --> 00:19:24,319
disappointing for some of you, but overall, it's not the

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end of the world. It's still things that are gonna

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00:19:27,200 --> 00:19:30,680
happen in twenty twenty six, but time is running out.

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00:19:30,680 --> 00:19:31,960
But anyway, you guys are going to get all the

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details tomorrow, so make sure you're subscribing. A notification bell

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turned on. Be sure to subscribe to my free email newsletter.

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It's on Substack. Check out my book on Amazon. It's

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available in paperback in digital. Grab a copy. And if

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00:19:44,039 --> 00:19:46,319
you want to expand your knowledge around crypto, check out

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00:19:46,319 --> 00:19:49,960
my course at mycryptocurse dot com. All the links will

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00:19:49,960 --> 00:19:52,079
be in the description. Folks, thank you so much for

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tuning in. I appreciate you all, and I'll talk to

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you all later.