HUGE SHIFT! CFTC'S NEW CRYPTO REGULATION & OKX EXCHANGE NYSE TOKENIZED STOCKS!

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Hey folks, welcome into the Thinking Crypto Podcast, your 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 hit 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 have a huge
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update coming out from the CFTC. So we've been seeing
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lately the SEC and CFTC have been ramping up their
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crypto rulemaking because the Clariac failed to pass. Now, this
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is really great because you're seeing them move at a
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rapid pace. You're getting a lot of guidance here. It's
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kind of like drinking from the fire hose. So let
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me give you the headline here. U.S. CFTC joins the
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SEC in proposing crypto regulations, though spot market gap lingers.
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The derivative regulator is proposing two rules meant to cover
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the waterfront of crypto activity and exchanges, as long as
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it's not simple direct trading. So what are the two
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guidelines they're providing here? Well, the first is one that
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directly handles transactions and another that governs the firms hosting
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the activity. The latter will establish a new category of
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platforms known as crypto asset markets, CAMS, C-A-M-S. So here's
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what the CFTC put out. Today, the CFTC is doing
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its part to deliver clear rules of the road for
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crypto asset markets with its advanced notice of proposed rulemaking
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on regulation crypto asset transactions. and regulation crypto asset markets,
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CFTC Chairman Mike Selig said in remarks prepared for delivery
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at Fordham Law's annual blockchain regulatory symposium. So the details
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continue saying these rules would codify a pathway for crypto
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asset exchanges to operate under uniform national oversight by the
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CFTC pursuant to the same statutory authorities that the prior
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administration instead utilized to regulate by enforcement. So this is
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all great, guys. And they're putting the guardrails in place
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to protect consumers because even Cher Seelig, he put out
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a video and he put out some details, you know,
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highlighting what happened with FTX, with Sam Bankman Freed, and
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that these regulations, which would, if they were in place
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at that time, could have helped prevented FTX. So this
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is all good. They are fostering innovation and they're protecting consumers.
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And I think we can all get behind that. This
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is really, really great. And it's awesome to see the
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agencies just moving at a very fast pace and providing
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the guidance that's needed. Now, we just talked about the
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Clarity Act not passing, but is there still a chance?
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You know, I've been saying that potentially after the midterm elections,
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once the whole political arena and ballgame's out of the way,
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we could go back to the table and we could potentially,
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now it's not guaranteed, but potentially get something passed. And here,
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Patrick McHenry, who is a former House Financial Services Committee chairman,
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many of you may recall when he grilled Gary Gensler,
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many times at those hearings, right? Those famous back and forths.
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When he was like straight up asking Gary Gensler, is
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Ethereum a security? And Gary Gensler is like, oh, like
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he can't answer. But we know it was all a
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sham what Gary was putting on because he was trying
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to protect the incumbents. But Patrick McHenry said in a
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recent interview that there's a path for the Clarity Act
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to pass post midterm lame duck. He says when the
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political cycle will have passed. He says they can have
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a final dish here in the midterm. So we shall see. Now,
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am I banking on this? No. And honestly, I don't
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think a lot of people are really like, OK, we
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absolutely need to get the bill passed immediately because the
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regulatory agencies are providing the guidance. So it could be
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that they do get it passed. And that would be incredible,
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especially if the markets are in a great spot, you know, rallying,
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the rally is continuing. It could be like pouring gasoline
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on a fire. But, you know, we'll have to wait
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and see. There's no guarantee that these things happen. But
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there is a probability of this happening after the midterm elections. Now,
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we have some very good news coming out of the U.S. Treasury.
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So the U.S. Treasury withdraws two major crypto surveillance proposals
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scrapping 2020 rules that would have imposed identity checks on
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self-custodial wallet transactions and 2023's rules targeting crypto mixers. This
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is awesome. This is the draconian anti-crypto stuff that was
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put into place by who? Elizabeth Warren and her cronies. Remember,
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we talked about this over the years that Elizabeth Warren
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leading her anti-crypto army. She had a lot of her
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people like how Gary Gensler was situated in the SEC.
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She had them at the Treasury and the Fed and
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so forth. So that whole anti-crypto army got destroyed and
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we know the end result, right? But now they're rolling
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back these draconian rules. So this is very, very good, guys.
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We are on the path to having crypto be fully
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regulated and regulated properly, not unfairly, and obviously protecting consumers
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and fostering innovation, as mentioned before. So this is very,
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very good. Now, we're not the only ones looking to
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do this. Across the globe, we're seeing a lot of
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different countries are implementing crypto regulations and rules. Here we
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have an update that Russia officially opens applications to register
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crypto exchanges. So if you recall, they just but I
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think last month passed their crypto legislation and they're starting
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to get, you know, their rules and applications and all
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these things in place. So the ball is rolling here, guys,
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and it's happening across the globe. So this is why
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I'm so bullish on this asset class. We're so early.
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And remember, a lot of the traditional assets are going
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on chain. And here's a great example of that. A
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joint venture of OKEx Exchange and the New York Stock
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Exchange parent company, ICE, files for 24-7, Tokenized U.S. stock trading.
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Guys are going to put all the stocks, the ETFs,
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the money market funds. They're going to put gold on chain.
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They're going to put oil on chain. All the assets
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are going on chain. Now, will that happen overnight? Of
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course not. It's going to be a process. It's going
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to take years. And, you know, you could look at
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maybe 2030 as a major milestone where maybe they can
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get 20% of assets on chain, right? Real estate will
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be going on chain as well. So OKEx exchange is
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one of the largest exchanges in the world. You know,
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as far as volume, they're right behind Binance. They're mainly
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in the Asian markets. And it's incredible that they formed
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this partnership with the New York Stock Exchange. And we
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know both the NASDAQ, the New York Stock Exchange and
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other stock exchanges around the globe are looking to tokenize
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assets and go 24-7. This is all because of crypto.
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And the only reason they're able to do it is
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because of blockchain technology. So let me give you the details.
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OKEx Ice, a joint venture between crypto exchange OKEx and
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New York Stock Exchange parent company Intercontinental Exchange, ICE for short,
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has notified the US SEC that it plans to launch
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a tokenized stock trading venue. Former New York Governor Andrew Cuomo,
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the venture's co-chair, announced the move on X. The venture
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will start with more than 60 companies listed on the
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New York Stock Exchange. So here's what Cuomo told Coindesk.
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Tokenization is gathering real momentum and we're beginning to see
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what happens when the infrastructure of traditional markets meets blockchain technology.
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OKEx and ICE brings together deep expertise from both sides
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of that equation. The opportunity is to build on this
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first step and show how 24-7 on-chain markets can make
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trading and settlement more efficient, accessible, and global. Now, guys,
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You have these TradFi institutions looking to do this, but
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look who they're partnering with. They're partnering with crypto companies.
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And we've been talking about this theme, right? The convergence
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of TradFi and crypto. I hope you see what's happening. Now,
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we don't have all the details of how they're going
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to execute everything, but I think, you know, what we've
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seen with BlackRock and the other platforms that have tokenized stocks,
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you know, they're going to use multiple blockchains. It's going
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to be public blockchains. So this is where you want
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to look at which blockchains are being used and you
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want to take your bets accordingly. Obviously, you need to
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do your research. This is not financial advice, right? But
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this is how I'm looking at it, which blockchains are
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being adopted by these big institutions across the globe. And
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I'm making sure I have those in my portfolio. And
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I'm not just buying when they're pumping or when we
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are at all time highs. I'm buying when there's blood
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on the streets, as they would say, when people are
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fearful and there's major corrections, I'm dollar cost averaging in
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and being patient. So that's my approach. Now, here's another
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great example of what I'm talking about. Kraken exchange operator
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Payward and Singapore Gulf Bank partner for a 24-7 institutional
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crypto settlement. So, again, the convergence of TradFi and crypto
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and these TradFi institutions are not playing around, man. They're
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not doing this for fun, guys. This is where the
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puck is heading. You know, we've talked a lot about it.
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The IMF is on board, the BIS, the world governments.
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I believe these things are all discussed at Davos and
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everybody is on the same page and they know what
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the game plan is here because it's not just a U.S.
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thing or a Europe thing. It's happening across the globe.
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So the two firms will initially roll out the digital
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asset settlement service to select institutional clients in Asia and
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the Gulf region with around-the-clock US dollar settlement. Again, they
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couldn't do this before without blockchain technology. Now they can.
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So Mark Greenberg, Payward's chief commercial officer, explained that the
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deal targets a fundamental issue affecting crypto markets. While assets
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trade all weekend and around the clock, the cash that
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funds those trades often remains subject to bank cutoff times
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and multi-day settlement. SGB debt allows clients to deposit funds
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with Payward and use them immediately. Here's a quote. Exchanges,
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payment providers, OTC desks, and fintechs all run the same
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banking constraint. Settlement stops when the business day does while
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their markets do not. Greenberg added. So guys, as you
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can see, they're building the infrastructure for all these stratified
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institutions in the different categories and different facets and moving
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parts and components to go 24-7. And again, like I
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said before, it's going to take time. This is not
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going to happen overnight. But you see the balls rolling here.
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The trains left the station. And there's no stopping it.
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It's clear what the agenda is, what the goal is, guys.
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So this is where we have the opportunity, a significant
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opportunity to be very early, to be able to bet
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on the protocols by holding the native tokens of the
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respective blockchains being used. But also, you know, as these
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assets become tokenized, you know, we as early adopters who
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understand what's happening and can potentially take our tokenized stocks
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or tokenized Tesla, Apple, whatever stocks you hold, and then
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put them to work in DeFi. That is something I'm
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currently looking to explore. And I will, of course, share
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my learnings. Is it safe? Obviously, we're going to go
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with the trusted institutions. And what type of yield are
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you getting? What type of lockup and terms? I will
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share all these things with you. So I'm certainly looking
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forward to this to make more from my assets. You know,
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in my stock portfolio, I hold Tesla. I hold PayPal
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as well. I hold Circle stock as well. And, you know,
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if I can get the tokenized version of those and
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put them to work to earn more, that's my game
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here and my goal, right? Many of you know that
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I'm here to make money. You know, I'm certainly going
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to do that. Now, folks, quick word from our sponsor.
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Stripe to expand stablecoin cards to over 100 countries by
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the end of the year. So stablecoins are fully regulated
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in the United States. The Genius Act is law. even
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though the banks have been trying to undo the stablecoin yield,
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the fact of the matter is stablecoins are being adopted
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at a rapid pace by credit card companies and payment
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companies across the globe, even banks themselves. So the payments
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giant is planning a major global expansion for its stablecoin
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cards business and exploring tokenized deposits and DeFi use cases,
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new crypto head Henry Stern said. So multiple things there, guys. Obviously,
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they're going to push US dollar stable coins across the globe.
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And stable coins are going to power a lot of
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the payments and the cards and all that, right? But
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notice they said tokenized deposits. This is what the banks
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are building. This is like a wholesale thing. Tokenized deposits
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are being built by Citi, JP Morgan, and others. And
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those tokenized deposits are mainly going to run between the banks.
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DeFi use cases. So again, putting your tokenized assets to
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work in DeFi is So I love what I'm seeing here, guys.
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The biggest of the biggest institutions are building incredible infrastructure
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and being innovative here. So this is really, really great.
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Moving ahead, an XRP treasury SPAC surges nearly 300% ahead
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of Evernorth merger. So many of you know, Evernorth is
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an XRP treasury company. They're about to be listed on
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the NASDAQ via a SPAC, a special acquisition corporation. So
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Armada Acquisition Corp. 2 rose about 270% last week, leaving
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the thinly traded shell at nearly four times its roughly $ 10. 50
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trust value before merging with Evernorth, an XRP treasury company.
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So this is really great. We've seen the benefits that
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digital asset treasury companies have been or have the benefits
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they provided to the assets they hold, like MicroStrategy with Bitcoin.
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You've got MetaPlanet in Japan. You've got Strive and many others, right?
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And then you have Bitmine, Tom Lee's Bitmine, buying insane
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amounts of Ethereum, right? Well, you're going to have this company,
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which is going to be publicly listed on the NASDAQ,
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buying tons of XRP. So this is certainly going to
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add benefit, and they're going to help to develop the ecosystem. Now,
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heads up, I've been invited to... them, the Evernote folks
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ringing the closing bell of the NASDAQ next week. So
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I'll be there. I'll try to get you guys some
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footage and some quick takes. So stay tuned for that.
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And I'll see if I can maybe live stream. I
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don't know if I can, but you know, at least
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do some videos and Some quick hits for you guys.
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All right, moving ahead. Modern Treasury, that's the name of
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the company, seeks U.S. trust bank charter for digital asset custody.
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The payments infrastructure company is seeking federal approval to offer
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stable coin custody and related fiat services through a limited
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purpose national trust bank. So lots of companies becoming these
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neobanks and getting involved with crypto, stable coins, and much more.
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So obviously they filed with the OCC, the office of
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the comptroller of the currency. And it's incredible what's happening
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and exciting. You've got Circle that got a trust charter, Ripple,
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and there's others too. It's a more level playing field.
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And you know, Jamie Dimon and the banksters don't like this, right?
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And here's an example. A bunch of them are looking
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to sue the OCCs. So we have some crypto advocacy
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groups are pushing back on the bank's lawsuit against the
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OCC over charter. So the banks, as the incumbents, fighting
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tooth and nail. You know, how dare you bank outside
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of us, right? But hey, maybe if you guys were,
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you know, doing right by the customers, giving them a
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fair interest and yield, and you guys were pocketing all
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the big bonuses and you're getting bailed out by the U.S.
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taxpayers and much more, people wouldn't go the other direction.
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They would stay with you, but they screwed the customers over. Anyway,
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you guys know how we talked a lot about that.
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So the banks are essentially suing the OCC because of this,
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but you got the Crypto Council for Innovation and others
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are pushing back. So I don't think the banks are
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going to win here, but they're going to do anything
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they can to slow it down. That's the game. That's
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why they lobbied Elizabeth Warren and Gary Gensler And you
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had the big attack against crypto. You had Operation Chokepoint 2.0
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and much more. They were trying to slow it all
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down because they were getting disrupted. And all of a sudden, look,
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a whole bunch of them now are using blockchain tech,
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launching stable coins, tokenizing, launching crypto custody. So clearly they
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were trying to catch up. Right. It's clear as day
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what the agenda is. And they were pulling the political strings, right?
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Elizabeth Warren being the biggest puppet they had. And again,
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they weaponized the SEC under Gary Gensler. And we know
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how crazy that was and all the lawsuits and the
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Wells notices. But thank goodness that is behind us and
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we are in a new day. But crypto's winning, guys,
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you know, is the saying. First, they ignore you. Then
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they laugh at you. Then they fight you. And then
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you win. And I think we are certainly in that
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then you win phase. Is there still a little bit
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of lingering then they fight you? Yes. You know, they're
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going to sue. They're going to, you know, still pull
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the political strings. But clearly, clearly, they're losing that momentum.
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Crypto is getting a lot of adoption. Crypto is growing. And,
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you know, the ones that the non banks like your
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Black Rocks and others are moving at a very fast
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pace because they're asset managers. They don't care about all
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the stuff. They're like, hey, we want to offer the assets.
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We want to custody. We want to tokenize and much more.
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So it's not all of Wall Street, but it's definitely
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the big banks. They have the most to lose. And
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instead of, like I said, doing right by the customers,
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they've screwed the customers. And now they're trying to cause
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a lot of ruckus here and pull the political strings.
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But crypto is winning. And that's what's important. All right, guys,
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that's the news. Let me know what you think. Leave
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your thoughts and comments below. Hit the thumbs up button.
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is 100% free. Check out my book on Amazon. It's
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available in paperback and digital. And guys, check out my
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course at mycryptocourse.com. This is a comprehensive course that teaches
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you everything you need to know about crypto and blockchain tech.
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Knowledge is power, so check it out. Guys, thank you
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so much for tuning in. I appreciate you all, and
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I'll talk to you all later.