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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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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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For a while now.
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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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00:12:17.799 --> 00:12:21.159
hold your crypto anyway, I genuinely think it's one of
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00:12:21.159 --> 00:12:24.399
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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be in the description.
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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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00:16:21.799 --> 00:16:25.200
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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00:17:28.720 --> 00:17:32.160
of their assets uniswap set. So this is really great
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00:17:32.319 --> 00:17:35.519
and the ability to put your assets to work and
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00:17:35.559 --> 00:17:38.279
earn yield is huge. That is one of the strategies
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00:17:38.319 --> 00:17:40.960
I use in the bear market. So I'll take my
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00:17:41.039 --> 00:17:44.000
proof of steak tokens, of course, lock more of them
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00:17:44.079 --> 00:17:47.319
up to earn the passive yel eat Solana or others
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00:17:47.359 --> 00:17:51.839
as well. And then there's some stable coin yield programs
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00:17:51.839 --> 00:17:54.960
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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00:17:58.440 --> 00:18:01.559
in a bear market, not excluding staple coins. Of course,
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00:18:02.440 --> 00:18:04.440
you know, you can still earn those passive rewards and
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00:18:04.519 --> 00:18:08.519
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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00:18:10.640 --> 00:18:13.240
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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00:19:08.640 --> 00:19:12.480
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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00:19:24.440 --> 00:19:27.200
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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00:19:31.960 --> 00:19:34.839
details tomorrow, so make sure you're subscribing. A notification bell
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00:19:34.839 --> 00:19:38.039
turned on. Be sure to subscribe to my free email newsletter.
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00:19:38.079 --> 00:19:41.039
It's on Substack. Check out my book on Amazon. It's
356
00:19:41.039 --> 00:19:44.000
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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00:19:52.119 --> 00:19:54.680
tuning in. I appreciate you all, and I'll talk to
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you all later.
1
00:00:04.519 --> 00:00:07.759
Hey, folks, welcome into the Thinking Crypto podcast. You're home
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00:00:07.839 --> 00:00:11.640
for cryptocurrency news and interviews. I'm your host, Tony Edward.
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00:00:11.800 --> 00:00:14.320
On your way in. Please let that subscribe button as
4
00:00:14.320 --> 00:00:16.719
well as the thumbs up button and leave a comment below.
5
00:00:17.000 --> 00:00:19.600
If you're listening on a podcast platform such as Spotify
6
00:00:19.679 --> 00:00:21.879
or Apple, please be sure to follow and leave a
7
00:00:21.960 --> 00:00:24.320
five star rating. All right, folks, we got to start
8
00:00:24.359 --> 00:00:26.920
with the Claritiac because time is running out, but we
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00:00:27.000 --> 00:00:30.399
continue to see more folks are endorsing this bill. Here
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00:00:30.480 --> 00:00:34.560
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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00:00:42.560 --> 00:00:45.200
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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00:01:58.719 --> 00:02:03.439
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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00:02:22.680 --> 00:02:26.360
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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00:02:44.319 --> 00:02:47.919
many different ways, and it did not work well for
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00:02:48.080 --> 00:02:50.919
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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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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For a while now.
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00:11:20.320 --> 00:11:22.639
A lot of people are just sitting on their coins
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00:11:22.840 --> 00:11:25.759
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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00:11:59.399 --> 00:12:03.399
the platform has been building consistently for years. They focus
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00:12:03.480 --> 00:12:07.039
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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00:12:15.840 --> 00:12:17.759
x for a long time and if you're planning to
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00:12:17.799 --> 00:12:21.159
hold your crypto anyway, I genuinely think it's one of
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00:12:21.159 --> 00:12:24.399
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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00:12:29.039 --> 00:12:32.679
audited by certic and they are sec registered and much
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00:12:32.720 --> 00:12:35.240
more so, you got to check out fortax. Go to
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00:12:35.360 --> 00:12:39.440
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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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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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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your thoughts and comments below, hit the thumbsup button subscribe
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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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timeline that guys you need to know about. I think
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you really want to watch it because it's a realistic
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timeline and it's actually probably gonna be a little bit
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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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happen in twenty twenty six, but time is running out.
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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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you want to expand your knowledge around crypto, check out
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my course at mycryptocurse dot com. All the links will
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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.
