BIG CRYPTO NEWS! CONGRESS SCHEDULES CLARITY ACT HEARING!

[0:04] hey everyone welcome into the thinking crypto podcast your home for cryptocurrency news and [0:10] interviews i'm your host tony edward on your way in please hit that subscribe button as well as the [0:15] thumbs up button and leave a comment below if you're listening on a podcast platform such as [0:19] spotify or apple please be sure to follow and leave a five-star rating okay folks we got a [0:23] big update around the clarity act so the house financial services committee this is the house [0:28] not the senate now so don't want you to get confused but the house has scheduled a hearing [0:33] on july 17th and it's around the clarity act now the bill the clarity act is currently in the senate [0:40] it has to pass the senate then it has to go back to the house and pass through that and then go to [0:46] president trump for signatures so you may ask why does it have to go back to the house because the [0:50] house passed the fit 21 which is a version of clarity act last year it then went to the senate and the [0:56] senate updated the bill so it has to go back to the house to just get their rubber stamp of approval [1:01] i don't anticipate any issues there many of you know i've interviewed the chairman of the house [1:05] financial services committee uh french hill many times and you know he said look that's going to be [1:10] we're going to get it through the house we they already got a version out already right but the [1:14] senate is the big hurdle it's it's very very difficult to get bills through the senate but the fact [1:19] that the house is scheduling this is very very exciting and bullish because they're anticipating that [1:27] the bill is going to make it out of the senate and then go to the house so we got to get this done [1:32] obviously before the august recess because nothing is going to happen later this year with the midterm [1:38] elections but this is a very positive sign obviously we got a lot more to do right but i'll take it man [1:44] any wins that we can get i'll take so here are the details around this hearing digital assets financial [1:51] technology and artificial intelligence subcommittee field hearing entitled building the future of [1:56] finance how the clarity act unlocks innovation is scheduled for 10 a.m eastern on friday july 17th [2:03] 2026 so again we got a lot more to do obviously last week we heard that the senate will be holding a [2:09] lot of emergency meetings around the clarity act this week uh i'm going to be interviewing ron hammond of [2:14] the blockchain association this week so i'll try to get some details for you guys and uh we'll see what [2:20] can they do uh because june's almost over and uh patrick witt white house crypto advisor said he has a [2:26] target date of july 4th you know is it possible that they get it done sure but at this point you [2:31] know there's nothing guaranteed right it may all this may end up going towards the end of july so [2:37] we shall see what happens and uh uh hopefully things move in the right direction and speaking [2:42] of the white house we got a report here from politico that the trump administration is working [2:46] to get bipartisan support for passing the clarity act before august recess so i think patrick witt and [2:52] the team they're talking to a lot of the democrats and republicans trying to get everybody on the same [2:56] page to get this push through now we do have some challenges some roadblocks such as the ethics issues [3:04] here we got a report that the senate democrats urge republicans to hold hearings on trump family crypto [3:10] ties to abu dhabi royalty so obviously we have a bigger ethics issue within congress and all markets [3:17] stock market and much more right a la nancy pelosi and others right it's both democrats and republicans [3:22] this is not a one-sided thing they all you know trade on insider information so we need a larger [3:29] ethics bill but you got elizabeth warren and a lot of democrats who are playing the political game and [3:35] trying to attack trump right um and look i've said it many times i wish trump didn't do all these crypto [3:41] things because he's putting up roadblocks and he's uh doing these things that are overshadowing all the [3:46] great things he did like firing gary genser getting everybody on board with crypto getting helping to get the [3:52] genius act pass you know with all the work to do with clarity people are not seeing that they're [3:56] just focusing on the meme coins and world liberty financial so i wish trump didn't do these things [4:01] and i have said many times i don't believe any elected officials should have a meme coin so uh this [4:06] is where we find ourselves and hopefully you know uh the republicans can find some sort of common ground [4:12] and agreement with the democrats to say hey look let's work on a larger ethics bill not just something [4:19] specific to crypto because that's the bigger fish to fry we gotta you know fix that problem it's not [4:25] just a crypto thing but you know elizabeth warren and some of these democrats are gonna use this [4:30] um you know to their advantage um and let's see hopefully we can get passes not to mention [4:35] jamie diamond and the banks are really still up in arms about the stablecoin stuff we saw jamie was not [4:42] happy in that interview with fox about three weeks ago where he you know said brian armstrong is full [4:48] of shit and much more right so we do have some headwinds here guys but um you know i'm optimistic [4:53] that we can make it uh through and things can keep moving forward now there's also updates here around [4:59] other legislation so senate lawmakers could release crypto tax legislation as early as this fall [5:06] with gop senator steve danes saying a framework is already in place per bloomberg so once the clarity [5:14] act is done they got to get crypto tax legislation done because if you want people to use the technology [5:19] and you know do all types of cool things with it and innovate and all that they need to know their [5:24] tax implications right both retail as well as institutional so that would be the next thing to [5:29] get done but the clarity act is obviously the higher priority so we have to get that done that will [5:35] allow more money to come into the market and for more innovation now folks a great place where you can [5:41] buy the dip and add more to your portfolio is with itrust capital itrust capital allows you to invest [5:47] into crypto as well as precious metals such as gold and silver and they're actually going to be adding [5:52] stock soon so you may say why would i want to invest with itrust capital and an ira well the tax [5:59] benefits when you sell within the ira you don't have to pay long-term or short-term capital gains tax [6:05] so that's a huge tax advantage and if you have a long-term view on these asset classes both crypto as [6:11] well as precious 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do it very well but they've got the [8:03] users right all those millions of users possibly into the billions with all the platforms they have [8:09] that they can port over to any platform that they launch and uh recently it was reported that they were [8:15] testing stable coins for creator payouts and much more so let's see what they come up with obviously [8:19] they've got a lot of money and resources so this is something to pay attention to now prediction [8:24] markets are facing a lot of legal action a lot of states continue to sue the cftc over this so [8:30] kentucky becomes the latest state to sue the cftc over prediction markets many of these lawsuits are [8:36] coming from casinos and online betting platforms and so forth right the competitors the incumbents [8:42] are trying to like stop and slow down prediction markets but you know we've seen this time and time [8:47] again right in different industries so just a natural part of things and i i think they even [8:53] if they're not able to win these lawsuits they're trying to slow down the competition and tie them [8:58] up in litigation right we saw this with the entire crypto market this is what gary genser did that was [9:03] part of his playbook along with elizabeth warren so uh you know prediction markets are facing a lot [9:09] of scrutiny right now but i think they're going to come through because this is the future of markets [9:13] now crypto critic noriel rubini joins tokenization boom with on-chain techno dollar so many of you [9:19] know he's an economist known as dr doom he's been criticizing bitcoin and crypto for years although [9:25] he's kind of slowed down on that because i think he recognizes that this technology is here to stay [9:30] so uh he is now getting involved with tokenization and of course he is because this is the future [9:37] so rubini co-authored a white paper for usa fi a tokenized investment product being developed by [9:45] atlas capital team according to a tuesday announcement usa fi is the tokenized version [9:51] of the atlas america fund an etf overseen by rubini and listed on the nasdaq atlas described the [9:59] token as a blockchain-based security that gives investors exposure to the underlying fund while [10:05] allowing it to move and settle on blockchain rails incredible um it's amazing what's happening here [10:11] uh securitize one of the largest tokenization platforms said in an expose that it was selected [10:17] to provide the tokenization infrastructure for the project calling it rubini's first move into [10:22] blockchain so all the naysayers and the doubters are capitulating bending the knee folks [10:28] right the loudest critics rubini huge critic over the years going on tv uh you know just being a [10:34] clown and we know he was being disingenuous because many of these legacy guys they're tied to legacy [10:40] institutions like your jp morgans and much more so they go out there as you know mouthpieces they're [10:46] probably getting paid right uh to go talk bad about crypto and much more but eventually we you know this [10:54] technology is getting into the then you win phase and you look like an idiot if you continue to do that [11:00] so now he's putting his money and his resources into tokenization so crypto continues to win now [11:08] speaking of tokenization bny sees fomo driving asset managers into tokenized funds so bny melon many of [11:16] you know america's oldest bank the world's largest custodial bank they are all involved in crypto now [11:22] so as tokenization moves from industry experiment to commercial product asset managers are rushing to [11:27] establish a foothold in the market here's a quote we have a number of different projects in flight [11:33] different variants to effectively tokenize etfs ben slavin global head of exchange traded funds [11:40] at bny said in an interview the trend comes as major firms including blackrock franklin templeton and others [11:48] explore ways to place traditional financial products on blockchain rails a process that allows [11:53] funds shares to trade as digital tokens while many tokenized products launch so far have focused on [12:00] money market funds slavin said the interest extends well beyond cash management products here's a quote [12:06] what is interesting about it is i think a lot of clients feel like there is an opportunity there to [12:12] raise assets he said a lot of them really have a fomo effect where they want to get in early folks [12:18] they're all going to get in we see where the puck is heading they're all going to get involved and and [12:23] the biggest names have already started bny blackrock fidelity jp morgan and and much more so uh it's [12:30] just a matter of time for them to build out what they need to do and here's an example chainlink teams [12:35] up with 47 south korean european banks to speed up international money transfers many of you know i'm [12:41] bullish on chainlink i have it in my portfolio and they're being used by tradfi institutions as well [12:47] as crypto native firms so blockchain infrastructure company chainlink said it is joining a group of banks [12:53] that collectively represent over 10 trillion dollars in assets under management to unlock real-time [13:00] stable coinbase cross-border payments for foreign exchange trades within a year the coalition called [13:06] project pangia aims to redefine the global fx markets nikki arisingi from saying that right chain [13:13] links vice president of asia pacific and middle east said in a video interview on tuesday in addition to [13:19] chainlink the group includes quivalis a euro stable coin consortium backed by 37 european banks and unica [13:28] a korean banking alliance representing more than 10 commercial banks the project aims to explore moving [13:35] foreign exchange settlement from traditional 48 hour t plus 2 timeline toward near instant t plus zero [13:43] settlement using regulated euro and south korean won peg stable coins or crypto tokens whose value is tied [13:50] one-to-one to the underlying currency folks look at what's happening and major banks are getting [13:58] involved it is fascinating what's what's being built and the central banks are also on board the governments [14:04] are also on board here's an example the ecb digital euro takes step forward after winning key european [14:11] parliament vote so the european central bank scored a victory after european parliament's influential [14:18] economic and monetary affairs committee voted to approve the legal framework for a digital euro on [14:26] tuesday so the main goal behind the deployment of a central bank digital currency cbdc is not just [14:32] about modernizing payments but to maintain the bloc's autonomy of monetary system ecb chair christine lagarde [14:39] has long argued in favor of a cbdc of course of course to stave off the us dollar peg stable coin [14:46] dominance in tethers usdt and circles usdc folks the token economy is coming and you see the development [14:55] and innovation at multiple levels right central banks governments the private sector it's everybody is in [15:02] the race here and uh europe you know they're really worried about us dollar dominance even though the us [15:09] dollar is still the world's reserve currency uh in the digital format it could really steal more [15:15] market share for around the globe and against other currencies right really weakening them so that's why [15:21] everybody is looking to build their own cbdc or stablecoin now ripple receives preliminary mika [15:27] approval in luxembourg pending final conditions it would allow the company to offer regulated crypto and [15:33] stablecoin services across all 30 eea countries incredible so ripple continues to make uh some big [15:41] big uh moves here across the globe and that's going to benefit obviously the xrp ledger xrp itself and [15:47] their stablecoin rl usd and a company that's closely connected to ripple sbi group it was announced that [15:54] they will issue a regulated yen linked stablecoin as early as next week per the nikai so guys i hope you see [16:01] what's happening here hope you're not distracted by the price the price is down today yes but look [16:06] at all the building that's happening all these things will culminate to higher valuations of the blockchains [16:12] as well as their native tokens you just got to be patient remember markets are cyclical we're not [16:17] going to be in the bear market forever the bottom may be in already or it's very close right we got that [16:22] bullish divergence forming on the weekly chart and much more so be patient dollar cost averaging [16:28] obviously do your own research i'm currently buying the dip i've been telling you guys um and [16:34] even if we got another leg down uh don't doesn't matter to me this is the bottom zone because i don't [16:39] know what the exact bottom is going to be i don't have a crystal ball right no one can call that exactly [16:45] and if they do make a right guess um because they will be guessing um that's fine that no one gets it [16:52] right all the time so i'm buying this bottom zone right now guys and uh preparing for the bull market [16:58] and i think we might see a big rally you know uh come july if things go well with the clarity act [17:04] because usually with significant things like that you're going to have a buy the rumor sell the news [17:09] event so just be prepared for that and keep that in the back of your mind folks that's the news let me [17:14] know what you think leave your thoughts and comments below hit the thumbs up button subscribe if you [17:17] haven't as yet be sure to support the podcast by subscribing to my free email newsletter it is 100 [17:23] free link will be in the description uh grab a copy of my book on amazon it's available in paperback and [17:29] digital and check out my course at mycryptocourse.com this is a comprehensive course that teaches you [17:35] everything you need to know about crypto right now we got a huge sale going on you can get 50 off [17:41] the price of the course by using the code bear b-e-a-r at checkout so go to mycryptocourse.com [17:48] to learn more folks thank you so much for tuning in i appreciate you all and i'll talk to you all later