Today was a huge day for crypto and DC with David Sacks holding the Crypto press Conference. I'll share the major takeaways. I'll share a clip of him talking and what he had to say because it's very bullish. And we got a big update around the SEC. They have launched a Crypto Task Force. They're reducing their enforcement Action legal team, which is really great, and they have launched a full email address for the crypto industry and much more,
and a senator has introduced a stable coin bill. This is big. Let's get into it. Hey, everybody, welcome into the Thinking Crypto podcast, your home for cryptocurrency news and interviews. I'm your host, Tony Edward. On your way in, Please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify or Apple, please leave
a five star rating and review. Folks. A very big day for crypto and DC today David Sacks, the White House, Crypto and ai ZAR held his Digital Asset Press Conference and it included Senator Tim Scott, Representative French Hill, John Boozman, Congressman GT Thompson, and a bunch of other folks in the banking GOP guys, let me play a clip for you and then we'll talk about the major takeaways.
The President said in his executive order in the first week that it's the policy of his administration to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy, and he established an Executive Branch Working Group for Digital Assets, which includes Secretary Besson, A, Treasury Secretary Nome soon to be confirmed Attorney General Bondi, Secretary Latnik, e Commerce, and
other all the other key administration officials that have an equity in crypto. And similarly, the SEC has set up a Crypto Task Force led by Hester Purst, which is also looking at this issue, and together, our objective is to accomplish the task of the President assigned for US and as EO, which is to propose a federal regulatory framework governing the issuance and operation of digital assets, including
stable coints in the United States. I've talked to many founders over the past few years, and they've told me repeatedly that the number one thing they need from Washington is regulatory clarity. They just want to know what the rules of the road are so they can abide by them. We're coming off, frankly, four years of arbitrary prosecution and persecution of crypto companies where the sec wouldn't tell founders what the rules were, but then they would prosecute them.
And many founders have even told me stories of being debanked personally just because they had founded a crypto company. All of this, this approach was driving this important technology of the future offshore, and we want to keep that innovation onshore in the US. Financial assets are destined to become digital, just like every analog industry has become digital, and we want that value creation to happen in the United States rather than giving it away to other countries.
This will also, I should add, be much better for consumer protection because it's easier for regulators to supervise an activity when it's on shore. And it's probably not a coincidence that the single biggest fraud in the history of crypto, which was FTX, was based in the Bahamas. By moving the innovation on shore, it'll be easier to separate out the good actors from the bad actors, and we want to encourage the good actors the innovators while protecting the
market from the bad actors. And I think a market structure, market structured legislation with clear definitions and fair rules will do that. I want to say additionally, we're excited about
working with both the House and Center on stable coin legislation. No. Senator Hagridy introduced a bill today this stable coins really have the potential to ensure American dollar dominance internationally, to increase the usage of the US dollar digitally as a world's reserve currency, and in the process create potentially trillions of dollars of demand for US treasuries, which could lower long term interest rates. So let me stop there, and I want to thank a chairman, the chairman here today,
Chairman Scott, Chairman Hill, Chairman Bozeman, Chairman Thompson. I look forward to working with them as part of the administration to help turn President Trump's policy into reality. This was a Week one priority for the administration, and we're excited that our counterparts in Congress are equally committed to ensuring
American dominance and digital assets. I look forward to working with each of you, and with that, I would say, work with each of you in creating a golden age in digital assets, and with that alternative to Chairman Scott, thank you.
Now I noticed, folks. He ends there by saying, in creating a golden age for digital assets, guys, bullish times are ahead. We are seeing the groundwork being laid here, the foundation being laid for more capital to come into the market. So they're essentially forming a crypto committee here. And you need to have this. You need the different parts of the government to be in alignment so that they can get legislation through. And eleanor terryt Fox Business
did a great job of summarizing the major takeaways. First, the House Financial Services, House AG, Senate AG, and Senate Banking Committees are forming a bi cameral committee to lead on crypto regulation, where they will prioritize stable coin and market structure legislation. Banking GOP Chairman Senator Tim Scott says he plans to be as aggressive as possible to have bills through the Senate in the first one hundred days.
The committees plan to build from the FIT twenty one bill for market structure legislation and will use Senator Haggarty's new stable coin bill that dropped today as a starting point. For new legislation this Congress. Representative French Hill notes that Haggarty's bill most closely resembles Patrick McHenry's and Representative Maxim
Water's bill from last Congress. Now remember Fit twenty one made it out of the House with both Democrat and Republican support, so you have the bipartisan support it there. But the Senate is, of course more of a challenge. It's difficult to get bills through the Senate, and sometimes smaller bills have to be attached to a larger bill. So there was talks of will this have to be attached to the farm bill? But Senator Tim Scott and some of the other folks that it may not have to.
So that's a very good sign. Guys. He's obviously on the Senate side, and him and Bill Haggerty and the others are trying to rally the rest of the Senate because you have to educate a lot of the older folks who don't understand his technology, and you have to undo the fud that Elizabeth Warren has been spreading for the past four years. So she continues her saying stable coin legislation is moving forward quickly. According to Senator Tim Scott.
He says Republicans have been working with Democrat sponsors on the bill and they plan to move on that first. Representative french Hill says the plan to work on both markets Structure and stable coin bills simultaneously on a bipartisan basis in the House. So, guys, the stable coin bill is of higher urgency because this has implications on the US dollar as a world reserve currency and continuing that
status and dominance. In addition to there's macro factors with treasury bonds and so forth, which have not been performing well. But if you can get stable coin issuers to back their stable coins with treasury bonds and all these things, that helps from a government macroeconomic standpoint, right, So very bullish here. Senator Tim Scott says he wants to discuss AML laws with Democratic colleagues in a broader sense, not
just as it relates to digital assets. And finally, crypto and ais are David Sachs says one of the first things they're going to look at is the feasibility of a bitcoin reserve, but they are still in the early stages, as some members of the Presidential Working Group on Digital Assets are still yet to be confirmed. Now. A lot of folks were very bearish on this. They're saying, oh, we were expecting more, but you have to understand government moves slow, and this is a big win. There's never
been anything like this. And sometimes people are so focused on their bags and their coins, like I wanted to pump tomorrow. It must go to this price. And I wish they would have said this and this because they want the price to pump. But government doesn't work that way. So there's gonna be a process here. It's gonna take months, even later into the year, because the executive order is
one thing to be signed. Assigning the people are one thing, but then you have to get those people to work together. You have to organize together, and there's other things happening, so you have to have the right expectations, right. But this is an excellent start, a bullish start, if you compare that this is happening in just February of the new administration compared to what we had to deal with over the past four years. And I'm gonna try to
get Congressman french Hill back on the podcast. I actually met him just the week of the inauguration at the Digital Chamber event. We talked about setting up an interview, so I'll try to get you guys as much details as possible. But this is so bullish, guys, this, all of this is going to lead to more capital coming into the market and higher prices of your tokens. But you have to be patient. You have to understand that government moves slow. You have to understand the process here.
But this is so bullish. And then you know, I mentioned Senator Bill Haggerty introduced his stable coin bill, and he tweeted out today today I'm introducing the Genius Act with Senator Tim Scott, Jillibrand and Lummits, a bill that establishes a clear regulatory framework for stable coins. I look forward to working with Representative Friendshill and the House Financial Services Committee to get it to the President's desk and signed into law. Guys, stable coin legislation, I think is
going to get passed first through the Senate. Then market structure will follow. But my goodness, things are moving here. And on the SEC front, Commissioner Hesser Purse has officially launched a crypto task Force, and she put out a full write up on the SEC's website. It's really great, guys. I'm going to put a link in descriptions so you guys can go check it out. But let me call out the major takeaways. I'm not going to give all the details because it's a lot to read through. The
top priorities are first, security status. The status of crypto assets under the securities laws is fundamental to resolving many other questions. The task Force is working hard to examine different types of crypto assets. Huge number two scoping out. The task force will work to help identify some areas that fall outside the Commission's jurisdiction. Now it goes on and on. I'm just going to call out the bullet items versus giving you the descriptions because it's so long.
Coin and taking offerings, registered offerings, special purpose broker dealer, custody solutions for investment advisors, Crypto lending and staking, crypto exchange, traded products, clearing agencies and transfer agents, cross border sandbox. So this is so bullish, guys. And they even created a Crypto Task Force email. It's Crypto at sec dot go, so you can send information they said here by sending an email with the subject line Crypto task Force input,
and you can submit ideas and all these things. And they also highlighted that you can request a meeting in person and virtual. This is a far cry from what scumbag regulator Gary Ginser was doing. And they provided a form for you to submit that request. So what a complete one eighty. They've completely turned a new leaf here. This is so bullish, guys. This is the SEC that was attacking crypto, so really really great to see this. And Cody Carbona of the Digital Chamber, I'll have him
on the podcast soon. He met with the Crypto Task Force at the SEC, and I'll be interviewing one of the folks there. I obviously interviewed hester person recently, so I'll be interviewing Teresa Gillan. I'm saying her last name right pretty soon and I'll get some details for you guys, So make sure you are subscribed guys, and you get notifications turned on. And here's some more bolish news. The SEC is scaling back its crypto enforcement unit. This is
also happening at the CFTC. This reports that the CFTC is also doing the same thing. So some in a special unit of fifty lawyers and staff that had been dedicated to bringing enforcement actions are being reassigned. It's a beautiful day, my friends. It's a beautiful day. How things have changed. So bullish and here, James Murphy, metlaw man
said the the SEC pivots on Coinbase case. The SEC has not filed an opposition to Coinbase's motion to proceed what its interlocatory appeal at this At this second Circuit under Gensler, the SEC did oppose Coinbase's request to certify
the interlocatory appeal at the district court level. Assuming the Second Circuit accepts the case for interlocatory appeal, it would be a few months before the SEC is required to file a brief and take a legal position on the question of whether crypto assets traded on secondary exchanges or investment contracts. James says, my guess is the case will either settle or be dismissed by the SEC prior to any briefing on the merits of the appeal. So I think we see the writing on the wall here, and
I think James is spawn on. I think a lot of these cases are going to get dismissed or settled, and I think, honestly, the case against Coinbase should be dismissed. This is asinine. You approved coinbase to go public, do an ipo, you knew their business model, you knew they were offering cryptocurrencies and staking and much more, and then you go sue them for the very thing that they do. But that's Ginser, right, So I expect a lot of
cases to drop against uniswamp against all these things. Now, if a company did fraud and they stole money, they're doing the shady stuff, they should face the penalty of the law. Right. We're not saying we want companies to break the law, but we know that many actors were attacked by gains Her over the simple fact of oh, he thinks this is a security. Stable coins are security, it's staking security. All coins are a security. This is
a security. That's a security. Everything's a security. Right. It was nonsense, But we know why he was doing that. Elizabeth Warren was giving him the marching orders, and she was getting the marching orders from the trent FI incumbents that were getting disrupted. So that was the game here. But we can also expect to see that. I think the Ripple case wrap up a settlement or whatever it is, and this year is going to be big for the market. Guys, I know the price doesn't reflect that, but you have
to zoom out. You gotta look at it bigger. You can't be stuck in the hourly daily all the price is down, those news is not driving the price. If you've been a subscriber and a follower to this podcast, you know better than to say that because market cycles are playing out and it doesn't matter that good news is coming out. If the market's in a pullback, it's not gonna pump like crazy. But all of these things will be priced in and it's gonna allow for more
capital to come in. Guys, don't miss the forest for the trees. Now. Quick word from our sponsor, and that is v chain, which is one of the top enterprise blockchains out there. They're working with many big brands and
enterprises globally to build Web three applications. Some of the great features of the v chain blockchain includes a secure, affordable, scalable, fast, and sustainable and they're working with companies such as Jivon, Chi, PwC, Walmart, China, BMW, Boston Consulting Group, and guys, I am a VET token holder. In full disclosure, I'm very bullish on this project. I've been holding for many years and I expected to do
very well this bull market cycle. So if you like to learn more about v chain, go to vchain dot org. Link will be in the description. Now, guys, we've got big news coming out of Hong Kong. Hong Kong's FSC proposes expanding cryptoregulatory staff in new physical budget. Of course they are, of course they are, guys. You know, I've been saying it for years at at nauseum right, any country, any jurisdiction that bans crypto, and if they don't embrace it,
they're writing their economic death sentence. Because the markets that governments the economy will be running on blockchain and this is the future. They're gonna put all the traditional assets on the blockchain. Tokenization is the future of finance, as Larry Fink, Blackrock CEO said, They're going to tokenize goals, stocks, all other commodities and securities. That is where we're headed. So these Securities and Futures Commission proposed eight new headcounts
for crypto regulatory regimes, market surveillance, and enforcement investigations. The SFC proposed the staff expansion in its budget for the fiscal years starting April first, twenty twenty five. You wouldn't be doing this if he doesn't see growth, right, if they weren't expecting growth, and this asset class is going to grow significantly. This is the final year of the bull market. You're going to see explosive growth, lots of euphoria.
It's gonna get crazy. And as we've seen for each bull market cycle, the evaluation the coin grows, there's new projects, new services, and companies go through mergers and acquisitions, different expansions, they raise capital, So things are just going to get even bigger. And I've been telling you guys my strategy, right, I've been telling you guys for I'm not only looking at this bull market. I'm looking at twenty twenty eight into twenty thirty, after the having in twenty twenty eight,
so I'm preparing for future bullmarkets. I will be buying the blood on the streets again when the bear market rolls around. Now moving ahead, similar Scientific buys another eight hundred and seventy one bitcoin for eighty eight point five million dollars, bringing holdings to three thousand, one hundred and ninety two bitcoin as of February third. Similar holes three thousand one hundred ninety two bitcoin worth approximate three hundred
and twenty million dollars. The latest acquisitions were made with proceeds from its January twenty twenty five senior convertible notes offering. So we're seeing more companies following the micro strategy playbook. So if you don't know what similar scientific is, there're a Nasdaq listed healthcare tech firm and they bought the extra eight hundred and seventy one bitcoins. So this is
going to be the future, guys. I think we're going to see more companies do it as globally as many look to protect their cash reserves against inflation and debasement of currency. Now moving ahead, Travago integrates with Travlla, enabling hotel bookings with over one hundred cryptocurrencies, So you're going to continue to see more of this that. As more people participat in crypto, different merchants and businesses will start
to accept crypto. So this will be the future guys, where you can pay in stable coins and different cryptocurrencies if you choose to. So, Travago has integrated with blockchain based Travala to offer hotel bookings with over one hundred cryptocurrencies. It follows integrations with sky Scanner and Kayak, making Travalla discoverable alongside leading travel agencies such as Expedia and Booking dot Com. So that's great news for adoption folks. That's the news. I hope you are as bullish as I am.
I hope you can see beyond the current price points that you're not losing faith, that you're not operating with your emotions, because if you are, you're gonna get wrecked. You're gonna be disappointed, you're gonna be depressed. And I often tell you, guys on days when things are read, don't look at your portfolio and understand where we're at in the cycle. That's why I share data and charts
with you guys, not emotions, because emotions would get you wrecked. Right, You can't just be super happy when the price is up and then sad and depressing the prices down when we are still in a macro bullmarket. So these prices that we're seeing right now, go back five months. Right, we were happy about these prices, oh big ones at ninety eight, right, and xrpiece now over dollars two dollars, and now people are like, oh man, it's not pumping.
Look at this news is the mood I'm seeing the comments, But it's funny to watch human psychology play out. And look, I was there at one point, but I had to get financially educated to start looking at data. And this is why I tell you, guys, I'm looking at data. You're going to see a lot of people post things from a sentiment standpoint, but they never back it up with charts or data. They post up, Oh it's over
the bull markets. Oh we're going up forever. You don't have to take profits, it's going to keep pumping forever. The four year cycles broken. What are you talking about right? These things is because it's out of their emotions. They think that investing with your gut is the way. But they learn how to read the chart, the on chain data, the fundamentals, the macro and much more. And that's what I try to share with you guys. I put it in my newsletter as well, so if you're not subscribed
to my newsletter, you better sign up. Guys. It's free. It's one hundred percent free. You don't have to pay anything. Link will be in a description. It's on substack and guys, a great way you can support me if you are able to, is by grabbing a copy of my book, Rethinking Cript. It's available on Amazon and paperback and digital. And also, if you want to continue your crypto journey of learning as much as possible about this crypto market, check out my crypto course at mycrypto course dot com.
This course is unique. It's not like any other crypto course out there. Why it includes expert commentary. I have people who are founders, CEOs, institutional investors explaining the different aspects about crypto. In this course. You pay a one time fee. You get lifetime access. You can share that access with your friends and family if you want, and I will continue to add to it and it will give you a full comprehensive overview of crypto guys. So
go to mycrypto coourse dot com. Thank you for watching and listening. I appreciate you all and I'll talk to you all later. Don't don't put to the