New details are coming out about the Federal Reserve removing restrictions around banks being able to participate in crypto. We got members of Congress weighing in and much more. And today was the third SEC Roundtable and new SEC Chair Paul Atkins spoke there. I'll share what he had to say. And you won't believe what the NASDAC sent to the SEC about crypto regulations. This is huge. 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 let that subscribe button as well as a 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, we got to talk about bitcoin because it is currently trading over ninety five thousand dollars. So this strong bullish rally is continuing, and as we've been discussing, bitcoin has reclaimed
a two hundred day moving average. It's clearly above it and that's very good, guys, and the RSI shows there's a bit of room for it to keep going up, but it will hit the overbought zone very soon, so expect a bit of a pullback and it could go down and test certain lows, or it could just do a small pullback bill support and then keep moving up. So remember nothing goes up any straight line. But we
are seeing signs of strength. This is very good global liquidity surging, the dxys crashing, even the stock market is starting to recover, so good signs all around. But here it's some very very bullish data, folks. I often share with you what whales are doing using on chain data from Saniment that's a partner of the Channel. And while it's of ten or more, Bitcoin just saw a massive spike. Guys. If you look at this chart, we saw a slow, steady rise happening over the past three weeks, then all
of a sudden, huge spike. Whales are bullished 'or anticipating higher prices, and this is one of the bigger spikes we've seen in looking at this data. So this is very telling, and we're going to wash this closely because once they start taking profits, that's when we want to pay attention. These are the guys that move the market, and we're going to want to take profits ourselves. So make sure you have a profit taking plan. But this
is a very bullish signal. The whales are anticipating higher prices, so we could be seeing, guys, what I've been saying for a while. The seasonality wise, this is a time the market's usually rally in a bull market, and it's
also for the stock market, not just for crypto. And then you have all the macro factors like global liquidity and all these things in crypto legislation, huge adoption news, and we could see Bitcoin and all coins start to hit new highs come to the beginning of June, and then we'll see what the summer brings, because usually there's a sell and may go away seasonality type of action price action, so we'll see things could be different, But
I like what I'm seeing here, guys. As we wrap up April and into May, May could be a really strong month. If you go back and look at the charts, when we saw the majority of our gains in Q four, it was at in November and then a little bit into December, so literally about just about a month time. So May could bring us those gains and then come June we start to see the pullback. So that's how fast this thing can move, So don't be surprised by
how quickly it does move. Just to have your cash out plan and your price points you're going to take profit at. And of course I'll be sharing when I'm taking profits, and I'll be sharing the different on chain metrics and different stats for us to validate where we're at in the market, because we don't want to move by emotions. We want to use the data, folks. All right,
let's jump into some news. Yesterday I told you guys about the Federal Reserve withdrawing restrictions that would prevent banks some fully participating in crypto. I told you guys, that was massive, huge news because you have the head of the snake to FED making the ultimate call. We've got guidance from the OCC the FDIC both had loosened up restrictions.
We got the repeala one two one. But until the Federal Reserve, which controls all the banks, which controls the currency, gives the okay, we're not going to have full on adoption from these banks. Well, a bunch of different facts and information was revealed today folks analyzing this. But first,
the US Senate Banking Committee GOP the Chairman. Senator Tim Scott said he applauds the Federal Reserve for following the OCC and the FDIC and taking the much needed action to rescind harmful biden error guidance that reduce access to financial services for the digital asset industry. So good to see this is getting endorsement from members of Congress, especially the Senate Banking Committee, and even on CNBC this morning they had a segment discussing the FED loosening this up,
Andrew Ross, Sorkin and Becky Quick talking about this. So this is significant. Once again, guys, it's coming from the FED, and that's the king of the hill here, right. Even the President is not more powerful than the Fed here when it comes to the economy and the finances and much where. That's why you see Trump trying to pressure Jerome Powell to cut rates and much more. The FED, even though it's not a government entity. Go do your research and there read the book The Creature from Jackal
Island and you understand how powerful this entity is. So if they're giving the green light to the banks, this is pretty big. However, Senator Cynthia Lummis weighed in, and not only her, but also Kaitlyn Long, founder of Custodia Bank, Senator Lummis says the Federal Reserves actions yesterday with drawing crypto guidance are just lip service. She says, here's why the FED continues to illegally flout the law on master accounts. Now here's the thing. I don't think that's just lip service.
I think they removed about eighty percent of the restrictions, but there's a further twenty percent. So I don't think this is an accurate statement. Because even though Custodia Bank is getting blocked, and Caitlyn Long and you know, they're all in Wyoming, so I understand why she's doing this, But make no mistake about it, this was a big move for crypto. But let me continue here. She says, unlike the OCC and FDIC, the FED still uses reputation
risk in bank supervision. The policy statement on section nine to one three hasn't been withdrawn, which says bitcoin and digital assets are unsafe and unsound. Lastly, but certainly not least, the FED staff behind Operation Choke point two point zero are the same people still working on the crypto issues today. So the last point, I don't really think is a big deal because they were just following the instructions of
the Biden administration and Elizabeth Warren. Right, the people who are in control are going to call the shots, and these people just have to follow those orders. However, now the Trump's in office, they're following different orders, right, So I don't think that's a big deal. But I think why Senator Lummis is coming out so heavy handed on
this is because she's in Wyoming. She supports Kitlyn Long and Custodia Bank, and so do I am not saying anything wrong with that, but make no mistake about it, this move by the FED is huge. Even though it's not one hundred percent, I think it's at least eighty percent.
And Kitlyn to weighed in saying, I just noticed the FED didn't rescind it's January twenty seven to twenty twenty three anti crypto guidance, which the board voted seven to zero to approve at the time, but it appears to have rescinded all other guidance it issued without a board vote. I think this means the FED didn't yet comply with
Trump's executive order. She asked, you know, she's not too sure on that, she says, so the FED anti crypto guidance is still in place, which means FED regulated banks are disadvantage versus OCZ versus FDIC regulated banks for stable coins and other activities. The Stable Point Bill, when it becomes law, would overturn this, but it ain't over yet, so it could be the FED is waiting for a legislation from Congress. I don't know, but the Fed did make a big move here, which I think is bullish
for a lot of banks. But to Caitlyn's point, there's still a portion that needs to be figured out here. But overall, guys, we've come a far away. We're we're moving in the right direction. And let's see if Kaitlin and Senator Lemis are able to put some pressure and maybe get this done. Or the FED is just going to say, hey, we're waiting for Congress past the Sleabaclin and Market Structure Bill and we're good to go. It
could just be simple as that. But guys, all the major agencies, all the folks who are you know, working against crypto are now working for crypto. Operation choke point two point zero is shut down. Uh, the SA one two one rule from the sec shut down repealed. Actually, and even the I R S D five broker rule, you know that was repealed. That was actually the first crypto bill of President Trump signed into laws. So, guys,
I hope seeing a bullish setup that's happening here. And while the tea's need to be crossed and the eyes need to be dotted, removing in the right direction. Now, folks, quick word from our sponsor, and that is Propy. Propy is leading the charge and putting real estate on chain. Guys, we all know tokenization is the future of finance, as Larry Fink, Black Rock CEO said, and the real estate asset class will be going on chain. And Propy has
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their video, signing up, inviting a friend. So if you'd like to learn more about Propy, visit the link in the description. All right, folks, the next major crypto hearing will be the Joint House Financial Services SEB Committee on Digital Assets, Financial Technology, and Artificial Intelligence and the House Agricultural Subcommittee on Commodity Markets, Digital Assets and Rural Development hearing entitled American Innovation and the Future of Digital Assets,
a Blueprint for the twenty first century. This will be on Tuesday, May sixth at ten am. So they're going to do an updated draft on the FIT twenty one Market Structure Bill. Remember this passed through the House last year, and remember we got to get a version together with the Senate to get it through the Senate. So things are moving. This is what we want to see in President Trump, of course, gave the deadline of Congress getting the two crypto legislation bills on his desk before the
August recess. So great to see there's action here and I will try to get Congressman french Hill back on the podcast to talk about this now. Today, Folks, was the third SEC roundtable and the new chairman, Paul Atkins spoke there. He made his opening remarks there he hears a quick quote, innovation has been stifled for the last several years due to the market and regulatory uncertainty that unfortunately the SEC has fostered. And there are some other
takeaways that I want to highlight here. He reiterated that among his goals at the SEC would be to facilitate clear regulatory rules of the road for digital assets, and he says I look forward to engaging with the market participants and working with colleagues in President Trump's administration and Congress to establish a rational, fit for purpose framework for crypto assets. So SEC will have to play a major
part in getting the Crypto Market Structure Bill together. We've got to answer the question of what's the security, what's not? How do you what type of test do you use? Because you can't use the old Howie tests of nineteen thirties. These are not oranges and orange trees. These are tokens on globally distributed blockchains that are decentralized. So we got to do something different here, right, You can't use the
same old stuff. So this is really great and I'm hoping that we could get some things going as far as all coined ETF. So I'm I'm sure Paul is going to be working with hester person. Market waited to get all this done. So really great stuff. And look at this the NASDAC. They sent a letter to the SEC outlining what they think crypto legislation should look like. Folks, step back for a second. A stock exchange is sending the SEC it's recommendations on what crypto legislation should look like. Guys,
how things have changed. I mean, the biggest institutions in the world, baying stock exchanges, hedge funds, vcs, major payment companies are all here and they are looking to go all in on crypto. This this is so bolish, so let me give you some details here. It's a lot to read, so up, I'll just give you guys the TLDR. So the NASDAK sent a lengthy letter to the SEC. Crypto task force outlining what the ideal US crypto rules
would look like. So the four future categories of digital assets in Nasdaq's view should be one financial securities tokens tied to assets that are securities under existing definitions, like stocks, bonds, and exchange traded funds, which a NASDAQ set should be treated just the same as the under underlying assets. Number two Digital asset investment contracts tokenized contracts that can check all the securities boxes under a clarified version of the
Supreme Court's so called Howie tests. Number three Digital asset commodities meeting the US definition of commodities. Number four other digital assets, stuff that doesn't fall anywhere else and shouldn't have rules for securities or commodities imposed on it. This makes sense. I like this. These are four solid categories. It touches on tokenization of traditional assets and some new assets. But the tokens for blockchains they're saying a fall under commodities,
so this really makes sense. And then the other digital assets sounds like it's related to things like NFTs and meme coins and so forth. So I like this. This makes sense. Now, Devil's in the details. We got to make sure we get all the details, but at a high level, this makes sense. Guys. All right, final news item, Similar Scientific buys another ten million dollars worth of bitcoin. So many of you may recall this is a healthcare company.
They're using the micro strategy playbook or actually say strategy playbook they got rebranded of course, to buy bitcoin put it on a balance sheet. We are seeing more and more companies are doing this. It's incredible what's going on. So they bought approximately ten million dollars worth of bitcoin since February fourteenth, and in total they bought one hundred and eleven bitcoin for an average price of about ninety thousand dollars per coin. You think they're anticipating higher prices.
Yeah right. It now holds a total of more than three thousand, three hundred bitcoin worth approximately three hundred million dollars in aggregate. So, guys, this trend will continue. Corporations and different businesses they are going to do this. I mean, guess yesterday I reported to you guys that Tethers, soft Bank and Cantor Fitzgerald are partnering to form a new company called twenty one, which will be a spack and they're going to buy bitcoin. So I hope you see
what's happening here. All roads point to bitcoin as a reserve asset. Now there are there are companies adding Solana. We've been reporting on that, and some have added Etherorem. I remember there was one last year that said they wanted to ad XRP. So it's going to go beyond bitcoin. But I think bitcoin is going to be the core asset for the corporate treasury reserve strategy. All right, folks,
that's the news. Let me know what you think. Leave your thoughts and comments below hit the thumbs up button. A great way you can support me is by subscribing to my free email newsletter. It's on substack link convenient description. Check out my book on Amazon and it's available in paperback and digital. And my new course at mycryptocourse dot com. This is a comprehensive course that helps you learn about crypto. Knowledge is powers, so this course covers every aspect of
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