🚨HUGE CRYPTO HEARING WITH GARY GENSLER & SEC COMMISSIONERS TOMORROW!

news and interviews. I'm your host, Tony Edward. On your way in a place of 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, I want to just highlight what's happening with bitcoin right now. It's sitting at sixty three thousand dollars. We're still waiting

to see that true breakout to the upside. And it did cross sixty four thousand dollars yesterday, so let's hope this week it can continue to momentum. But you know it's going to be a process. We have to be patient and let it do its thing. Now, something to highlight yesterday literally had over one hundred and fifty million USD minted by circle folks, and if you follow whale

alerts on Twitter you will see these updates. The first batch that was minted was for fifty million, one hundred and nine four hundred and forty nine one hundred and it was at seven to fifteen am. The next amount was straight up fifty million USDC minted at four thirty four pm same day, and then finally at night ten fifty four pm there was another fifty million minted. So what does this mean. I've often shared it with you guys with tether and other stable coins liquidity. The whales

are getting ready to take positions and so forth. And this is why we don't only look at charts. We look at fundamentals. We look at the macro and so forth to see the full picture of what's happening in this market. If anyone is just showing you charts and not showing you the macro and so forth, they're not giving you a full picture. So you have to look at this market from all aspects, because the macro matter is the fundamental matter. And you can say, well, hey,

the charge are the most important. Sure you can make that case, but you've got to look at the full picture, right. If you're only looking at one part of it, you're going to miss where we're at and where we're going. So very very interesting the amount of stable coins that got minted yesterday, and you know where this is going to go straight into the crypto market. Now. Tomorrow is a very big day. It is the first of two hearings with the SEC in Congress. Here Ron Hammond of

the Blockchain Association gave a summary. He said, this is the week nearly everyone in crypto and Capitol Hill has waited long for. SEC chair and the other SEC commissioners will testify tomorrow before the House Financial Services Committee and Wednesday with the Senate Banking Committee. Usually this is a quieter hearing, but not this year. Let's break down what's

typical here and what makes these oversight hearings different. First, the SEC Chair usually testifies in front of these committees annually, so these hearings are standard. Gencer has also privately met with policymakers over the past few months too. This is where things start to deviate from the norm. With the election around the corner, Typically members retreat to their party's position. The party not in control of the sec rails against

the chair while others play defense. But we likely won't see that this time. What he's talking about here is we've seen a lot of top Democrats turn their backs on Elizabeth Warren and they have been going after Gary against her. Look at Richie Torres, you got Garren Soto, you got Roe Connor, you got Walie Nickel, and you even had Chuck Schumer in the Senate. That's a huge right.

So we're seeing a lot of Democrats in Congress are turning pro crypto, and they recognize the spending Crypto is doing. They realize this is a dumb place to be in to be anti crypto, anti technology that's here to stay. So many of them are going against Gary. The problem is Elizabeth Warren has tons of power, and she's the one, you know, spoon feeding Gary a lot of the questions ahead of hearings, and they've collaborated together on their attack

on the industry. Right, So that's what's been the whole roadblock. And of course Elizabeth Warren has Biden's ear. She's the one that told him to veto the SAB one two one repeal because remember that got repealed in the House and the Senate. Democrats and Republicans both did that together, but Biden vetoed it. You think Biden knew what the hell this is? No, no, no, My friends, Elizabeth Warren

made the call. So Ron continues saying here instead, Gainser's tactic at the agency on our multitude of fronts have found him subject to fairly intense scrutiny from his own party, whether it is the treatment of SEC staff or the direction of the Enforcement Division. Gainser will find he has fewer allies than before. Then there is the added element of the other SEC commissioners joining Gainster, which is very uncommon.

On one hand, it gives Gainser more defense with the two other Democrat commissioners flanking him on the stand and largely in lockstep on his policies. The Republicans will be the counter So, folks, we could see some fireworks here because you got Hester and mark Uada, who are both pro crypto, who have been trying to work with the industry. You got Genser, right, we know where he stands. But then you got these two Democrat commissioners who have been

anti crypto. In fact, they're so blatant about their anti crypto stance. When the judge in the Great Scale lawsuits said the SEC acted arbitrary and capricious, and then the SEC commissioners had to vote for the approval of the Bigcoin's body TFS. Can you believe that the two Democrat commissioners voted no even though the judge the court said, hey, what are you guys doing. You're acting arbitrary and capricious, which is incredibly embarrassing from an agency like this and

credits against her. He voted yes with has the person Markuaeda. So pretty pathetic, right, but it shows the political divide and an agency like this is supposed to be neutral, not political, but Gary Genser made it political. And he's of course a puppet on strings being controlled by Elizabeth Warren, who's a puppet on strings being controlled by TRADFI trying

to protect these banking and comes. So it should be pretty incredible tomorrow, guys, I'm going to be locked into this hearing, and of course i'll bring you to details now ahead of the hearing tomorrow. Republicans on the House Financial Services Committee and the Banking GOP, led by Patrick McHenry and Senator de Lumus sent a letter to chair against her, demanding the agency rescind the SAB one two

one which prevents banks from being able to custody crypto. Now, we heard just last week that BNY Mellon is able to circumvent this, and it's because they are licensed in New York, which has its own regime there for licensing. It's kind of nuts. We need a federal regime to make all of this clear. Right because New York is doing its own thing, Wyoming is doing its own thing. You can't have that. But this is a big roadblock that if they remove it, banks will be able to

custody crypto. And of course if they can custody, they can do a lot more with trading and selling it to their clients and much more. So. It would be pretty big for the industry to have these banks come in. And I believe in self custody, but I know, like my mom and dad and grandma and grandpa are not going to be able to do what I do. They're going to go to ETF rout. They may go to their bank which they trust and have been using for years now. Over the years, I've given you guys the

mock scenario that the banks will call you up. Mister Jones, missus Jones, how are you? Did you know? We offer bitcoin now? You can buy through us. We'll take care of it. We'll give you the month that you're reporting, we'll custody it for you. That's coming. Grandma and grandpa are going to get the call, right, Your mom and dad are going to get the call. You may get the call from your bank that they offer this now.

So that's where we're headed. But Genser and Elizabeth Warren, you know, trying to slow this industry down as much as possible, but they're going to lose, guys. Disruptive technology always wins. They may slow us down, don't get me wrong. They may put up these hurdles, but they won't win. Guys. This technology will outlast them. Now Coinbase versus the SEC,

we got some big updates here. Paul Garwall, chief legal officer at Coinbase, tweeted out today Coinbase made oral arguments before the Third Circuit in our case against the SEC's repeated arbitrary and capricious denial of our petition for rule making, which we originally put forward over two years ago. And he says the SEC refuses to provide a reasonable explanation for its bare bones denial, yet it has wielded it's purported authority to engage in an arbitrary enforcement campaign against

our industry. Regulation by enforcement does not but damage American consumers, innovation, US competitiveness, and national security. Coinbase is determined to leave no stone unturned in our efforts to get clarity for our industry and the millions of Americans who hold crypto. American consumers and our industry deserve better. We thank the Third Circuit for its time and consideration. So, guys, if Coinbase is able to score a win here, it will

be detrimental to the SEC. It will be at the same level as the gray Scale case, because you have the largest crypto exchange in the US, which is public, which the SEC greenlighted to go public, knowing their business, and if they able to score a win here, it's over. In this situation, in conjunction with the loss to Ripple, the loss to Grayscale, many Democrats turning on Elizabeth Warren and Gary Ginser. Crypto spending over two hundred million dollars

this election cycle, the largest spender, which is incredible. Things are not going to go well for against her in the SEC and there's going to be major problems on their end. Now. I know some of you're gonna say, hey, that hearing tomorrow, they're just going to talk. Well, one thing I've learned, because Elizabeth Warren has so much power and Gainscer has so much power, and binding is just listening to Elizabeth Warren. What it has done, what it has yielded. It woke up a lot of Democrats and

who are now joining the Republicans. It has been a snails pace process, but guys, it's paying off. And I know some of you want to see instant action. I do too, right, and we want to get Gangser kicked out, but we need the Democrats to turn to continue to turn on him, and then Elizabeth Warren and him will be on an island by themselves. So we're making progress. I know sometimes it seem that were not when we're

making progress now. Jake Trabirski weighed in on the coinbase oral argument, saying, listening to this and the SEC Council keeps saying digital asset securities to the court. Two weeks after the different SEC Council apologized to a different court for the confusion they caused by saying crypto asset securities, but we're supposed to know what the rules are. Remember in the Binance case, in the footnote they sent to the court, We're sorry, we cause a lot of confusion

using digital asset securities. We're so sorry, judge, you know. And then literally that same day they use it in the E Toro settlement. Now they're using it again. This is insane. I mean, this is unbelievable. But we got to keep fighting to expose these liars and hypocrites. Now, Dave Michaels, who's a crypto lawyer, and he says some tough questions to the SEC today at the Third Circuit about its approach to overseeing crypto. Hard to predict how the panel will rule, but felt like two judges had

tougher questions for the SEC than Coinbase. One judge appears to believe the SEC prefers to sue companies to writing rules. Here's a quote. We won't tell you the answer until we prosecute you, he said, echoing one of the industry's claims. He's spot on, no clarity, just mass confusion and just going around shaking down these companies. And it started with Ripple, of course, and then it went to everything else. Everybody's

getting wells notices, everybody's getting a lawsuit. But the industry is fighting back, punching back against the bully, as mentioned the campaign spending, and the industry is proactively launching lawsuits against the SEC. So, guys, as I've been saying, there's light at the end of the tunnel here, we're winning. It's a slow process, but we're winning now. Eleanor Turta Fox Business highlighted that she's going to be publishing her

exclusive interview at SEC Commissioner Mark Uada very soon. And the timing of this, I think, you know, Marky Wada is timing this right because he got the hearings this week, the election coming up and so forth. So it's interesting how these things are playing out. Now. We got some very interesting news around black rocking coin Base. So apparently black Rock amended their custody agreement with Coinbase. They fill an update with the SEC. Here's an excerpt as detail

in the SEC. Following the amendment updates, Section two point one of the Custodial Services Agreement, coin based custody must now process a withdrawal of digital assets to a public blockchain address within twelve hours of receiving instructions from the Trust or its authorized representatives, subject to specific balance requirements. So this is good. It's important that you have these checks and balances in place, so to speak, that Coinbase

indeed has the bitcoin. So there has been recent criticism of Coinbase on how they're handling the custody with black Rock and the buying of bitcoins. So remember that you know, the cash may come in and it has to fulfill the order based on you know, people who are buying the ETF. But some people are arguing, hey, some of these things look like paper bitcoin. I don't know all the details, but there are some pseudo red flags here

and I still have to learn more about it. But this makes sense what they're trying to do here, and hopefully there's more because I really appreciate the transparency that bit Wise Asset Management has done where they've released the wallet addresses that store the bitcoin the bigcoins for their ETF, and I think more of these issuers need to do that. But will they all do it? Probably not right. Blackrock may not want to do that, but I hope that

more of them do it. We need that transparency. I'm gonna I'm not saying that, you know, black Rocks and coinbas are like FTX and they're going to do something shady, but I think having the transparency really helps to build trust and that nothing shady is happening here now. Quick word from our sponsor, folks, and that is Uphold, which is a great crypto platform that is safe to use. They're reliable. I've been using them for years. They don't

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about Uphold, check out the link in the description. Now, folks, Donald Trump was speaking at an event and I thought he made an incredibly bullish statement, and I feel like the narrative is being laid here for this to happen. He says, I think crypto has got a great future. Maybe we will pay off the thirty five trillion dollar debt. Wow, what a statement, right, folks. And we know he's talked about making bitcoin or reserve assets and he's full in support of cryptos. So I feel the grond work is

being laid here. And imagine if crypto is adopted by the IMF and these world governments and so forth, and not all of it, but maybe they use bitcoin and stable coins or something like that. I don't know how it will all work, but it could be part of how they fix some of this problem. Guys. It's very interesting. We got news that global crypto investment products see three hundred and twenty one million dollars in net weekly inflows

as rebound continues. So we're seeing vcs hedge funds and all these things are up, and there's a lot of capital raises happening, so it's pretty incredible. Global crypto funds at asset managers such as black Rock, Bitwise, Fidelity, Grayscale, appro Shares and twenty one Shares continued their rebound into a second week, adding net inflows worth three hundred and twenty one million dollars last week, according to coin Shares,

following two prior consecutive weeks of net outflows. Here's a quote. The surge was likely driven by the Federal Open Market Committee the FMC comments last Wednesday, which took a more dubbish stance than anticipated, including a fifty basis point interest rate cut. Coin Shares head of research James Butterfill said in a Monday report total assets under management at the funds grew nine percent as a result, with trading volume also up nine percent on the week before at nine

point five billion dollars. So, guys, it's along the lines of what we've been talking about on this podcast, that easy money cycle is coming. While there may be short term volatility, easier capital to be borrowing at the lower rate. This benefits the business cycle, It benefits hedge funds, the vcs. It helps people out who are trying to buy a house.

So more liquidity is going to come back, and businesses will be able to borrow to hire, and you guys know how the economy works, right, the Fiat money system, and of course they're going to print money. They have to service the debt as they cut the rates, so more liquidity will end in, which benefits asset. So of course you're seeing this influx of capital because they're like, oh, there it is, right, here's the start of the easy

money cycle. Let's jump all in. This is not twenty twenty two with the fat doing quantitative tightening, raising rates, selling all their treasury, selling all their securities and all these things, folks, So exciting times ahead. I hope you're as bullish as I am, and have a plan as I've been telling you guys, write down your price points that you're taking profits at and stick to that plan. Guys.

You know, watch out for the emotions that are going to come when we hit the euphoric phase and everyone's greedy and then the uber drivers and your grandma and everybody's talking about it. Right, that's where you gotta be careful because you want to be a contrarian to the herd. All right, folks, let me know what you think. Leave your thoughts in comments below, hit the thumbs up button, and don't forget to sign up for my free email newsletter.

It's one hundred percent free. It's on Substack. And also be sure to grab a copy of my book, Rethinking Crypto. Grab a copy to support the podcast. Grab a few copies for your friends and family. It will make a great holiday give help them to better understand crypto. And if you bought a copy already, please please please leave a rating and review. It will really help me out. Thank you, guys. I appreciate you all, and I'll talk to you all later