Reports are coming in from Bloomberg that Kamala Harris is ready to support crypto by backing important regulations and policies. This is a big update and it comes as data is showing that forty eight percent of election spending has come from crypto companies such as Coinbase and Ripple. And we also have big news around the etherorem etf crossing a significant milestone with over two billion dollars of inflows. This is big. We're going to break it all down.
Let's get into it. Hey, everybody, welcome into The Thinking Crypto Podcasts, your home for cryptocurrency news and interviews. I'm your host, Tony Edward. On your way in. Please sit that subscribe button as well as a thumbs up button and leave a common below. If you're listening on a podcast platform such as Spotify or Apple, please leave a
five star rating and review. So, folks, the big news of the day being reported by Bloomberg is that Kamala Harris is going to support policies to help digital assets grow. This is according to her senior campaign advisor. Now it should come as no surprise because we've been seeing anti crypto candidates have been losing in the election, there's a
massive super pack. We're going to talk about the data that is spending a significant amount of money to back pro crypto candidates and go against anti crypto candidates, those who have aligned themselves with Elizabeth Warren. We know many Democrats like Congressman Wiley Nickel and Rocanna have been doing the grassroots movement of crypto for Harris, trying to get Kamala Harris's attention to back crypto and to provide her policy. So this sounds really good, but as I've been saying, guys,
show me, don't tell me. So I'm not one hundred percent sold on this, but it's a positive sign and I need to see action now. This is not some endorsement to go vote for Kamala Harris. That's not the point of this news. But rather, as I've been saying, we want crypto to be bipartisan. We want Democrats to support it and Republicans so that we can get the full unlock of capital, we can have the clarity and legislation that's needed. We want to make it bipartisan. It
should not be an election issue. So Vice President Kamala Harris plans to support measures to help the digital asset industry grow, said Brian Nelson, the presidential candidate's senior campaign advisor. Nelson, who serves as Under Secretary for Terrorism and Financial Intelligence at the US Treasury Department, and said Harris would support policies that ensure that emerging technologies and that sort of
industry can continue to grow. In an interview on Wednesday with Bloomberg News Roundtable at the Democratic National Convention, he also noted the industry has been calling for stable rules. Both the US Treasury and Harris spokesperson Kevin Munez have yet to respond to requests for comment from the Block by press time. So, guys, I like what I'm hearing here. This is a positive sign. It's more than we've seen from the Harris camp in a since she took over
as the candidate. But show me, don't tell me. So I am optimistic, but I'm waiting to see action. And this is not an endorsement once again to have you go vote for Kama Harris. That that's not the point. And I'm hoping that she does come out with a policy that's pro crypto and pro innovation and technology here and this could be the work of Chuck Schumer specifically because he's obviously the top Democrat on the Senate side.
He's not in alignment with Elizabeth Warren, and the recent statements he made that he wants to get clear regulations through by the end of the year is a positive sign. So maybe he's talking to Kamala Harris's camp or Kamala Harris herself, and we can get something concrete and clear from Kamala Harris. But so far it's just been a
lot of talk, even though this news is positive. So Sheila Warren of the Crypto Council for Innovation, which is a crypto advocacy group, tweeted out the news earlier today. I will be interviewing her tomorrow to talk about this and what has been taking place on the Democrat side because she was on the Crypto for Harris live stream roundtable. I'll try to get you guys some of the inside details as to what's happening here. But this is a
positive development now. Representative Wiley Nickel tweeted out the news too, and he's been working hard on this, so again, show me, don't tell me. But a good sign. And as mentioned earlier, the political spending by the crypto industry is significant. In fact, it's being reported that it is forty eight percent of all corporate elections spending for this election cycle. If you had told me this a year ago, that crypto would be a powerhouse of political force, I would not have
believed you. But the industry finally woke up. They got tired of the bullying and the nonsense of Elizabeth Warren and Gary Genser. They put a lot of money into the fair Shake pack, over two hundred million dollars, and that money is going towards endorsing pro crypto candidates and in defeating anti crypto candidates. So the companies included in
this news is Coinbase and Ripple. So Public Citizen is the one reporting the details, saying crypto corporations are dominantading political spending, pouring over one hundred and nineteen million dollars into influencing federal elections in twenty twenty four alone. That's almost half of all corporate money spent this election cycle. So you mess with crypto, you go against crypto, and you will lose, as we saw it on Super Tuesday, and we're seeing it in the primaries now. There's also
the Salt Conference happening in Wyoming. That's Anthony Scaramucci and Skybridge. He put together the Salt conference, and of course there is a segment on crypto, and Caitlin Long was there and Senator Lummis and Senator Tim Scott both Republicans. Here's a quote. The DC regulators have been anti innovation. De feds rejections of master accounts have been absurd, says Senator Lummis with Tim and Scott at the Assault conference in Jackson Hole, which is also where the Federal Reserve officials
are gathering at this very moment. So we're expecting to hear from Jerome Powell this Friday on about the ray cuts that are coming in September. So this is a week and I think this was strategically done here where they did this conference in Yo thing as well. So guys, interesting time is ahead and fingers crossed that we can get clarity because, as I've been saying, it will unlock
a ton of capital to come into this market. There's a lot still on the sidelines, and we saw what we're seeing a preview of it through the et apps like the Bitcoin and the etherorem et apps. Now, quick word from our sponsor and that is bitgo, which is one of the top tier crypto custodians in the market. Bitco has been around for a long time through multiple bill and bear markets. They work with Pantera Capital, Bitstamp Exchange,
Bitcoin Ira. Nike uses bitgo for their wallet services and some of the services that bitgo offers includes hot wallets, custodia wallets, self managed coal wallets, and NFT wallets. So if you'd like to learn more about bitgo, go to bitgo dot com. Link will be in a description. Now, speaking of et aps, guys, black rocks etha because it comes the first etherorem etf to cross one billion dollars in net inflows. It started with bitcoin breaking records. Now
the etherorem etf is breaking records. It's amazing. And here Nate Jureraci, president of the ETF store said x eth over two billion dollars has now come into Spot etherorem ETFs since launch in four or approximately four weeks for context. If viewed cumulatively, that two billion dollars would equal top four ETF launch this year. The top three ETFs are all Spot Bitcoin ETFs, IBIT that's black Rock, FBTC and ARC invests or arcbu on its own I shares etherorem
ETF equals top seven ETF launch. So talking about ETFs across the board, tradfy going back years, talking about goal ETFs and so forth. So there's demand for crypto folks, and a lot of institutions and Dowmans pension funds have already started investing in these things. It's amazing what is taking place. And we're in the first inning. This is just the tippitty iceberg folks. More capital is going to come in, and when we have clearer regulations, imagine the
amount of capital is going to flow in. And keep in mind that a lot of TRATFI assets are going to be tokenized on the blockchain, so the amount of capital coming in could be exponential. And that's not hyperbole because once again, all of it it's going to go on the blockchain in tokenized formats. Now. Chris Dixon of A sixteen z crypto or A sixteen z highlighted that today they are leading an eighty million dollars Series B financing
of pip Labs, developer of Story protocol. So we continue to see a lot of these hedge funds, VC firms investment firms are investing significant capital into different projects, and I've often stated, if you're an entrepreneur you have an idea, this is your time. Guys, you can get a lot of capital. So I'm going to look more into story protocol to see and learn more about this project. But I wanted to highlight this and I often state, watch
what the vcs are doing. Because they're putting significant liquidity into certain coins, they often do well. There's not a one hundred percent correlation here, but it is a factor and I've noticed that over the different bull market and bear market cycles. So this is something I'm going to look into the story protocol. I'll let you guys know if I take a position, it doesn't mean I will just because a six disea is backing it, but stated
quite often those tokens do well. Now, Prometheum, remember that firm, Gary Ginster's pet project. I had Adam Kaplan the CEO on the podcast. Was it earlier this year or late last year? I don't recall, but we know Prometheum is a bit shady. We know that they call crypto assets digital asset securities, which is a term that was coined by Gary Genser. Some people don't really trust this firm. Well here's some updated news. Controversial crypto firm Promethium to
treat UNISWAP and Arbitram's tokens as securities. So they did it with etherorem Remember they launched the Ethereum custody and they said it was a security. You know, they got the license, this special broker dealer license which FTX Gary Ginser was gonna give FTX And they're throwing UNISWAP and Arbitrum in here. This is certainly a move by Gary Ginser,
I think influenced by Gary Ginser. Here. Matt Wallash, general partner at Castle Island Ventures, he weighed in on this, saying Prometheum is up to their old tricks, trying to tee up the SEC to take action against UNISWAP and arbitrump in the same way they did eth in June twenty twenty three. Meanwhile, Prometheum is in disarray. For those not up to speed on the original plot, referred to
the thread below on Prometheum background and business partners. By now you know that eth is not a security and Prometheum has no business model. As Congressman Richie Tarres says in his letter to the SEC, this is nothing more than a Potemkin platform, so we got to keep an eye on this. I don't know what Gary Ginzer and Prometheum are cooking up, but could be. Like Matt said, they're up to their old tricks. But look, we're on
the winning side of history. Gary's throwing up roadblocks. He's trying to slow us down, but he's not going to win and we'll We're already seeing that come to fruition right and the SEC taking major losses in court. Now we got new some tether Tether plans to launch a u AE Durham pegged stable coin. So they're looking to
build different stable coins based on different fiat currencies. Obviously United States dollars the world reserve currency, and everybody wants that, but there is a market for like the Euro and some of these specific regions that have certain fiat currencies. So smart move on Tel's part. All fiat currencies will go in the blockchain and stable coin format. We're waiting to see what world governments are going to do CBDC wise,
but this is this is pretty big. The token would come in collaboration with Phoenix Group and green Acorn Investments. Now there's no guaranteed is going to be successful, but I think in the direction the world is moving, we're going to see more and more of this, so be prepared.
You know, if you're listening in different parts of the world, there will be stable coins issued for your respective faut currency, and I think this may be may be a way for world governments to fix some of the debt problems we've had historically. But who knows, right, maybe they make the problem even worse. But the thing with stable coins that you can track them, you can burn them. You can do a lot more than you can with the
current money monetary system, especially with cash. But you know it comes with risks as well, the cbdc risks where draconian government can program the money to do certain things. They don't like what you're saying. They don't want you to spend in certain places, and that, of course is not good. But at least we have options like bitcoin and somebody's the currencies, and we have to keep these governments accountable so that they don't take our rights away.
That is a potential risk, and it's up to us to be vigilant and to watch out for these things. All right, folks, that's the news. Let me know what you think, especially the Kamala Harris news. It sounds promising, but as I've been saying at nauseum, show me, don't tell me. Leave a comment below, hit the thumbs up button. Don't forget to subscribe to my free email newsletter on substack. It's one hundred percent free. Also, be sure to grab a copy of my book, Rethinking Crypto. It's available on
Amazon and paperback and digital. Grab a copy to support the podcast. Grab a few copies for your friends and family who want to learn about crypto. It includes information about how to invest in crypto and much more. If you already bought a copy, please please please leave a rating and review. It would really help me out with my rankings. Thank you, guys. I appreciate you all, and I'll talk to you all later. Pok pok pot. Take the book, Bak