The SEC drops more cases, dropping their case against consensus. Could they drop the case against Kraken and Ripple tomorrow or put a pause on the Ripple case. I'll give it the details there. And the SEC also ruled on meme coins, saying they're not securities, but watch out for fraud. And a congressman introduces a bill to regulate meme coins. I'll give you the details there. 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 sit that subscribe button as well as the thumbs up button and leave a common blow. If you're listening on a podcast platform such as Spotify or Apple, please leave a five star reading and review.
Folks.
Bitcoin continues its downward move, currently sitting below eighty two thousand dollars, but it is in the extreme oversouled zone. So that's a good sign, meaning that we could see some sort of reversal soon. Now, don't get me wrong, it could chop in this area for maybe a few days or even into next week. But what we've seen historically is when bitcoin is in this over soul zone. This selling pressure pretty much ends, right, but doesn't mean
we can't move sideways. But this essentially there's less downward pressure, so that's a good sign. Let's hope bitcoin can rally a bit soon and start moving out of this hole that it's in, and then of course the all coins will follow. And of course the Fear and Greed index is in extreme fear that is very bullish in a bullmarket. In a bear market, not good obviously, but we're still in a bullmarket, so this is a good sign, and
fingers crossed for a reversal sooner than later. One thing that's interesting is that bitcoin whales continue to buy guys, so a bitfinex whale, and people have been tracking this person's movements for years, going back to previous bull markets. They bought four thousand bitcoin during yesterday's Now this is being tracked with on chain data, so this is how
they know that. So in twenty twenty two, after the lunar ftx crashes, he accumulated seventy thousand bitcoin between fourteen thousand and sixteen thousand dollars and later sold between forty thousand and seventy thousand dollars In twenty twenty four he acquired twenty four thousand bitcoin, selling from seventy k to one hundred and eight thousand dollars. This is a very smart whale. He knows how to play the markets. He swing trades right and then he has taken another position again.
So this is why I always share what the whales are doing with the data from Saniment right with wallets of ten or more bitcoin, because it really tells what they are anticipating for the market, and they move a lot of the markets. They do it for all coins as well, so whales continue to accumulate. They're not dumping. And this is the difference between smart money and a
lot of the retail folks. And unfortunately the retail crowd, many of them get called dumb money right because they operate by feelings and emotions versus whales are looking at the charts, the data, the sentiment of the retail and they're doing the opposite. And that's why I've been trying to share with you guys for years and hoping that what I'm sharing is helping you guys to navigate the markets, to not move by emotions and to look at the data.
It's why I keep harping on those things because it's so important. I worked at a crypto exchange. I've talked to different hedge funds and vcs, so I have an idea what's happening here, and I've studied the charts and the data, the unschain data myself, and then my eyes were open as to how this market really works. Now do I get everything perfect or right?
Of course not. I don't have a crystal.
Ball, but I can at least use the data to form a thesis versus my gut feeling versus emotions. Oh the price is up, I feel happy. Oh the price is down, I feel sad. You can't invest like that. That is not how you invest right. So, based on the data, guys bull market not over whales continue to accumulate and they are anticipating prices. What's interesting, Texas Bitcoin Strategic Reserve bill is headed to the Senate floor. So
we saw in Utah the same thing happen. So some states have been rejecting these bills right in full transparency, but we could see those states that are very pro crypto, like Texas get it done. But we'll have to wait and see. My thoughts as I shared the other day is that this is the first go round. There's going to be a lot of pushback because not a lot
of people understand bitcoin or crypto. And then after the last four years with Gainser and Elizabeth Warren and all these people are spreading fud and doing all kinds of crazy stuff, you can imagine that people are going to be hesitant. But you have to get started. You got to get the ball rolling. So introducing the bills is the first step. It gets rejected the first time. You
keep reintroducing it. We've seen this with crypto legislation in the Congress, of course in the Senate, in the House, so things will have to be reintroduced, but we're making progress in certain states now. The SEC today officially confirm that they have dropped their case against Coinbase. We heard obviously late last week, I think Friday last week that Coinbase got noticed from the SEC that they planned to drop the case. Well, it's official, guys, it's in writing,
So this is huge. I actually interviewed Paul gray Wall, chief legal officer of Coinbase today, so I'll publish that interview in the morning, and we talked about what are Coinbase's plans and how does this open up their strategy for growth and much more. Now they they don't have to worry about this. And you got to watch the interview. It's a good one and we covered a lot of things that are happening in the crypto market.
The other big news.
Is that the SEC dropped its case against Consensus as it relates to the Meta mass wallet. This is a big win obviously for Consensus and the folks at Ethereum. So we continue to see hester person the Crypto Task Force doing amazing work here dropping these non fraud cases. Many of these cases were just simply bullshit put together by acmeback regulator that is Gary Genser. Now, the big question many folks are waiting to hear and see is
of course crack in Exchange and of course Ripple. I said before that you know, the Ripple case is much more complex. But what we could see is a pause like they did in the Binance case and the Tron case, that we're not gonna fully resolve everything right now, but we're gonna pause all the legal activities and everything, and maybe they wait for Paul Atkins to come into office to get some of this done. So I'm hoping guys, maybe tomorrow we hear that kracking has been dropped or pause,
and maybe rippled is pause. It would be really great because every day we're pretty much hearing something.
And look at this.
The folks that watch at Giru Guru kind of mapped out what we saw this week. Monday was Robinhood, Tuesday UNISWAP, Wednesday Gemini today consensus. As far as the cases drop, what is tomorrow? You know Fridays. So, guys, we are setting up here for the continuation of the bullmarket and to have these cases removed, the dark clouds removed are a lot of coins were mentioned in these cases.
This is very bullish.
It means investors don't have to worry, especially institutional investors, right, they are more risk averse versus retail may say, you know what, I'll buy, I'll buy Salon, I'll buy Xi, I'll buy this, right, don't matter. But these institutional investors they can't just do that, right. They have legal teams and legal departments that are advising them, like, hey, don't touch that asset.
It's an mention in a lawsuit, right, things like that.
But with these things removed, oh man, it's a beautiful set up here, the macro, the charts and you know, the government and the regulation side of things are moving ahead, so really really great. Now, the other thing that many people are waiting for is the SEC to approve the XRP Salona ETFs and much more. And one of the things we've seen historically with the secs they want to see the futures market first before they approve the spot. They did this for bitcoin and e theorem doesn't mean
they have to do it again, but most likely they will. Well, people are making progress and putting Solona futures in place, and there has been some filers for XRP futures as well, sort of DTCC list. The first set of Solana futures ETFs fueling hopes were this spot Solana fun approval. So this is really great, guys. Volatility Shares proposed Solana Futures ETFs and it appeared on the dtcc's list of exchange traded funds. So earlier this month the SEC acknowledged the
spots Salona ETF filing some multiple issuers. Things are progressing, and remember Solana was mentioned in somebody's lawsuits against like cracking and coinbase. Those cases are going to be dismissed obviously, Coinbase already we're just waiting for cracking. So you see the set up here, I hope you see to set up the case is being dismissed. These things progressing on the ETF front, the macro global liquidity on the rise again, bitcoineering its bottom. I like what I'm seeing here, guys.
I don't like the price as it is right now, obviously, but I like this setup which will lead to higher prices. I hope you guys understand them now. Bitwise, which of course issues a lot of ETFs, and they have been filing for XRP ETFs and much more. They have registered an app toss ETF entity. Remember they did this for XRP and other coins. So this is like the process leading up to them filing for an aptose spot ETF.
So we will see a lot of different all coin ETPs, guys, and eventually you're going to see basket ETFs where investors can get the top five and or the top all coins in you know, based on different categories, if they're smart contracts or they're layer ones. You know, you guys get what I'm saying. A lot of different ETF products are going to be created here and I often have Matt Hogan from Bitwise on the podcast, and you know
they're very big on getting the xrp ETF through. They were one of the first to do it last year, even like before the elections. So shout out to Matt Hogan and the team at bitwise. They're doing great work here. Quick word from our sponsor and that is Bitco. Bitco is one of the top tier crypto custodians in the market. They've been through multiple bull and bear market cycles. They're headed up by Mike Belshie, who's a Web one point
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how their security setup is. I've had Mike Belshie on the podcast many times talking about this. I plan to have him back on again. I think it's important to review security protocols and much more and so people can safeguard their assets. So bitco doing great things. If you'd like to learn more about Bitgo, go to bitgo dot com. Link will be in the description. Okay, guys, let's talk about the sec and meme coins.
So eleanor Tarota.
Fox Business reported that the SEC division of Corporation Finance has just put out guidance on mean coins saying they are not securities and are akin to collectibles. So this seems reasonable, right. Mean coins are not securities, obviously, but the problem we have is people are abusing the mean cooin creation and rug pulling people. So we need law enforcement to get involved. I don't know if it's the SEC that has to get involved here, but other law
enforcements to stop these activity. We know there's been established mean coins for years, like doge coin, Pepe, Shiva, and so forth, which are not set up as rug pulls. Now, they're still risky investments because they're just not They're not based on anything. They're not tokens that are greasing a layer one that has banks launching services and much more
or doing payments. Right, meme coins are just gambling. So but I'm not against people being able to spend their money in invest in mean coins because I believe in the free market.
But I what I don't like is the rug pulling. So it's good that.
The SEC came out and give this clarity, and I think it makes sense. I've been very vocal that I did not like the fact that Donald Trump launched a meme coin, the Milania and all that. I think that took away a lot of credibility from the industry, which doesn't mean the industry is over, the acid classes over, It's just it was not something as sitting president should do whether Democrat or Republican, doesn't matter, right, But look
at this, there's a bit of politics happening here. Congressman introduces bill to stop politicians from issuing mean coins following Trump and Milennia launches. I don't have a problem with this, although it's coming from a Democrat, so of course he's trying to there's a bit of politics here, right, I'm gonna go against Trump, who's a Republican and all that.
But at the end of the day, Democrat or Republican, I don't believe any of these folks should be able to launch mean coins because you're in office.
Right.
The other factor is they say this, but then they don't stop Congress from owning stocks and all these things, right, They don't stop Nancy Pelosi.
So it's like, it.
Would be nice if you included that all members of Congress can't do these things, whether it be stocks or crypto.
Now it's not a matter of owning the stocks.
Is the trading, right, because you could hold some bitcoin and you're not trading it necessarily Pelosi's trading, right. So whether you're a Democrat or Republican or independent, whatever, they can't have that.
Man.
That is such blatant insider trading, right, it's crazy. So Representative Sam Lecardo, Democrat out of California, will introduce Thursday a bill that would block the President, members of Congress, and other senior officials, as well as their spouses and children from issuing or sponsoring securities or cryptocurrencies like meme coins, according to a draft bill seen by.
The Associated Press.
So now there's a video circulating where he talked about it on the House floor, and he had a poster where it's aid a rug pull and all these things. So once again a bit of politics here, Democrat going against the Republicans. But overall, both Democrats and Republicans should not be able to launch meme coins, and we need to stop the trading.
Aspect of it. It's not good.
So we'll see how this goes, and if Republicans join him in this, I don't know. But guys, nature is healing because we got news that Pump that Fun, which is the meme coin platform on Salona where a lot of these bullshit meme coins get started on is seeing rapid decline in graduating tokens as meme coin frenzy fizzles out.
I love it. I love it. I love it.
I love it because this thing was still a lot of liquidity from actual great all coins, and I think this correction, the silver lining to this correction is that these meme coins are bleeding out. I hope many of them die and the liquidity flows back to Bitcoin, and we continue to show as usual, bitcoin leads the market and then the liquidity and then flows to alls typically outperform Bitcoin, and maybe some meme coins will come back again.
But I'm hoping that you know, your quality coins like your x rp Etherorem, Solona, Cardono, Aptose and Avax and so forth, like projects that are building incredible stuff are getting real world adoption. Those do well. I think many of you will agree with me. Right, So great news here on the meme coin front. Now, Robinhood CEO Vlad Teneve sees tokenization as a means to unleash true power of the crypto revolution. We know Robin Hood is all
in on crypto now and they recently acquired bitstamp exchange. Now. I interviewed the CEO of bitstamp us this past week. I'll publish that interview on Monday, and we talked a bit about this, but robin Hood. They know this is the future and they're going all in in very smart move on their part. I interviewed robin Hood's head of crypto last year, Johann kerbat If pronounced his name right, and I'll try to get him back on. But guys, I'm seeing a lot of big moves from robin Hood
and they recognize the future is tokenization. Guys, I've been talking about the token economy for years, and all these big players recognize that. You know, earlier this week we talked about Citadel's securities. You know, they capitulated and they're going to launch services for the crypto market, and they've been vocal critics. Their CEO at least has been a
vocal critic of crypto for years. So the trading platform is also planning to offer more cryptocurrencies to its users, continue to invest in its non odeal wallet, and bring the Robinhood effect to the institutional crypto market via its bitstamp integration. Guys, I hope you see what's happening here. And people are very distracted by price and other things that are going on. And while these massive companies are building and investing and they have the long term view.
So they're not panicking, they're not panic selling and getting worried and fearful, and unfortunately, I guess this is the nature of markets, right, those who are educated and understand what's happening versus those who don't, and that's just how it goes.
Now, check this out.
T Mobile parent Deutsche Telecom joins Finance incubated Injective as a validator. So we've seen T Mobile in the parent company get involved with different crypto projects. Guys, they've been doing this for years. So Deutsche Telecom is running a validator on Injective, the high speed interoperable Layer one blockchain
incubated by Finance Labs. The major telecommunications firm has an increasingly large presence in the space as a validator for Polygon, Polka Dot, chain Link, Selo and Flow, as well as other crypto related business lines. Guys, why would a major telecommunications firm be getting involved in this? To some people, this is a fad, a scam, a ponzi, right, it's all fake stuff. It's all a scam. But you see why you have to do your own research. You see
why you need to educate yourself. These companies are not doing this for fun. They are looking to position themselves to not get disrupted. They see what's on the horizon, how things are changing. Just like companies in the nineties and in the early two thousand had to adopt to the internet. Where are we headed? Where are people going to shop? Where are people going to communicate? And do do their things online?
Right?
Adapt or die? If they don't, they will have their Blockbuster moment. Blockbuster failed to adapt to the internet. Netflix came to them, and a Blockbuster had the ability to acquire Netflix. Theyn't do it and the rest is history bankruptcy. Netflix now a dominant giant in how people get their content, stream movies and much more.
So.
That's why these companies are not playing around. They're getting involved and they're taking their positions, guys. Final news item crypto exchange bitmex seeks buyer, taps broad Haven Capital Partners to help with sale per report. So this is interesting. I've never used bit mechs. The firm employed the independent investment bank broad Haven Capital Partners to facilitate the sale.
Bitmex Is search for a buyer comes after a federal judge find a firm one hundred million dollars for violating the Bank.
Secrecy Act last month. So some of these legacy exchanges are still getting hit and dinged.
But it looks like they don't have the capital to you know, obviously come to compliance with this or paid that f fine and survive. But let's look at who may buy them out right, maybe other exchanges or some banks. We're seeing banks globally getting involved. So I'm very curious if some banks are gonna come in and say, we'll take care of it, give us all your technology, your customer base and all that, and uh, the bank's got the money to handle this. So this is interesting. You're
gonna see some consolidation, guys. As SAB one two one is repealed here in the United States and the fdi C is loosening restrictions, these banks can get involved. Just Wednesday, we talked about Bank of America's CEO saying they're gonna launch a staple coin. Right, They're gonna do much more than that, guys. They're gonna launch crypto trading and custody. They're gonna build different financial products. Don't be surprised if they launched their.
Own et apps.
So you're gonna see some of these bigger whales buy up crypto companies, and so we're startup crypto companies. So it makes sense. These are things that happen in different acid classes and industries. So guys, 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 in the podcast is by subscribing to my free email newsletter. It's one hundred percent free. It's
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