¶ Intro
The SEC launches Project Crypto, which is very bullish for the market, as chairman Paul Atkins says, crypto assets are not securities. I'll give you all the details there. And Jamie Diamond JP Morgan CEO has capitulated, saying he loves stable coins and blockchain and Visa is integrating more blockchains than stable coins. This is big. I'll give you all the details. Let's get into it. Hey, everybody, welcome into the Thinking Crypto Podcasts. You're 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 comment below. If you're listening on a podcast platform such as Spotify or Apple, please leave a five star rating and review. Folks. Right now bitcoin
¶ Bitcoin pullback
is correcting. It is once again indy one hundred and fifteen thousand dollars price range. And it's what we've been talking about. We could see the additional pullback before the pump to new highs, which I believe is going to happen in August. And what I've been saying, you know, I should have followed my gut with the RSI because the RSI was in the overbod zone, and I kept
thinking maybe we bounced them there. But the RSI is playing out perfectly to a t. You're in the overbought That means you got to pull back, have a correction, and then get to the near over soul zone. It doesn't mean it has to go through the over soul zone. For example, the rally in late May into June where Bitcoin went to a new high of one hundred and twelve thousand, it hit the overbod zone, pullback, and then we consolidated and then it broke out to new highs
of one hundred and twenty three thousand dollars. So the same thing is playing out on the charts. Guys. The chart is showing everything here. And as we've been highlighting, we also have all coins in the overbod zone like XRP and e Theorem, which really rallied very strong, and they're seeing their pullback. So once again we don't have to go through the over soul zone. I think we can have a pullback and then bounce, but let's see
what happens. But over four hundred million dollars liquidated in the crypto market over the past four hours, so it business as usual, right. Market cycles from oversould to overbought, to oversold to overbought. This is just how it's playing out. From the higher timeframe of the weekly chart, Bitcoin still on track. Nothing bearish here, the bulls are still in control.
From the weekly macd it's still in the green, so I expect us to keep going higher in August unless there's some black swan event, right that can change everything. In addition to stock market is over sold, it is also pulling back, so we're seeing overall the markets were overheated, the RSI showing us that and we're pulling back here. And then the inverse correlation to this is the dollar.
The DXY is pumping right now. But one thing to note on the DXY, it is approaching the overbought zone on its respective RSI, so you see the inverse correlation here. So just give it time, folks. Maybe another week or so we bottom out and then we start moving maybe a week and a half. Right, We'll just have to be patient and let the market do its thing. But
the macro thesis is still and play. Global liquidity continues to rise and bitcoin and risk assets have been following, so be patient there, folks, This may be a time not to look at the price because it's going to keep going down until it hits the support level and then bounce. So these additional CME gaps, I think below one hundred and fifteen, it looks like they're going to
get filled. And that's fine, right, all of those things getting filled, the market cooling down, sentiment resetting, and then we keep going. But nevertheless, we got some very bullish news.
¶ SEC Paul Atkins Project Crypto
Look at this SEC chair Paul Atkins, most crypto assets are not securities. They released a bowl new vision called Project Crypto, so this is amazing. SEC Chairman Paul Atkins announced Project Crypto to modernize securities rules for crypto assets. The initiative aims to create clear guidelines for crypto acid distributions, custody, and trading. Atkins emphasize that most crypto assets are not securities, challenging previous SEC views. I know, Gary Gainster's punching air
right now, looking like a clown, right. Eleanor Terrett gave some more details. It looks like she was there actually, And under the new Project Crypto, the SEC will draft new rules for crypto asset distributions icos air drops and much more, clarify when tokens our securities versus commodities developed tailored disclosures in safe harbors. So one of the things I was mentioning to you guys, why I think the SEC has been delaying the et aps and the spot ets for SALON and XRP is they need to have
some sort of clarity out there. They haven't defined a lot of things. And I thought it was going to be the Clarity Act, the Market Structure Bill that was going to be the issue, or it was the issue, But it seems like the SEC wants to get their own set of rules out and I'm sure that's going to dovetail with the Market Structure Bill. So this is our answer. You know, why have we not seen approval? Why the delays and the index ets which included SOLON
and XRP and much more. Here's the answer. So AT can confirmed support for tokenization of stocks, bonds, and other assets and promise relief for firms seeking to issue tokenized securities in the United States. The speech also hit back at prior SEC actions, including Operation Choke point two point zero and SAB one two one, which he named as barriers that drove crypto offshore, and of course Gary Ginster was behind UH and Elizabeth Warren was behind all these things.
Atkins emphasized the right to self custody while also pledging revised rules for registered custodians to handle crypto assets. He also proposed a super app regulatory framework to allow a single platform to offer crypto plus securities, trading, staking, lending, and more, all done under one roof without needing dozens of overlapping licenses from multiple regulators. Wow, this is amazing,
This is very bullish. Clarity is so important for more capital to come in, for people to build, and to allow us asset class to grow in the valuations and the prices and much more. DeFi and on chain software got special attention to. Atkins wants to distinguish code publishers from intermediaries and create regulatory space for both decentralized and
centralized models. Love it and Innovation Exemption is also in the works, which is meant to let startups launch quickly with flexible compliance conditions as long as they prioritize investor protection. That's really great too. Has the person had suggested that the sandbox come in and develop and play, just register with us, and we're not going to bother you. Just make sure you're following the law and not doing harm to investors. Right. Atkins made it clear the SEC will
no longer regulate crypto through enforcement alone. He called the moment a generational opportunity to bring crypto back on shore. I love it. This is progress, this is transparency, This is what we need for this market to continue to grow. So this is very, very bullish.
Now.
One of the things he said with regards to organization is that many Wall Street and Silicon Valley companies are lined up at our doors with requests to tokenize. Tokenization is the future of markets, as Blarry Fink, Black Rock CEO said, And they're looking to put all traditional assets on the blockchain, folks, and the SEC is looking to accommodate from that front. And it's amazing. It's amazing what's happening.
A complete one eighty at the SEC. So it looks like we're going to have these things in place, and then the SEC is going to approve all those ETFs and much more, and just just an amazing time to
be in this market, folks. So bullish, and as I've been saying, I'm not only looking to take profitces in this bullmarket, but in future bullmarkets, because there's going to be a building phase and it usually happens in a bear market, and folks are really going to hit the ground running because these things are now coming into fruition, so there's going to be a time for it to be digested and put into action, and no one's going to be able to build what they're looking to build overnight.
It's going to take you know, certainly years and things like that, but having it in place is very bullish in the market now, folks. Quick word from our sponsor and that is I Trust Capital. They allow you to safely invest in crypto. Not only safely invest, but also custody your crypto with a bank setup. They use Coinbasis Prime institutional custody service and I Trust Capital allows you to set up a self directed IRA where you can
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¶ Jamie Dimon Stablecoins & Blockchain
this is bullish and just so significant. Jamie Diamond, CEO of JP Morgan, has fully capitulated. Just yesterday we talked about JP Morgan partnering with Coinbase to help onboard users into crypto. We know that JP Morgan recently tokenized some deposit tokens and things on base, which is the Ethereum layer two control by Coinbase, and they're doing all types of things. They're exploring crypto lending and much more. Despite what Jamie has been saying for years, saying crypto and
bitcoins a scam. I'll fire anyone who touches this stuff. It's a ponzi. You'll lose your money. He said, almost every negative phrase or were about crypto under the sun over the years. But he's bending the knee. He has to bend the knee and kiss the ring because crypto is here to stay. And here's an interview he did with the folks at CNBC talking about the partnership. Let me play the.
Clip for you, merging. We've seen lately emerging of kind of crypto and JP Morgan and traditional finance in recent months, whether it's the coinbased partnership that you announced yesterday where Chase customers can use credit cards to fund coinbase accounts, or Investor Day where you said clients can can buy bitcoin although you cautioned against it, or the stable coin like token jp MD. How prevalent do you see crypto in traditional finance and do you foresee risks as these
two worlds do become more intertwined.
Yeah, Well, first all, there's never been a new financial product that didn't tel risks, so that obviously is gonna be risks, and they haven't written all the laws yet, like you know, think of the think of the rules around it, like you know AML and BSA and KYC and disclosures, and you know, when they say stable coin, which we're going to have, I'm not against stable coins
like a mutual fund. Mutual funds have rules. Well, the rules is going to be around stable coins, and I think there are really So I'm a believer stable coin, a believer in blockchain, not personally a believer in bitcoin itself. But you're the customer.
You know.
I don't like to tell customers what they can and can't do with their money. That is a whole different issue for us, and so we're going to accommodate those things. You mentioned that we did a deal with coin base, so you can now move money from Chase to coin Base. We're gonna make it easier for people. They've agreed how to use their APIs, which we think is a good thing. So you know, we'll be in it, and we'll see it's a little bit of a solution looking for a problem.
Because if I'm going to send you we already have the jpmor and coin. We already moved money twenty four to seven. We moved ten tillion dollars a day quite effectively, efficiently, safely, with all the cyber protection and stuff like that. But if I'm going to send you a stable coin, you're gonna say to me one point, well, I don't want your mutual fund. Just send me cash and they'll invest the what I want. But there are things that stable coins maybe can do that you know, traditional cash can't,
like is programmable. I might be a saying that stable coin, then you can send it to ten different vendors you want to pay in a regular basis or something like that. So we'll be in it and we'll use it. And again if the customers want to use it and how they use it and it's used properly, will be doing it. It's what the customer wants, it's not what JP Morgan personally wants.
Sounds like that's the case both private credit and crypto.
There you have it, folks, very different tone right, not as aggressive, don't talk about it, says fraud, it's a scam. No, yeah, we'll use it. You know what customers want, We're going to use it and you know you can use jpm coin as well, right, But this is the game, folks. You know, if you've been a follower of this podcast for years, we've shown the cards that Jamie's been playing. He's been doing the smoke and mirrors move telling you it's all a scam while his bank has been building.
Going back to twenty eighteen, they launched jpm coin, but it was on a private permission chain and no one was going to use that. It's a wall garden. But what we saw is that public blockchains is the way public stable coins that are out there in the open market. And now JP Morgan's capitulating and they're going to support crypto in different ways, partner with coinbase. So folks, this should make you happy. They should put a smile in your face. The king of the Fiat Empire capitulating, bending
the knee. It's amazing. And many of you front ran Jamie Diamond and these banks because they couldn't touch it. Legislation didn't allow him to do so. And as I've been saying, he and the banking industry lobbied Elizabeth Warn and Gary Genser to go after unlawfully in many ways, the crypto industry. That was what was going on. Elizabeth Warren as an old grandma, and Gary Genser, who loved the crypto when he was teaching it at MIT, didn't all of a sudden, you know, a turn on crypto
and were super angry and wanted to destroy it. That didn't come from them. That came from the orders, came down from the top and from Jamie and much more. Folks. I've heard about this in DC, I've spoken to people off the record and much more so. It's an amazing day. I hope you see what's happening here. This is like the final boss capitulating here. And despite him still not you know, he's not going to come out and say
this is the greatest thing ever since slice bread. He's going to say, yeah, we're going to use it, you know, yeah, you know, blah blah blah. But it's a very different tone from what we've seen over the years. So incredible, incredible stuff here now, folks. Speaking of capitulation, Visa expands
¶ Visa Stablecoins
stable coin offerings amid rising competition from institutions, So the banks, the stock markets, at credit card companies, at payment companies, they're all bending the knee, adopting crypto, offering it from a trading standpoint, custody, they're tokenizing, they're including stable coins, launching their own stable coins. So payment company Visa expanded stable coin offerings on its settlement platform by adding support for the Global Dollar USDG. That's the consortium guys, that
includes Robin Hood and a bunch of other companies. They also added support for paypals PYUSD and euro Coin eu RC and two new blockchain networks, so Stellar Lumens and Avalanche, which the native token is avax. Very bullish, this is a credit card company. Do you see what's happening? And folks. Earlier today I published my interview with MasterCards executive vice president of crypto and blockchain, and if you want to get an idea of the thought process and the methodology
and what they're thinking, watch this interview. Folks. It's not for the views, it's for the education. This is the executive vice president of blockchaining crypto at MasterCard, visas competitor obviously, and they're all building. They're all building with this technology and adopting it in different ways. So check out ot interview and folks, it's what we've been talking about for years, they will all capitulate, they will all get in. I mean,
just look at what's happening. Again, if you're not bullish, I don't know what you're looking at. Maybe you're too caught up in the price and the momentary pullbacks and so forth. You don't see the broader market. You don't understand the s curve adoption and how the infrastructure needs to be built by some of these legacy firms to onboard more users, and that drives the valuation of the blockchain networks up as there's more utility on them, and of course their native tokens will go up in value
as well. So this is incredible adoption news. Now look
¶ Coinbase BTC, Tokenized stocks & DEX
at this. Coinbase increases is Bitcoin holdings, plans tokenized stocks in US, so the tokenization wars are heating up here in addition to the stable coin wars. So Coinbase added two five hundred and nine bitcoin in Q two and it says it's buying more, so they're essentially holding this
on their balance sheet. They also plan to launch tokenized US stocks and prediction markets soon, so of course on the tokenied stock side, they're going to be competing with Kraken and Robinhood and many others, and they're launching prediction markets, which is going to compete with polymarkets. So it's incredible what's happening. And I think Coinbase they know that competition's heating up, so they are ramping up and it's beautiful
to see. It's amazing to watch all these firms in this race, you know, trying to get as much market share as possible, and that's very bullish for us who are holding the tokens because they're building on blockchain rails. Now. They had their earnings call and their earnings were amazing.
It was over a billion dollars in revenue. But some of the other things that Brian Armstrong's CE of Coinbase mentioned that they're going to do a decentralized exchange integration inside the Coinbase app, so offering that decentralized exchange aspect, which is really great. I love that. I love that
they're doing that. One of the coinbase folks highlighted that that means millions of tokens, no more waiting on list things, every Base project, instantly tradeable fully on chain access for everyone. So this is a great move by Coinbase. I really like what they're doing here and man, so bullish, guys, so bullish. Wait till the market starts pricing all of this in. You know, once we come out of this corrective phase, I guys that we're going to pullback from
the overbought zone. You know, are going to get really euphoric because all these news items are going to culminate to higher prices. Final item here, guys, Today I interviewed Robin Hood's CEO, vlat Tenev. We did an in person interview at my studio in New York City and it was a great one. We talk about all of Robinhood's crypto initiatives and the future of markets and what stable coins and blockchain and crypto all, how does that all fit into what's coming. So, folks, that interview is going
to be published on Monday. You don't want to miss it, so make sure you got the notification bell enable your subscribe. I know most of you don't really watch interviews, but these are interviews that are packed with a lot of knowledge and help you understand the markets better. So check them out, folks. It's knowledge is power, right, So definitely definitely be sure you watch the MasterCard interview and as well as this one. That's coming up on Monday, Folks.
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