HUGE! JPMORGAN TOKENIZES ON SOLANA! MAJOR ISSUES ARISE FOR CRYPTO LEGISLATION!

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Get ready. The FED is going to start quantitative easing
tomorrow and JP Morgan launches a tokenized commercial paper on
the Salona blockchain. This is huge news and there may
be some hiccups and problems with the Clarity Act. I'll
give you the details and what's happening. Let's get into it. Hey, everybody,

(00:22):
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 let that subscribe button as well as
a thumbsup 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. Tomorrow,
December twelve, the FED will officially kick off quantitative easing,

(00:46):
so we're gonna look at what the impact is on
the market. Don't expect anything to happen on the charts tomorrow,
but rather it's the start of the money printing cycle
and we could start to see in the week's coming
the liquidity is starting to hit the markets and much
more so. We covered this in yesterday's podcast, and we
know they're going to buy forty billion dollars in treasury

(01:06):
bills over the next thirty days. So again it's the
start which is very positive and let's see what the
impact is. We're going to have to be very patient here,
but this is pretty historic. Remember the last time that
the Fed ended quantitative easing and went into quantitative tightening,
that was in November of twenty twenty one, and that
is when the bear market started. Now the opposite is

(01:29):
happening here. Although you have some people are saying the
market has topped out, I personally don't think it has.
But we are moving from quantitative tightening to quantitative easing,
more liquidity, which should be very great for risk assets. Now, folks,
look at this news. This is incredibly bullish. So coinbase
Institutional tweeted dot wall Street is putting the blockchain to
work in capital markets. Today, JP Morgan arranged a US

(01:52):
commercial paper issuance for Galaxy Digital on Salana, one of
the first debt securities issued on a public blockchain in
the US with tokenization USDC, stable con rails and custody
powered by coinbases crypto as a service platform. This is
incredible news on multiple fronts. First, huge capitulation by the

(02:15):
King of the Fiat world and that is JP Morgan.
We've seen their CEO, Jamie Diamond bash and criticized crypto
for years. Now they have fully capitulated. They tried to
create their own private blockchain, but no one wanted to
use that because it was another wall garden. Why would
I trust your centralized blockchain? Now JP Morgan is forced
to use public blockchains because that's where the liquidity is

(02:38):
and that's where a lot of the transactions and settlements
are happening, and where you have decentralization that folks can
trust what you're building. So this is incredible, folks, This
is a landmark moment and I hope you recognize the
significance of this. And we saw JP Morgan was doing
some trial and error testing with base, which is Coinbase's
etherorem layer two, and they've of course launch crypto trading

(03:01):
and much more. In addition, Coinbase, you know, their crypto
as a service platform is getting huge adoption. Just a
couple of days ago I reported about P and C
Bank launching bitcoin trading using coinbased as services, and we
know City Bank is also partnered with coinbase, so all
the major banks getting involved in crypto. More on rams
being established here more tokenization and use of the technology.

(03:24):
Very very bullish and on JP Morgan's website they put
out a full press release about it. So how things
have changed here Here's what the headline is on their website.
JP Morgan arranges landmark US commercial paper issuance on the
Solana public blockchain for Galaxy Digital Holdings. Incredible news, folks,
and as you all know, game theory will play out here.

(03:45):
No bank wants to get left behind. All the other
banks will follow suit. So incredibly bullish news. Now on
the topic of Coinbase and Solana, Coinbase will enable decentralized
exchange trading for all Solana tokens, no list things needed.
This is a smart move by Coinbase. They're going to
allow all those Solana based tokens right, whether it be
meme coins or whatever, to be launched inter decentralized exchange

(04:08):
trading wallet and platform. So that's not the centralized aspect
where it's more strict, you know, as far as listening,
So the decentralized exchange part makes sense. So this is amazing.
We are seeing incredible progress being made here. Now here's
some more details about this news. Andrew Allen coinbased protocol specialists.
He posted on x about this news and he said,

(04:30):
for issuers and builders, if your token has sufficient liquidity,
this means you can be accessible to millions of users
on Coinbase without getting listed. So they're doing a bit
of this with Base, so it makes sense for them
to do it with Solana. It's a very easy model
to just move over. And I think you know, Coinbase
recognizes that this success pump dot fun is having, so

(04:53):
they're building a version of that. Not necessarily that they're
targeting meme coins, but rather anybody that wants to build
on Solana, you can go ahead and do it, and
you have liquidity and you know they can trade on there.
So this is really really great news, folks, amazing stuff. Okay,
moving ahead, we got more big news out of the CFTC.
So they have announced today they are withdrawing the outdated

(05:13):
and overly complex guidance that penalizes the bitcoin and crypto industry.
So acting Chair Caroline fam continues to do an amazing job.
You know, yesterday we talked about them approving crypto and
as collateral for derivatives trading and much more so, huge
progress here and on the SEC front, SEC Chair Paul
Atkins tweeted out, our Crypto Task Force will host a

(05:36):
roundtable on Monday, December fifteenth, so that's next week on
policy matters related to financial surveillance and privacy. The event
will be in person and livestream on the SEC dot gov.
We hope you'll join us. So let's see what comes
out of this roundtable. Privacy is a big factor for
the industry. We've seen, you know, things like z cash
start to move. We saw a circle is building a

(05:59):
private version of USDC. They're stable coined, and you know
a lot of institutions they're looking to build privacy layers
because they don't want all their information out there in
the market. Of course, so this this should be a
pretty good roundtable. And the SEC has approved the DTCC
plan to tokenize stocks, bonds, and treasuries. So the tokenization

(06:21):
race is heating up here, folks. We've been talking about
it for years. The token economy, that's where we're headed to.
And we're going to see the markets, the governments, and
the economies all running on blockchain rails. So whether that
be for payments, transactions, all the assets will be on
the blockchain, folks. Now, this episode is brought to you
by v chain, which is one of the top Layer
one enterprise blockchains in the industry that's getting massive adoption.

(06:45):
Folks are tokenizing on v chain, They're building Web three
applications and much more so. They have five million plus users,
three hundred and fifty applications, build four hundred and eighty
six thousand weekly sustainable actions, and they have been around
since twenty fifteen. They're partner with Dana White and the UFC.
Dana White just this year said he bought a million
dollars in VET token and I'm a VET token holder,

(07:06):
I have been since twenty eighteen, so I'm very bullished
on this project. And they're working with a lot of
different brands and companies, folks like Boston Consulting Group, BMW, PwC, Walmart,
China and much more. Some of the great features of
the v chain blockchain includes it's scalable, secure, fast, compliant,
and purpose led. So again doing some amazing things. And

(07:28):
recently they went live with their Hyabusa upgrade and also
Stargate two point zero, so the steaking you can do
steaking via Stargate, So if you are a VET token holder,
this is something to check out. And they're making a
lot of progrests. I hope to have their CEO, Sonny
Lou back on the podcast again to talk about all
these great things. So they said, here delivering the full
staking experience. Stargate two point zero is fully integrated with

(07:50):
Hyabusa and unleashes a new era of tokenomics slash rewards
for v chain and the vet token. So this is
really great. So if you'd like to learn more about
Vacha and go to vchain dot org. Link will be
in the description. Now, folks, It's been a very busy
week for crypto legislation, especially around the Claritiac and even meetings.
So first up, Eleanor Tarrett reported it's a pack day

(08:12):
for crypto policies. Senators are expected to hold a bipartisan
meeting this morning and that actually happened this morning to
continue hashing out the market structure negotiations. This afternoon, representatives
from several leading industry firms will head to the White
House for a separate market structure meeting, according to an
email reviewed by Crypto in America, and later, CEOs from

(08:35):
Bank of America, City Well Spargo will meet with senators
to discuss curbing interest payments by affiliates of stable coin issuers,
along with other outstanding issues. So the banks, we've been
talking about it for a while, are trying to kill
certain aspects of crypto. Right. We saw Citadel Security send
a letter to the SEC about DFI. We know the
banks don't like that you're earning higher interest and yield

(08:58):
on your stable coins on crypt platforms than they're giving
you in their savings and checking account. Right. We know
for years the banks have been taking a lot of
that money and giving you nothing, right, zero point zero
one or some whatever garbage. Right, it's nonsense. So we
got to fight here. So let's see how the pro
crypto senators and members of Congress handle this, because the
banks are trying to lobby hard, really really hard, but

(09:21):
they've lost the fight. Now there is some controversy around
the claritiac because there's a version that's floating out there
that people don't like, and rightfully so, because we know
Elizabeth Warren and some of these Democrats who are being
lobbied by the banks are trying to, you know, throw
some monkey wrenches in there and change up the language. Here.
James Murphy aka Metal law Man, who have had on

(09:42):
the podcast many times. Says, too many people in crypto
have the mindset of I don't care what the rules
are for crypto. I just want a set of clear
rules adopted and I will follow them, he says, warning
the draft market structure bills circulating in Congress right now
all import the very worst aspects of the Bank Secrecy
Act into the crypto ecosystem. If we don't fight for

(10:04):
our privacy rights now, they will never be reclaimed. SEC
Commissioner Hester person has been warning the crypto communities starting
about two years ago not to trade away our privacy
rights in order to get crypto legislation enacted as usual.
Hester was right, and that is exactly what is about
to happen if the crypto community does not speak up
and object now. So some people have been tweeting out things. However,

(10:27):
Patrick Witt, who took over Bohine's job as the White
House Crypto Advisor, working with David Sachs, he called out
some of these things. That the language in these bills
is in the progress of being addressed, he says, replying
to Paul Barron here who tweeted out about this well.
Paul said the following the market structure bill circulating in
the Senate isn't regulatory clarity. It's the ultimate rug pull.

(10:50):
He talked about Elizabeth Warren's language being inserted and that
Senator Tim Scott and Lummis are effectively handing the future
over to her to put these nonsense things in there,
but Patrick Witt said this is entirely false. The White House,
Senator Tim Scott and Senator Lummis are in lockstep on
the knee to protect software developers and DeFi the message

(11:11):
which conveyed to the Senate Democrats on the Hill this
morning and again at the White House with the industry
this afternoon. So we got to watch this very carefully,
right because again the banks are lobbying Elizabeth Warren, even
though she's not as vocal, she's working behind the scenes.
And again this goes back to the gainst their days.
She was the one doing it. Wasn't Biden. Biden. You
can't say Biden was you know, this old man not

(11:34):
making not doing things autopen. But yet he's leading the
charge against crypt I keep telling you, guys, I spoke
to many people in DC. Elizabeth Warren had that top
financial services seat. Yes, Biden gave it to her. But
Biden wasn't waking up saying, hey, go attack Crypto. It
was Elizabeth Warren getting her paychecks from those banks. And
then you know, same thing with Gary against her dog

(11:54):
on the leash, and they were doing all the nonsense
right on lawful activities and much more so, she's not stopping.
Remember she's getting those paychecks and those banks, folks. So
we got to see what happens here and keep a
close eye make sure the right things are done. I
do have confidence in Patrick, I should say, Patrick Witt,
and David Sachs, Senator Tim Scott, and Senator Lummus that

(12:17):
they can get this done. And look, the industry is
getting ready for the midterm election. So anybody who tries to,
you know, run alongside Elizabeth Warren they're going to get
their asses handed to them again because the money will
be spent. But again, we got to be vigilant here
and see how this plays out. Now there's some more
controversy around another bill, the CBDC ban. So GOP hardliners

(12:39):
vexed as Defense bill advances with help the CBDC ban.
So this CBDC band was supposed to go in this bill.
So that's not good. A group of Republicans has called
fouled after the US House passed a massive defense spending
bill on Wednesday that omitted a ban on central bank
digital currencies, despite promises it would be included. Conservatives were

(13:02):
promised explicitly that strong anti CBDC language would be included
in the National Defense Authorization Act. That promise was broken,
GOP representative Keith shelf wrote on X on Wednesday, So
that's not good. The House voted three hundred and twelve
to one hundred and twelve to pass the National Devents

(13:24):
Act on Wednesday, sending nine hundred billion dollars annual military
funding bill to the Senate in a bid to have
it passed before the end of the year. So I'm
not sure what's going to happen here. Maybe they can
get it back in the or they can put it
in the market tructure build. I don't know, but he'd see, guys, well,
we have to be vigilant. We have to be vigilant

(13:45):
because this CBDC band is supposed to get pushed through.
I remember interviewing Congressman Tom Emmer about this, right, So
I'm not blaming him, but just it can't just be him,
it has to be collectively they do this. So a
lot of drama here, folks, And I'm going to try
to get some folks from DC on the pod to
talk about all this and what the hell is happening. Okay,

(14:07):
another interesting bill that was introduced. Senator Jerry Moran has
introduced a bill to establish a Task Force for Recognizing
and averting cryptocurrency scams. So this is great. I think
we have to have the guardrails in place because you
can have legislation and clarity, but if you don't have
people dedicated to stopping bad actors, like for every industry,

(14:28):
then you know the bad actors are going to continue
doing your thing. And sure some of the litigation may
mitigate some of these things, but I think you need
a dedicated task force like what they're trying to establish here.
So this will be really good. Now look at this, folks.
Trust Wallet taps Revolute for crypto purchases in Europe, so
again the on and off ram is being established globally

(14:48):
for more capital to come into this market. Trust Wallet
the self custodial crypto wallet owned by Binance co founder
Chang Peng Zau or cz has partnered with European fintech
Unicorn and digital banking giant Revolute to introduce a new
way to purchase crypto assets on its platform. So trust
Wallet users can now buy bitcoin, ether, Solana with Revelue

(15:09):
through a direct integration, the company said on Thursday, with
a minimum purchase starting at ten euros or twelve dollars
and capped at twenty three thousand euros or twenty six
nine fifty dollars daily and per transaction. Trust Wallet's new
buy option is expected to provide a faster and easy
way to access crypto from Europe. In October, Revolute score

(15:31):
regulatory approval from the Cypersecurities and Exchange Commission to offer
crypto services across thirty European Economic Area markets in compliance
with the Europeans' Markets in Crypto Assets Regulations or MICA Framework. So, folks, again,
auto m's being set up across the globe. This is
what you want to see as an investor, and more adoption,

(15:53):
more capital coming in, more building and much more moving ahead.
Bhutan goes for gold and now says sovereign backed RWA token.
We know Bhutan is very bullish on crypto. They're mining crypto,
they're buying crypto. They're doing a lot, and it looks
like they're getting into the tokenized gold game here or
a token backed by a gold so man I can't pronounce.

(16:17):
Is Jeleeffu Mindfulness City GMC, a Special Administrative Zone of
Bhutan and aunced on Wednesday that it is launching a
sovereign gold backed digital token called ter Teer. The physical
gold deposits will be custodied by dk Bank, a digital
asset bank regulated by the Government of Bhutan and issued

(16:37):
on the Solana blockchain network against Solana. Again, right, we
saw JP Morgan is building on Solana, So I'm a
sol token holder. This is why it's important to diversify, folks.
So matrix DOC, a real world asset tokenization platform, is
the technology partner responsible for tokenizing the real world asset
on the blockchain. So, folks, it's what I've been saying

(16:59):
again and again. Right, all these assets are going unchain
the token economy, all of it running on blockchain rails.
So I hope you see the direction of puck is
heading here, and you have a macro view and your
patient about the market, and here's some news around this,
say crypto blockchain. I don't hold say in my portfolio,
but z me if I'm saying that right or Eami

(17:22):
to pre install say crypto wallet on millions of phones
in global rollout. So I never heard of this. So
Say Labs, the core development group behind is Say blockchain,
has reached a distribution deal with against Ziami or Eami
to pre install a new crypto wallet and discovery app
on all of their smartphones sold outside mainland China and

(17:43):
the US. So I guess this is some mainland China phone.
I've never heard of it. By the way, apologies if
some of you know about it, I don't. According to
Thursday's announcement, the Apple Let users sign in with their
existing Google or Zami IDs and will will feature a
multi party computation waller for security, access to popular crypto applications,

(18:06):
and support for both peer to peer merchant payments. Guys,
look at what's being built here. We know Samsung and
is doing their thing with crypto. It already has a
wallet built in, so I'm just blown away at the
infrastructure that's being set up here now. State Street, Galaxy,
and Ondo joined tokenized cash race with twenty four to

(18:28):
seven sweep fund so big names here and ONO is
a part of it. Many of you know. I'm a
Onto token holder. I most recently interviewed Nathan Allman at
chain Link smart Con, so we talked about Ondo. Just
I think was it this week or last week the
SEC dropped their investigation into Onto. You know that was
a legacy investigation from the Gary Ginster days. So State

(18:49):
Street Investment Management and Galaxy Asset Management are joining forces
with Onto Finance on a tokenized liquidity fund that will
push cash sweep balances directly onto public blockchains, creating a
potential source of twenty four to seven on chain liquidity.
The planned State Street Galaxy on Chain Liquidity sweet Fund
or SWEEP, is designed to take in and pay out

(19:12):
paypals pyus, the stable coin for accredited investors. The company
said on Tuesday. Ontoicks expected to see the fund with
two hundred million dollars, tying a major tokenized real world
asset issuer directly into State Streets tokenization stack. The fund
will be powered by Galaxy Digital Infrastructure, while State Street
Bank and Trust Company, an affiliate of State Street Investment Management,

(19:35):
will act as custodian. SWEEP is set to launch on
Salana in early twenty twenty six, man with rollouts on
other networks including Stellar Ethereum to follow using chain links,
crosschain interoperability protocol. Folks, all of these tokens here I hold,
and it's not because I just simply threw a dart

(19:57):
at the board. I looked at what they're liquidity ones,
their tokenomics and the adoption, right, that's so important. So
that's why I have Soul in my portfolio. I have
some Excelm not as big as my other holdings Etherorem
I have in my portfolio, and of course chain like
many of eve, you know, I'm bullish on this project
because every other blockchain and trii FI companies using chain links, connectivity,

(20:18):
their bridges, they're oracles and much more so, they are
building an incredible technology that can be used by everyone
in the crypto industry. So this is bullish news on
multiple fronts. I hope you guys see what's happening here.
I'm not making this up. It's not my feelings or emotions,
is the fact. So again, the reason I'm saying that
you're going to see a lot of comments feel a
Salona sucks and this sucks, and it's like bro Are

(20:41):
you here to make money or for a religion? Right,
So look at the adoption that's happening. So just make
sure you do your research and take your bets and
don't be emotional about these tokens. Just look for the
adoption like this. Finally, you AE Telco giant E and
if I'm saying that right, taps Durham stable coin for
bill payments pilot. So the United Arab Emirates, a telecom

(21:04):
giant e end, is reportedly preparing to test whether regulated
stable coins can support mainstream consumer payments, having signed a
memorandum of understanding with Al Maria Community Bank to explore
the use of a Durham pegged stable coin across as
digital channels. Man, look at what is being built here, guys,

(21:25):
and it's again happening across the globe. So, according to
a Golf News report, executives framed the collaboration as part
of the UAES push toward regulated digital finance. Hattem dawidar
e and Group CEO said, the stable coin enables instant settlement,
complete transparency and friction less access. They're starting to wake up,

(21:48):
they're starting to get it. They're getting educated. The stuff
we've been talking about on this podcast for years. Guys.
Come on, I've been here since twenty sixteen. I started
to pod late twenty seventeen talking about it and how
everything will go on the blockchain because it's just the
next layer on top of the Internet, eliminates a lot
of the middleman. It runs twenty four to seven instant settlement, transparency,

(22:13):
you don't have to wait days for the transaction, and
you have a network a consensus of validators saying this
is the exact transaction, this is what's happening. It's real time,
so there's no confusion, there's no ambiguity. And all the
banks and all the financial institutions and stock exchanges and governments,
they are all getting on board, folks. It's inevitable. They

(22:34):
got to get on this train or they're gonna be
left in the old world. The things are changing and
we're headed to a more digital world, folks. And you know,
I've often said many times, any country that bands cryptos
are writing their economic death sentence because this technology is
game changing. It's it's incredible what's happening. So folks, you know,
if you know somebody who's a skeptic of blockchain or

(22:56):
crypto who's on the fence. Send us news to them, right,
let them go research and get educated about what's happening
and what's being built by different folks around the globe.
Folks you wouldn't even think would be participating, but they
are right. Countries that sometimes you think they're a little
bit outdated, if you want to put it that way.
No offense to anybody, but you know that maybe they

(23:17):
don't have the infrastructure, but they're looking at blockchains and
cryptoid stable coins. And that's because even if they don't
have the best cars or the best you know, roads
or whatever it may be, guess what the people have smartphones, right,
That is one thing a lot of people have now,
and they're connected on the internet, and that infrastructure and

(23:38):
is enabled, and that's all you need to participate and
move the money. And in fact, you know it's not
necessarily they are going to have a crypto wallet, but
the banks or of services they use already will be
using blockchain and stable coins behind the scenes, and many
of them won't even know. So I hope you see
what is taking place here, folks. It's incredible, folks, that's

(24:01):
the news. Let me know what you think. Leave your
thoughts in comments below, hit the thumbs up button, hit
the subscribe button. If you haven't as yet, be sure
to subscribe to my free email newsletter. It is one
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and the link will be in a description. It's on substack.
Also check out my book on Amazon, it's available in
paperback and digital, and my course at Mycrypto course dot com. Folks. Folks,

(24:23):
if you want to expand your knowledge about crypto, knowledge
is power, this is the course for you. It is
packed with tons of value, lifetime access you can share
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want go at your on pace. You can view the
full curriculum on the website. It's at Mycrypto course dot com.
Check it out, folks. Links will be in a description.
Thank you so much for tuning in, everybody. I appreciate

(24:44):
you all and I'll talk to you all later

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