SEC GIVES LIQUID STAKING GUIDANCE SIGNALING STAKING IN ETHEREUM ETFS SOON!

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:05):
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 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.
We've got some huge news from the SEC today. They

(00:26):
issued a statement highlighting that certain liquid steaking tokens and
activities are not securities. So we continue to get additional
clarity from the SEC and this could bode very well
for the staking approval and the Etherorem's botdytfs as well
as the old coin ETF approvals because you're getting, you know,
the activities around these tokens, you're getting clarity around them.

(00:48):
So the SEC put out a full write up on
their website and they said liquid steak and refers to
the process of steaking crypto assets through a software protocol
or service provider and receiving a liquid steaking receipt token
to evidence the stakers ownership for these staked crypto assets
and any rewards that accrue to them. The statement clarifies

(01:08):
the Division's view that, depending on the facts and circumstances,
the liquid staking activities covered in this statement do not
involve the offer and sale of securities within the meaning
of the Section two A one of the Securities Act
of nineteen thirty three or the Section three A ten
of the Securities Act of nineteen thirty four. So really

(01:29):
great stuff here, folks. We sold Last week, Chair Paul
Atkins announced Project Crypto, where they would be providing guidance.
So it seems like we're about to get a lot
of guidance from the sec back to back, and one
of the things the market is waiting for is approval
of staking and ETHEREOMYTFS, and I've been on record saying
that's going to bring a lot of inflows into ETH

(01:50):
because Wall Street is always looking for yield and Ethereum
has the natural staking built into its protocol, So that
would be really huge for the Etherum's BODYTF in a
to a Salona SPOTTYTF because that's also proof of steak,
so any proof of steak blockchain will benefit significantly. So
this is really great clarity. Nature Raci, who's an ETF expert.

(02:10):
I interviewed him today actually and I'll be publishing that
interview tomorrow, so you don't want to miss it. We
talk about when he thinks Blackrock will file for the
XRP and Salona SPOTTF and much more. You don't want
to miss that, so make sure you got the notification
bell enabled. So he said, SEC says certain liquid steaking
tokens are not securities. He says, I think last hurdle
in order for the SEC to approve staking in the

(02:33):
spot ether ETFs the reason liquid staking tokens will be
used to help manage liquidity within spot ETFs, something that
was a concern for the SEC. So, folks, we could
see the approval of staking in spot ether ETFs this
month and they could align with the rally. I've been
telling you guys that I believe the charts are showing

(02:55):
us that we are headed to the over soul zone.
We're going to build support levels and bounce from there,
and I think we're going to see new highs for Bitcoin, Eve,
x RP and all the all coins. So this could
be a narrative, a huge one, right, and we could
see it happen, folks. In addition to other clarity we
may get from the SEC once again after Paul Atkins

(03:15):
speech last week talking about the launch of Project Crypto. So, folks,
great move from the SEC here, really awesome that we're
seeing this update and we want to see more. I'm
hoping we see more of this week, next week, and
later this month as well. So this is really big now.
Eleanor Turrett gave some additional details regarding this for the

(03:36):
SEC putting out this guidance. She said it follows a
letter last week from the industry players like gto Labs,
bit Wise, multi Coin, cab, Vanak, and Solana Institute urging
the agency to permit the use of liquid staking tokens
and propose Solana exchange traded products. So this has implications
once again for multiple proof of steak blockchains. So incredible stuff.

(03:59):
And like I said, man, when these staking gets added
to the Etherorem's body taps, the inflows are going to surge.
We're going to see a lot of money come in
to ETH. Many of you know I'm an ETH holder,
and I believe that the market needs to see ETH
rally because a lot of all coins are built on Etherorem,
so we need liquidy to hit that ecosystem and it

(04:19):
will really help a lot of all coins in the market. Now, folks,
an update here from Franklin Templeton, which is a Wall
Street giant building with crypto. They've launched their own ETFs.
They're doing tokenization and much more. They've got trillions of
dollars of assets under management. Well, today they said that
Franklin Templeton is pleased to share that the Benji token,
that's their tokenized money market fund token, represents shares of

(04:41):
the Franklin on chain US Government money Fund is now
being used as base collateral in structured yield strategies developed
by bounce Bits. This marks one of the first implementations
of a regulated fund operating with on chain financial infrastructure
bb Prime. Ounce biz platform will serve as a bridge

(05:02):
connecting institutional fixed income with automated crypto execution. The platform
supports regulated custody, smart contract based capital allocation, and automated
execution of strategies. Folks, look at the financialization of these
tokenized assets that are happening, and if you look at
where Franklin Templeton is tokenizing this one, it's on multiple blockchains,

(05:26):
etherorem Solana, Stellar, Lumens, and much more so. They're using
the blockchains that you have, many of you hold the
tokens for so we've often talked about Metcal's law and
reads law and the network effects. The more builders on
a blockchain or a network, the more valuable becomes, the
more valuable it's native token becomes. So all of this
is very good for the markets. And the more building,

(05:49):
the more participants, the more transactions, the more fees. All
of that will drive higher prices. So incredible, incredible news here, folks.
Quere credit from our sponsor, and that is I Trust Capital.
I Trust Capital allows you to set up a self
directed IRA to invest in cryptocurrencies and they offer eighty
plus crypto assets. Now, this is a great option because

(06:10):
it gives you huge tax benefits. You could roll over
your four to one K, your existing IRA to I
Trust Capital and again tax benefits. Right, that's so important
because you know when you sell your crypto assets you
get hit with huge capital gains and much more. You
can avoid some of that, you know, with I Trust
Capital and their IRA account. But they also offer a

(06:32):
premium custody account. This, in my opinion, is the second
safest option behind self custody and a hardware wallet to
custody your crypto assets because they are using bank tier
custody solutions. In fact, they use coinbase Primes institutional custody service,
which black Rock and all these big institutions use, so

(06:52):
you can store your crypto here as well, so you
have multiple options. Folks, this is really great and I
have an account with them, and of course, once again,
huge tax advantages. You can buy in cell Crypto twenty
four to seven. There's low costs, no monthly fee, and
they have a variety of tokens on the platform. And folks,
if you sign up with my link, you can get
one hundred dollars funding bonus and opening your account. So

(07:15):
check them out. Link will be in a description and
once again this is a great alternative, gives you tax
savings and a great custody solution as well, so visit
the link in the description to learn more. Now, folks,
look at this. It's so fascinating. It seems very simple.
But go to white House dot gov slash crypto. How
things have changed. There is a page on the White

(07:38):
House's website specific to crypto. That's amazing. It's kind of surreal.
You almost have to pinch yourself like it's just real
and it's just amazing, amazing how things have changed. I
once again, very simple, but it's a page dedicated to
highlighting the recent report from the White House Digital Asset

(07:58):
Working Group and just awesome stuff here, guys, amazing amazing stuff.
How things have changed. All right? Moving ahead now, coinbase,
their ethereum layer two called Base, had an outage. That's
not good, so Basse blames the faulty sequencer for thirty
three minute outage. Fixes made. Now we're still early where

(08:19):
you're going to have some bugs, and you know, I've
often said that version one point zero of anything, it's
going to have bugs. It's not going to be perfect,
and further iteration is needed. So it wasn't a large outage,
but obviously Base, the folks at cointas they don't want
to have this happening over and over, especially as they
have institutions now building on Base along with retails. So
let me give you some details. Coinbas is ethereum layer

(08:42):
two blockchain Base stopped producing blocks for thirty three minutes
on Tuesday after switching to a backup sequencer that wasn't
set properly to process transactions. The incident began at six
seven am UTC when the active sequencers started falling behind
on block production, prompting Conductor Basis system for managing sequencer

(09:03):
availability and reliability to switch sequencers. However, its switched to
an unhealthy Mainenet sequencer that was still being set up
and thus wasn't able to produce blocks. Base bills x
accounts set in a post on Tuesday. So it seems
like something simple here, not too crazy. But you know,

(09:23):
if you're a coinbase and you got JP Morgan tokenizing
on Base, and you've got retail doing a lot of stuff,
this is something you can have happen. But look, there's
going to be issues like this for many blockchains or
we've seen it across the board. But they got to
resolve this and make sure they can handle more transactions
and much more. But I have confidence in Base, and

(09:44):
look the article here highlights that Base is still highly centralized,
so they have to be a bit more decentralized as well.
But again all the work in progress now. Coinbase also
launched embedded Wallets tool as self custody DeFi gained MOMENTU
so Coinbase and their team continue to innovate and build
some great products. So Coinbased Crypto Exchange is launching a

(10:06):
developer tool aimed at simplifying wallet onboarding and boosting technical
capabilities as self custody gains momentum in the United States
following the passage of procrypto legislation earlier this month. Offer
through the coinbased Developer Platform CDP, the Embedded Wallets tool
gives developers access to the same infrastructure that will power
coinbases forthcoming decentralized exchange, the company disclosed Tuesday. The toolkit

(10:30):
offers native rewards in USDC. The stable coin issued by
Circle users can earn up to four point one percent
APY on USDC balances held within the wallets without requiring staking.
According to the Coinbased Developer Platform, this APY can either
be retained by developers or passed on to the users.
The new developer tool is being targeted at developers across

(10:52):
decentralized finance, gaming, payments, and web three social media sectors.
It arrives as coinbase has rebranded its own wallet into
an everything app now called the Base App after its
Layer two network. So this is great innovation. I love it.
I love that coinbas is launching a decentralized exchange. This
is the way, as the Mandalorian would say, right, this

(11:15):
is the way, and I love that they're doing this
aspect and enabling DeFi and much more so, very very
great stuff here. Now look at this. Brazil's Lower House
is holding a hearing on creating a national bitcoin reserve. So, folks,
game theory is playing out. The United States obviously did
it set up a strategic bitcoin reserve using the bitcoin

(11:38):
to have in custody, and there are talks of them
looking to buy bitcoin. I think as things progress, we're
going to see more countries do this and they're going
to hold bitcoin like they do gold, because bitcoin is
digital gold. So this is very bullish. So Brazil's House
of Representatives will hold a hearing on August twentieth to
discuss a bill proposing to create of a national bitcoin

(12:01):
reserve in the country. According to the house website, at
least six institutions are slated to participate, including the Central
Bank of Brazil, the Ministry of Finance, a crypto advocacy association,
and representatives from fintech companies and the banking sector. The bill,
introduced in November twenty twenty four, seeks to allow up
to five percent of the country's treasury funds to be

(12:22):
used to buy bitcoin, which translates to a potential investment
of roughly fifteen billion dollars assuming the central Bank's total
reserves of about three hundred billion as of February. Incredible
stuff here, folks, I mean, this is huge. According to
the bill, the Cryptocurrency Reserve would protect international reserves against

(12:43):
exchange rate fluctuations and geopolitical risks, and promote the use
of blockchain technologies in the public and private sectors. Folks,
I hope you recognize the paradigm shift that's taking place
here and that we are still relatively early compared to
other assets like the gold and precious metals market, real estate,

(13:04):
and the stock market. Of course, so more to come.
And that's why I've been saying I'm not only looking
to take profits in this bull market, but future bull markets,
and I'll be riding the waves of the bull and
bear markets, guys. And until you know, this market becomes
so big you don't have the same level of upside.
You're still going to be able to make money, you know,
It's just like the stock market. You can make money,

(13:24):
But as Paul trus Jones said, nothing moves like crypto
and bitcoin. This is the fastest horse in the asset
race right now. Now, speaking of bitcoin, Michigan Pension Fund
deepens bitcoin exposure with an eleven million dollars stake in
ARC ETF. So we saw multiple states their pensions started
investing in bitcoin ETFs and they're going the way of

(13:45):
arcs right here, so to increase their exposure, specifically in
RC twenty one shares exchange traded fund. By the end
of the second quarter, the State of Michigan Retirement System
owned three hundred thousand ARC shares worth ten er point
seventy three seven million dollars, according to regulatory filings with
the SEC. This marks a notable increase from one hundred

(14:07):
and ten thousand shares it held in the previous year.
So you got pensions countries looking to buy and they're
ramping up. They're buying more and more. And you know,
as I just mentioned, Paul Trooger Jones said, nothing moves
like this acid claus So it makes sense that they're
diversifying and they're going to ETF route. So it's safe
for them. You know, that's all regulated. And of course

(14:28):
they're talking about the SPOTYTF. So incredible stuff, guys, and
this is why you've been seeing the inflows increase, you know,
for all the ETFs in general combined, but also you
know you look at Black Rocks and the record number
of inflows it's been having. July was a huge month
for Bitcoin and etherorem SPOTYTF. So guys, things are moving ahead.

(14:52):
I hope you are still bullish and you have not
turned bearish because the price is experiencing a pullback right
now as we've been talking about. As I highlighted in
today's stream live stream, we are going to find a
bottom soon. I believe there's going to be a rally
this month. Guys. It's not guaranteed, but I believe there's
a high probability of that happening. So, folks, that's the news.
Let me know what you think. Leave your thoughts and

(15:13):
comments below hit the thumbs up button. Great way you
can support me in the podcast is by subscribing to
my free email newsletter. It's one hundred percent free. Check
out my book on Amazon, it's available in paperback, in digital,
and my course at Mycrypto course dot com. This is
a comprehensive course that teaches you every aspect of crypto.
So if you want to expand your knowledge here check

(15:34):
it out. Go to mycrypto coourse dot com. Folks, all
the links will being a description. Thank you so much
for watching, listening. I appreciate you all, and I'll talk
to you all later

All Episodes

Episode Transcript

Popular Podcasts

Stuff You Should Know

Dateline NBC

On Purpose with Jay Shetty

.css-15opob5{left:0;position:absolute;top:0.8rem;} All Episodes

.css-14f5ked{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:2;overflow:hidden;}SEC GIVES LIQUID STAKING GUIDANCE SIGNALING STAKING IN ETHEREUM ETFS SOON!

Episode Transcript

Popular Podcasts

.css-r6mb8g{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:1;overflow:hidden;}Stuff You Should Know

Dateline NBC

On Purpose with Jay Shetty

All Episodes

SEC GIVES LIQUID STAKING GUIDANCE SIGNALING STAKING IN ETHEREUM ETFS SOON!

Stuff You Should Know