WHITE HOUSE REPORT EXPOSES BANKS LIES ON STABLECOIN YIELD! MORGAN STANLEY BITCOIN ETF $34 MILLION!
Crypto News: White House Economists Say Stablecoin Rewards Won't Harm Banks. Morgan Stanley's MSBT bitcoin ETF logs $34 million in first-day volume. https://www.whitehouse.gov/wp-content/uploads/2026/04/Effects-of-Stablecoin-Yield-Prohibition-on-Bank-Lending.pdf Brought to you by
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⏰ Time Stamps ⏰
00:00 Intro
00:24 White House Stablecoin report
04:50 US Treasury Genius Act
08:48 Morgan Stanley Bitcoin ETF
10:31 Circle USDC payments platform
11:46 Polygon Labs Stablecoin $100 Million
12:30 Adam back Satoshi NYT
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#Crypto #Stablecoins #Bitcoin #CryptoNews #Cryptocurrency #BTC #BitcoinNews #ETF #News #Ripple #XRP #XRPNews #RippleXRP #Ethereum #EthereumNews #ETH #Solana #money #investing #trading #Altcoin #Altcoins #NFTs #Metaverse #Podcast #ThinkingCrypto =================================================
The Thinking Crypto Podcast is your home for the best Crypto News and Interviews - crypto, cryptocurrency, crypto news, bitcoin, bitcoin news, xrp, xrp news, ripple, ripple news, ripple xrp, ethereum, ethereum news, cardano, ada, solana, altcoins, defi, news, interviews, podcast, metaverse, nft, altcoin daily, cryptosrus, coin bureau, altcoin news, bitcoin today, markets, investing =================================================
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Speaker 1: Hey, everyone, 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
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five star rating. Okay, folks, huge news coming out of
the White House. So today White House economists released a
report that stated that staple coin rewards won't harm banks.
This goes in full contradiction to what the banks have
been saying that there's going to be bank runs, They're
going to lose deposits and much more. But when you
look at the platforms and the people who are leveraging
staple cord rewards, it's the early adopters, right. It is
not the average Joe and Jane. There are literally hundreds
of millions, even billions of people who have not touched
anything with crypto. They may have heard of it, but
they have not invested in it. So, as we've talked
about ad nauseum, this is simply the incumbents the banks
seeing the disruption of their door step and they're trying
to slow it down because many of these banks are
looking to launch tokenize deposits as well as stable coins.
The problem is they don't like that you can earn
higher yield. They want to continue to get the big
fat bonus checks while they give you breadcrumbs zero point
zero one percent, and they don't want to compete. So
that's why they've been holding up the Clarity Act, trying
to relitigate the Genius Act, which is the stable Coin Bill,
which has become long, so really great that the White
House is coming out putting out this report and disproving
the statements by the banks. So this is huge, and
you can of course read this through. I'll put a
link to the full presentation in the description. But this
is big, guys, and it really shuts down the bank
talking points. Of course, they're not happy about it. Eleanor
Tarrett reported that bankers say this has never been about
simply needing more deposits to lend. It's about outflows, particularly
from smaller institutions. The issue is more about how shifts
and deposits shape, how lending is funded, priced, and how
stable it is over time. But again, if they offer
a competitive rate, or they launch their own stable coins
and offer rewards. The customers won't need to do that.
But of course this is not about that deposits fleeing.
I don't think the average Joe and Jay and going
to the community bank is about to go put a
ton of money in stable coins and earn rewards. Right.
Many of them don't even know about it. Right, It's
usually the older demographic. So these banks they're talking points,
are missing the mark here. But look disruptions here, innovation,
progression and technology always wins. Yes, are the incumbent's going
to fight? Of course? Right? You know, Jamie Dimond doesn't
like this. He's been anti crypto, anti blockchain for a
long time. He's now bending the knee because he's losing.
And their banks are going to lose here. So even
if they win the battle here a little bit, they're
going to lose the war because consumers over time are
going to get educated and they're going to go to
institutions and places where they can earn more. Now here's
what Johann Kerbat, who I recently had on the podcast.
He's the head of crypto at Robinhood, said about this report.
He said, Today's White House report reinforces something we've known
for a long time. Stable coin yield is a meaningful
consumer benefit. This isn't about replacing the traditional banking system,
but about offering greater choice and opportunity. The data also
confirms that blocking stable coin yield hurts consumers and does
very little to protect bank lending. Our mission is to
democratize finance for all. Is stronger than ever. Will continue
to advocate for and build accessible products that put the
power of modern finance into the hands of the many,
not the few. So this is really great statements here
from Johan and be sure to check out an interview
I David him recently and on the note of the
CLARITIAC Treasury Secretary Scott Bessen calls for Congress to pass
the crypto market structure legislation before it gets too late.
He said time is scarce and now's the time to act.
So he's right, We absolutely need this done because guys,
it's an electioneer midterms, right, and plus you have the
summer recess. If we don't get this thing moving somewhat
this month and then you know, by next month start
to progress further because there's a markup and then it
has to be voted and all that We're going to
run out of time and it's not going to happen.
But this is a big win here with the White
House coming out with this stable coin report, and it's
going to be hard for these banks to go up
against the White House, right especially if Trump has threatened
these banks. He has posted about this situation on truth
Social So it's not looking too great for the banks
here now. On the topic of the Genius Act, yesterday
we talked about the fdi C, you know, looking into
this and how they can implement this and much more
will The Treasury is moving forward with Genius Act focusing
on illicit finance, so payment stable coin issuers in the
United States will be required to implement a regime targeting
illicit finance under the proposed framework for the Genius Act.
In a Wednesday noticed, the US Treasury Department said its
Financial Crimes Enforcement Network and Office of Foreign Assets Control
had issued a joint proposed rule to implement provisions of
the Genius Act, signed into law in July twenty twenty five.
The proposal would direct stable coin payment issuers to establish
and maintain an anti money laundering AML and counter financing
of terrorism program, maintain a sanctions compliance program, and have
the ability to block, freeze and reject certain stable coin transactions.
Issuers would be treated as the financial institutions for purposes
of the Bank Secrecy Act. So, folks, this is certainly
something we need to put into place. We want to
stop bad actors. We need to make sure to guard
wailers are in place, right. We can't have bad actors
using this technology and manipulating people and committing all types
of crime, same way we do with other assets and
other currencies and things along those lines. So this is
really great. The one thing we need to make sure
we wantch out for is that these guardrails also protect
our rights. If you want to investigate someone, you need
to get a warrant, right, just like you do in
other aspects of society. They can't just go look at
the data. Right. We've seen what the Patriot Act and
all these things have done. So we got to make
sure our rights are the rights of privacy is protected here,
and this is something I'll keep watching. I'm going to
have Chris John Carlo on, you know, founder of the
Digital Dollar Project, because this is something he's highlighted in
the past. We've talked about. I'll be interviewing him next
month and we're going to talk about all things stable coins, CBDCs,
the CFTC and much more. So great to see these
things are being put into place, but you got to
watch the details right The devil's in the details, folks.
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Today Morgan Stanley's bitcoin etf went live and it logged
thirty four million dollars in first day volume. Now, obviously
Morgan Stanley late to the game here, but late than
never and you know, we've talked a lot about how
these firms are capitulating. They're getting a lot of demand
from their clients who want access to crypto. They want
to get exposure to bitcoin in all coins, and as always,
it starts a Bitcoin and then they're going to do
the all coins. We saw with black Rock, we saw
it with Fidelity and others, so they're going to go
down the list. So this is really great. So the
expectation by Bloomberg senior ETF analyst Eric Balcunez was thirty million,
so it went to thirty four so they exceeded his
respective target. And according to data from Yahoo Finance, the
Morgan Stanley Bitcoin Trust saw one million, six hundred and
fifty eight one hundred and seventy six shares traded on Wednesday,
closing at twenty dollars and forty seven cents per year.
So really great to see this guy's the on rams
being set up for retail and institutional capital to come
into the market. And wait till we get back into
a bull market, because you're going to start to see
fomo and demand increase demand, and a lot more capital
is going to come in, especially if we have cryptal
legislation in place, so I'm excited for the bull cycle
once we get out of this bear market. And speaking
of ETFs, the overall spot bitcoin ETF volume today surpass
two point four billion dollars, with black Rock leading, Fidelity
coming in second, Grayscale a third, bit Wise at fourth,
arc Invests at fifth end, Morgan Stanley at six, So
Morgan Sandy climbing the ranks here on the first day.
All right, moving ahead. Circle rolls out USDC payments platform
that lets users pay without holding stable coins. This is
an interesting one. Circle launch a stable coin settlement service
that allows payment service providers, FinTechs, and banks to benefit
from efficiency of using blockchain based rails without having to
hold digital assets Like USDC. The platform is meant to
facilitate cross border settlement using USDC, help merchants accept stable
coin payments and lower FX costs. So this is really great.
It will help boost adoption. Obviously, you know they have
to make sure everything's buttoned up, the reserves are there,
and there's a one to one backing and so forth.
I'm not saying they're not doing that. I'm just saying,
when you're going to have people do these things and
they don't have to hold the assets. You know, you
got to make sure everything's copacetic. But this is pretty
big and could really boost adoption of USDC, and you know,
you can imagine the other stable coin issuers are going
to follow suit and game theory is going to play
out here. So this is dubbed CPN Managed Payments. The
platform abstracts digital asset complexity, enabling partners to interact solely
in FIAT while Circle manages the entire digital asset life cycle.
The company said it any statement, so really big stuff here. Now,
speaking of stable coins, Polygon Labs is seeking to raise
up to one hundred million dollars for stable coin payments business.
So Polygon, they have been doing a lot with stable coins.
There's actually a lot of transactions happening on the Polygon
block chain. I am a token holder, but I hold
a small amount from a long time ago. But it
looks like they're doubling down on stable coins. So the
blockchain company aims to raise capital by selling between fifty
million to one hundred million dollars in equity in a
new stable coin payments business. According to the information Polygon
Labs CEO Mark Boreon will lead the new payments business,
it's said, So everyone's trying to grab as much market
share as possible. Folks. All right, guys, we've got to
end it on something that's interesting. Adam Back denies he's
Satoshi Nakamoto after the New York Times report claims he's
the Bitcoin creator. So the New York Times put out
an article saying Adam Back is Satoshi. This seems like
just recycle news some years ago and Twitter conversations and
conspiracy theories, right, So, I don't know why the New
York Times is doing this now. It's just kind of strange.
And you know, Adam Back, he went on, asked and said, look,
I am not Satoshi. And the New York Times article
argued he's the strongest candidate yet. But I don't think, uh,
Satoshi is one person. I honestly don't think that. I
think it's a group. You know, it could be maybe Adam,
maybe how Finny and some many early guys were all,
you know Satoshi so to speak, And I don't know,
you know, I could be wrong, but I don't think
it's one person honestly. But nevertheless, you know, the the
quest to find who Satoshi is continues, and I think
it's best that we never know who Satoshi is. Bitcoin's
fine without us ever knowing that. And hopefully Stosi never
moves their funds, his hers, theirs right their funds because
nothing has moved from the wallets, which is good, and
it's just stays there and it's locked and it's kind
of donated to the the network, so to speak, where
those assets, you know, kind of gone forever because you
can no one can access them. So we'll see, we'll see.
Time will tell there's a million, well, it should be
less than a million of bitcoin left to be mined,
and it'll be mine over the next one hundred years.
So it's going to be pretty crazy this, you know,
when the final amount is eventually mined. And the next
having I believe, is in April twenty twenty eight, so
we shall see how things go, my friends. All right, guys,
that's the news. Leave your thoughts and comments below, hit
the thumbs up button subscribe if you haven't as yet.
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