The Wolf Of All Streets - Bitcoin Dumping As Battle For Control Of Crypto In The USA Rages On

Episode Date: August 1, 2024

Why is Bitcoin falling? Who should be the next SEC chair? How to defeat Elizabeth Warren and why John E. Deaton should be the Senator of Massachusetts? James Murphy, aka MetaLawMan joins me today to discuss this and more.  James Murphy, aka MetaLawMan: https://x.com/MetaLawMan In the second part of the show, Dan from The Chart Guys will share his market analysis and some trades.  The Chart Guys: https://www.youtube.com/@ChartGuys  ►►JOIN THE BITCOIN AND POLITICS DISCUSSION HERE! EARN RTB TOKENS WEEKLY! 👉https://roundtable.rtb.io/shortUrl/cGE61iK ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEKDAY! 👉https://thewolfden.substack.com/   ►► The Arch Public Unleash algorithmic trading. Discover how algorithms used by hedge-funds are now accessible to traders looking for unparalleled insights and opportunities!  👉https://thearchpublic.com/  ►►OKX SIGN UP FOR AN OKX TRADING ACCOUNT THEN DEPOSIT & TRADE TO UNLOCK MYSTERY BOX REWARDS OF UP TO $60,000!  👉https://www.okx.com/join/SCOTTMELKER  ►►TRADING ALPHA READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. Use code 'TENOFFSALE' for a 10% discount. 👉https://tradingalpha.io/?via=scottmelker  ►►NGRAVE This is the coldest hardware wallet in the world and the only one that I personally use. 👉https://www.ngrave.io/?sca_ref=4531319.pgXuTYJlYd  ►►NORD VPN  GET EXCLUSIVE NORDVPN DEAL - 40% DISCOUNT! IT’S RISK-FREE WITH NORD’S 30-DAY MONEY-BACK GUARANTEE. PROTECT YOUR PRIVACY! 👉 https://nordvpn.com/WolfOfAllStreets   Follow Scott Melker: Twitter: https://twitter.com/scottmelker   Web: https://www.thewolfofallstreets.io   Spotify: https://spoti.fi/30N5FDe   Apple podcast: https://apple.co/3FASB2c   #Bitcoin #Crypto #Trading The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. This video was created for entertainment. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this video constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.

Bitcoin is dumping trading at prices not seen since a week ago. Bitcoin's chopping sideways. We have a great title here that it's dropping. And of course it is because it was over 70,000 right after the Bitcoin conference, but probably nothing to see here as far as Bitcoin price action. But the conversation that we should be having is why Bitcoin has not moved over the past few months when we see nothing but tailwinds from a legislative, regulatory perspective, and certainly from a legal perspective. And anytime I want to dive into all of the cases that are happening, a Ripple meeting today, the SEC removing 10 tokens from the Binance case, everything else that's happening. We go to our legal experts, and James Murphy is the best of the best meta lawman here. I know you guys always show up for this guy. Can't wait to have this conversation. Let's go. What is up, everybody? I'm Scott Melker, also known as the Wolf of All Streets.

Before we get started, please subscribe to the channel. Hit that like button. Not going to waste any time. James, my friend, how are you this morning? Fantastic, Scott. Great to be on with you and great to see that you appear to be fully recovered from your time in Nash Vegas with the Bitcoiners. I think I'm operating at about 87% today, which I think is a massive improvement from the 15% I think I was at on Monday and still on Tuesday. So listen, I love bringing you on, especially when we have some cases and some maybe bad takes from the media on what they mean and how procedure actually happens, because

we tend to get these big headlines and we tend to think that means it's another impending huge victory against the SEC. And usually, I think most of it is largely procedural, right? So I want to start first with the SEC and finance. So this has obviously been ongoing for a long time. We saw big news that they were dropping effectively 10 different tokens from the case that had been passively named as unregistered securities. We know that that was sort of the SEC's tactic last year. Every time they brought any sort of action against anyone, just sweepingly name a bunch of tokens as unregistered securities, assuming nobody would ever push back. But they're taking them out of the case. That led the crypto media to say Solana, et cetera, are no longer considered unregistered securities. Is that correct? Unfortunately, no. What we have here is, I think, best described, Scott, as a tactical

retreat. So think about it. You've got the Binance case, and then you've got the Coinbase case, both of them alleging that trading of tokens on the secondary market is illegal trading of unregistered securities because they're investment contracts. Well, you've got one judge in Binance who seems like she's not buying it. Then you've got another judge in the Coinbase case who seems quite receptive to this idea. So it makes perfect sense. I got to give the SEC credit here. I don't like giving the SEC credit, but I got to give them credit. We're kind of choosing where they want to have this battle,

and they're choosing to have the battle in front of Judge Fela in the Coinbase case, and that makes a lot of sense. Right. So as it says here, they don't want to do discovery on a dozen tokens in the Binance case, appears to be a litigation tactic, not a change in policy. Effectively, this is just massively muddying the waters and creating endless more work trying to prove this side and probably not fundamental to the actual case that they have. I mean, is that a pretty good summary of it? Well, you know, the judge signaled very clearly she had no appetite for litigating 10 tokens

without the issuers of the tokens in the case. That's never you know if you think about it go all the way back to the you know the kick and grams and library whatever you have the issuer there and so now it's going to be slimmed down to Binance and the Binance token which they issued they're the issuer and this whole question is now going to move over to Coinbase. I think Kraken is as well. And it just makes sense. Again, it's a good tactical move by the SEC. Okay, so that makes perfect sense. I guess the silver lining or a narrative we could give is that the SEC thought they could

get away with things like this a year ago, and now they don't. Right? They would just, I mean, they would go after everyone, passively name things. They didn't expect at that time a loss. A loss, however, everyone wants to skid it against Ripple, certainly on secondary sales. I think their appetite here and the environment has changed to where there's just no point for them doing this as well. And maybe this at least hints to the fact that if we get more enforcement action from the SEC against crypto, which we will at some point, I don't care who the SEC is, and maybe they'll be justified in the future. We're not going to see this sort of thing included.

Right. It's, you know, it's the focus is shifting over to Coinbase. And it's just a smart move. And to your point, yeah, the SEC has taken some losses. They're going to be a little bit more careful in what forum they're going to make which arguments. And so they like the judge they drew in Coinbase. And quite frankly, you'll recall after that hearing, everybody was saying that the judge was going to dismiss the case. I think it was me and they said, no way, said, wait a minute, not so fast. I was in the courtroom. I did not like

the karma in that room at all. And I'll tell you that that decision denying the motion to dismiss, normally we say, hey, don't go crazy. It's just denying a motion to dismiss at the very beginning of the case. Don't read too much into it. There's a lot of hostility in that decision toward the Coinbase arguments by that judge. I did not like it. You were here the day after. I think you were on the show the day after. Right, right. Yeah. And you said it very clearly. You said, hey, these are bad takes, right? And we're pretty good at dispelling bad takes here, at least when I have you. Here's another bad take. SEC holds secret meeting on August 1st. Will Ripple XRP case reach a settlement as the battle heats up? it was a publicly disclosed meeting from two weeks ago that was rescheduled. So maybe it's behind closed doors, but secret seems like a massive stretch as if they're trying to do something here. But these are the four topics that were published by the SEC, institution and settlement of injunctive actions, institution and settlement of administrative

proceedings, resolution of litigation claims, interesting, and other matters relating to examinations and enforcement proceedings. Does anything in those four topics lead you to believe that they could come out of this secret meeting with a settlement? I think it's highly unlikely, and people need to understand there's a lot on the SEC docket that has absolutely nothing to do with crypto. They've got tons of enforcement cases, So they are regularly discussing, hey, here's the status. We could settle.

The defendant has offered this and they talk about pros and cons of that. And hey, new cases, we're going to file for an injunction here, blah, blah, blah. It might involve Ripple, but I doubt it. Everybody is waiting for that decision from Judge Torres.

And I'm not a big fan of making predictions, but I think there's going to be a decision this month on damages in Ripple. And I think there are going to be appeals, probably appeals by both sides when that happens. And the reason I think it's this month is simply kind of the internal workings of the court. There's a changeover in clerks that work for the judges that tend to write the first drafts of opinions. A lot of people don't realize how much work clerks do for judges. They often write the first draft of the opinion with guidance from the judge about how she wants it to come out. But nevertheless, they turn over around Labor Day.

And so you kind of don't want to leave this for the next person to come up to speed on what's this case all of, you you know so you try to get everything cleared out before you clear out as a clerk so that's why i believe um it's going to happen this month let me ask a much more important question why do we still have clerks when we have chat gpt oh yeah scott such a great question i'm writing a book that has a chapter on that exact topic. So you're just going to have to wait for my book to come out. I was making a joke, and you're serious. But I mean, you could just, you know, a few good prompts.

Totally serious. Totally serious. Yeah, a few good prompts, and you have a perfectly edited grammatical first argument that the judge can review and do a few extra prompts to fix themselves. Not the question for today, though. I think that this literally begs the question as we talk about all of this SEC action. I think we can all agree that Gary Gensler has become politically unpopular with our industry, hedge fund industry, Wall Street industry, Republicans, certainly. I mean, that was if you watch the Trump speech, fire Gary Gensler. He clearly never read that line before. He looked at

the teleprompter and said it. And they said, wow, that was a good one. It was like watching a showman realize what the best joke, you know, a comedian in his routine was going to be and refine it. So he said it again. I think people don't realize just how unpopular maybe in the mainstream that Gary Gensler is. I think, you know, if Kamala Harris were going to talk about this idea of a reset, she's the VP. She can't fire Gary Gensler herself. But to come out and say she would or start to, you know, push and make that process happen, I think would be a huge statement from her side, especially since Trump has said he would do it on day one. Okay, first, before we talk about replacing Gary Gensler, we've also had some bad takes on what the president can and cannot do to an SEC chairman, correct? Because the minute he said that, of course,

the critics came out and said, a president can't fire an SEC chairman, can they? Yes, the president can fire an SEC chairman. The answer to this question is not in the Constitution. The Supreme Court of the United States has not ruled on the question, and it's not in any statute establishing the SEC and the commission structure in particular. So when I say yes, this requires some legal analysis, but I will say, writers in the Harvard Law Review, writers in the Yale Journal of Regulation, and Supreme Court of the United States Justice Breyer agrees with me that the president has the authority

to fire the chairman of the SEC without good cause. There's not even a good cause requirement. Now, there are arguments on the other side, but in my view and in the view of some recognized scholars, the president does have the authority to fire Gary Gensler on day one and does not have to demonstrate good cause, although you and I would say there's plenty of good cause. And there's a federal judge in Utah who would also agree with us that says that the entire organization is shot through with bad faith. But nevertheless, on your other point, Kamala Harris, you know, this happens not all the time, but pretty frequently. It's one phone call to Gary Gensler, maybe not directly from the president or the vice president, indirectly saying,

the president would like you to tender your resignation. There's no firing. The president would like you to tender the resignation. That is a 24 to 48 hour event. I mean, it just happened to Joe Biden. It happened to the president. I'm assuming we would like you to not be president anymore sir and if you're appointed as the chairman of a commission the response to that is not nah i'm good i think i'll just stay on that is not in play you tender your resignation it's a 24 to 48 hour event And so it could happen tomorrow if they were serious about a reset. I 100% agree. And it's also semantics because we know that when there's

regime change, especially as dramatic as what we potentially have here, since we're so polarized as a country, chairmen of these, you know, the politically appointed chairmen of regulators don't last. I mean, you switch over. Jay Clayton became Gary Gensler. Gary Gensler will become somebody else. You've floated,

I love this one, Paul Graywall, who you do not know, actually. People thought you were, like, promoting a friend here. But he's the general counsel of Coinbase, former federal magistrate judge,

law degree from U of Chicago. We've had the idea of, now he's blanking on the name, but Robin Hood's general counsel being here, but a really accomplished lawyer who understands technology. This isn't even just about crypto, just who's not going to stop entrepreneurship and the advancement of technology in the United States. Yeah. Go find me another MIT engineer who has a law degree from the University of Chicago, who served as a federal judge and has run large organizations. Go find me another one that has these qualifications at Coinbase, is working a lot on AI. In my opinion, Scott, every single head of a cabinet, every cabinet position,

as well as people in charge of large independent, quote unquote, independent agencies, have to either have a working knowledge of AI in the future or have the mental acuity to understand at some basic level how AI is going to impact the world and their agency going forward. And so that's why I threw out Paul as an idea. Paul or someone like Paul, but certainly not someone like Gary Gensler, right? And I think I'm enjoying the massive pushback all around. And that includes recently a letter. Now, this was specifically to the DNC and sort of towards Elizabeth Warren. But Wiley Nicol penned a letter to the DNC with 14 Democratic members of Congress, including Ro Khanna, who I interviewed this week. Absolutely amazing guy, very pro-crypto, on the left, advocating for a new approach. These

are the four things they asked for. Add pro-crypto language to the party platform. Choose a vice president who's pro-crypto and knowledgeable about digital assets. Select a pro-innovation SEC chair and engage in a meaningful way with the industry. They went deeper here, obviously. You can share the full letter if you want. And then you came to a very obvious conclusion here, which is, hey, Dems, this is so easy. If you're serious about repudiating the administration's attack on crypto, all you have to do is endorse John Deaton to replace Senator Warren. If you're not serious, just keep writing strongly worded letters and hanging out at McConnell's roundtables.

I like that. So listen, John Deaton's a Republican, so I can't imagine we're going to get a whole bunch of endorsement of him from the left. But the point here is well taken. Elizabeth Warren is the head of the snake and she's got to go. Just like Gary Gensler has to go, she's got to go. And if they want to start to look serious, those people need to be removed from power. Yep.

So you're a big fan of music i'm a big fan of old rock and roll and the who had a song called you know with the refrain we won't get fooled again so the crypto community is not interested in promises and i think that's reasonable what they're interested in is action so gary gensler could be asked to resign tomorrow. And you know what would be really cool, Scott, is if the administration simply acknowledged the existence of Chokepoint 2.0 and said, you know what, we got that wrong. And here's what we're going to do to disassemble the apparatus that is cracking down on people who simply want to have a bank account that are involved in crypto, et cetera, et cetera. That would be nice.

Giving Caitlin Long her master account would be nice. And stepping back, withdrawing the lawsuits that take the position that tokens traded on the secondary market are somehow investment contracts. This is what gets me going is you and I and everybody, virtually everybody, would be on board with an anti-fraud army. We want the fraud out of crypto. And by the way, there's plenty of it to go after. You don't need an anti-crypto army to kill innovation in this country, drive away capital and really, really smart people, young people, so that they have got to move to Estonia or somewhere else in order to build stuff. We don't want that. We are in favor of anti-crypto army. I mean, anti-fraud army. But anyway, so there are actions that are very easy to take. And I'm with the rest of the crypto crap. We just aren't interested in promises. We're interested in some

action and you got 95 days to do something. I mean, we just had the SAB ruling where everybody was on board. And after reports that the Biden White House was thawing on crypto, they still vetoed it, right? I asked Ro Khanna that question right there. And I said, why was it vetoed if everybody's in favor of this? He said, it shouldn't have been. You know, and you were talking about a Democrat who's, you know, he openly saying

that this is the wrong decision. So I think the bottom line here is we need to see action. You know, it's watch what they do, not what they say sort of situation. By the way, that applies to both parties, all candidates to me. That is not a sweeping only White House. I mean, we have four years of Donald Trump not being particularly favorable to the industry.

I love the things he's saying, but if he gets in, we need as an industry to hold him accountable for his promises and make sure that he doesn't default back to those four years. I'm not saying he will, but we need to make sure. But now the White House is in power and can actually take a few meaningful steps before the election, even if it's just a political tactic to make things look better. I mean, I just got to bring up this Elizabeth Warren tweet. You had responded to it, but these aren't just statistics. It's more money in families' pockets. It's new businesses for communities.

It's the economy working better for working people, not only the wealthy. More work to do, but this economic progress matters. And this was responding to the White House saying over the last year, inflation has come down to 2.5%. The economy has grown 3.1%. Ironically, the Fed and Powell are an independent agency, and they've sort of watched over inflation. And so maybe many people think we're getting this soft landing. But even with these numbers, the top line numbers, does anyone in America who's not extremely rich actually feel this at all? Is this tweet extremely colorblind to the actual

situation on the ground for the average American? And you responded, Senator Warren claims the economy is working better for working people and there's more money in families' pockets. No, she's not from a different planet. She actually works at the U.S. Senate. On November 5th, the citizens of Massachusetts get to give her the ultimate reality check. I mean, nobody is feeling this reduction in inflation

and massive growth in GDP. Like, where? this reduction in inflation and massive growth in GDP? Yeah, I mean, one of the more overused words out there, you know, everybody's using the word weird, but gaslighting, you know, everything is gaslighting. Well, that's gaslighting when you say, hey, working poor, you know, people working two jobs, people buried in credit card debt. You're doing great.

You've got more money in your pocket. This economy is humming for you. That's gaslighting and people are not going to get fooled. Seems like some people get fooled though. We keep electing these people and voting them into office. But this is the first time I can remember where the numbers are so vastly disconnected from the feeling and the sentiment. I guarantee if you just went out into the middle of the country and did a poll on how people are feeling about the economy,

nobody would tell you how it's raging, even though that's what the statistics tell us. Right, right. They might tell you about how unemployment's low because they have seven jobs to be able to pay for eggs and chicken. Well, yeah. And the people who are following along with Nancy Pelosi's trades are doing really well. I mean, if you've got assets and you're deploying capital, it's not hard to beat nominal know nominal inflation um you know in your investment returns and we need to remember that we're talking about 90 95 of people who really don't have a lot of assets at all and are living paycheck to paycheck and it's uh it's devastating how even the middle class is being hollowed out by how this economy is going.

And this is not entirely on the current three and a half years, but it has not helped. Okay, we have five minutes left, and I just want to talk about John Deaton. Even though we could cover other things, five minutes on John seems like a time well spent and he's actually going to be on the show again on Tuesday. We keep bringing him on and so he'll be in your seat. I'm going to ask him crypto law questions though, just like this. We're not going to just, we're not just going to campaign.

We're going to have fun like the old days. But obviously I've seen in the comments, people saying that he's not even leading for the Republican nomination necessarily to go against Deaton, that there's a viable candidate against him. That's discounting, I think, the fact that, I won't say you, but your super PAC that you have started for John Deaton has recently raised a million dollars from the Winklevoss twins, 500 each, and a million, which I love because he did so much for ripple investors a million from ripple like he is now has to be crushing it uh versus his opponent and even elizabeth warren and fundraising because of you not because of me uh because of this because of his message and by the way that quote unquote poll uh it was a long time ago and involves somebody who's not running.

So it's got a name of a guy who's not even running. But in any event, look, one thing I want everybody to know who's listening now is when I reached out to you, Scott, and said, hey, Scott, can you help? You know, I want to support John and figure out the best way to do that and a fundraiser and all of that. You hesitated 0.0 seconds and said, I am in. And the big deal about that is you've got a very big following. And some of them are, you know, progressive liberals, some are libertarians and some are conservative, you know, the whole spectrum. And so when you get visible in politics, there's risk, there's downside, you know, for me, no, I don't, you know, I said, you know, mean responses to a tweet, which are funny. You, you're running a big business. And so you step forward, you know, and, and became very visible and have made a meaningful contribution here at risk to yourself. And so I just want to make sure everybody understands that, that you step forward,

you've helped, and you like me believe John can win this thing. And when he does, you know, one of the things, this is a tangent. One of the things, if you, if you follow any of these self-help motivational gurus, they say picture, visualize what you want. What I'm visualizing is the biggest, baddest party of all time on November 5 of this year. I will come out of DJ retirement. You're going to start a band. We'll perform. I want everybody watching, imagine the headline, Deaton knocks off powerful Senator Warren.

And the party that we're going to have, the celebration, what we're going to be celebrating is not crypto. We're going to be celebrating, number one, that freedom is what John is all about. And he's just a great guy. He is an authentic human being who warts and all, puts it all out there. Here's who I am. And here's why I am so comfortable, you know, engaging with the poor and the working poor and the middle class, working two jobs to try to just pay the minimum on their credit card bills. He's been there, done that. He's suffered

from addiction. He's recovered from cancer. He's done all of these things, became a United States Marine because he believed in this country and the American dream that it stands for and the opportunity that he grabbed for himself and took advantage of and became a very successful lawyer. And I can tell you this, I do not speak for John. John and I never really talk about issues. We talk about freedom. And I don't know if you saw that thing I put out by the guy Farley, who used to be the president of the New York Stock Exchange,

and now he's leading this crypto conglomerate. And he nailed it at consensus and said, what Elizabeth Warren believes in is government control and surveillance of everything we do, including our financial transactions. By the way, talk about ballsy from somebody who's running an exchange and ran the New York Stock Exchange. The downside of going against Elizabeth Warren for certain people in this industry is actually pretty huge. And I think it's the balls to do it and the gumption that is a result of these victories we've had over the last year. I think

a year ago when Coinbase wasn't fighting back and suing and all these things, I don't think people would have really had the stones to come out this anti-Elizabeth Warren. I mean, there's a few of us who've been screaming it from the mountaintops the whole time, but to do it when your business is at risk, to your point, is a totally different situation. Is there an idea of how much... I know we're over time here. I'm going to bring this up for you guys. It's johndietonforsenate.com if you want to donate. But is there an amount of money we think he needs to raise to win the election? I mean, we know that it's largely about money, but this is a bit unique because she's Elizabeth Warren, the longtime incumbent in a blue state, although it's really an independent state. I'm just going to leave that

up there actually, so people can see it. But is there a certain amount of money? And also, when we first did the fundraiser, you could only give $6,600. Right now you can give a lot more. Right. So the way you should think about it is you should give first to John's campaign. And this is the website you are showing. And the max there is 6,600 prior to the primary maxed out, if you're able to max out, and I know that's a whole lot of money for people, then you can contribute to the super PAC that I have funded, which is called the Commonwealth Unity Fund. And because John believes in unity, he's a uniter. When you see him out in public, it's Democrats, it's the left, you know, hugging him because he speaks to topics that you've never hear a Republican really talking about too much. And so in any event, that's commonwealthunityfund.com and corporations can give as well as individuals and it's unlimited amount

that you can give. So if you're tapped out, talk to your company. Many, many, many companies have PACs that can make contributions to super PACs. And so particularly, you know, if you're working at a big crypto company, it's very successful, making a lot of money. It wouldn't hurt to contribute to John. Many of the many of the companies have already contributed to that fair shake pack. Biggest pack in the country now is a crypto pack. People who don't know that the single largest pack of all packs. Fair enough. Yeah.

But listen, Scott, I just want to finish with thank you very much for, you know, giving this campaign so much visibility and your support. It means a lot. We need people like you to speak up, step forward, because we do really have a very significant chance of winning on November 5. And when we do, it's going to be quite a party. What's crazy is like, even if John was just running for some random office somewhere, and it wasn't even about Elizabeth Warren, the fact that we get to go with... And I said this in my speech at that day. I think the first thing I said, I didn't even know I was going to give a speech. So I just walked up there. I said, the fact that we get to give money and work against Elizabeth Warren, who's publicly

enemy number one, but also do it on behalf of someone that we just like, love so much and support is like an opportunity you're going to have once in a lifetime. I like John is the kind of guy I didn't even know him that well, but I would follow, you know, I would jump out of the trenches with him and run full speed into a war because he's just that inspiring. If you have anything, and guys, if you're, by the way, if you're not in the United States, you can't do this. Don't go try to do donations if you're outside the United States. That's a campaign finance violation. But if you can, five bucks, 10 bucks, 15 bucks, and you can say you're a supporter of John Deaton, I tell you, man, it'll be money well spent

regardless of the outcome because you'll know that you did the right thing for the right guy. That's exactly right. And there's a feeling of momentum. That's all I can say. Winklevoss stepped up and Tyler wrote that long post about exactly what the difference is between the future of our country under leadership like Elizabeth Warren as compared to John Deaton. If you haven't read that, read it. It's really spot on, on point. And there really is a sense of momentum. And I'm pretty excited about this next 95 days. Okay, guys, we went over time with James. We get excited about this topic. If you can donate, do donate. Nothing in it for me except for the future of our country. Just that. James,

everybody can follow James at Metal Lawman. Love having you on, man. Really my favorite. I wish I had 100 shows a week so I could bring all of my favorite people on every day. But we can't. But I appreciate you always making the time to come join. Thanks for having me, buddy. Thanks, James. I just don't like Elizabeth Warren either. What a rare opportunity that we have here.

Okay, so listen, I got Dan in the wings. Chart guys, of course, every Thursday we skipped last week because I was in consensus. Sorry, we made you wait over time. We get carried away on certain things. No worries. I'm watching the numbers start flashing in the market open and I'm perfectly entertained. I know. So what's happening there? Give us the quick and dirty summary of how you're viewing the market right now. We've had, like I said, I mean, everybody's sort of Bitcoin dumping, but we're back to last week. Bitcoin chopping.

Right. It's the sideways. And again, we just went from 53,000 straight back to 70. And you have to determine what are most likely scenarios. Are we going to go through a resistance level that everybody can see from space, 40% to the upside and a straight up move? It can happen certainly in Bitcoin, but it's not the most likely scenario. So I'm not bearish Bitcoin, but the last week I've been scouting the daily chart for bearish patterns to show us, is that weekly lower high shaping up? And the answer is, it's shaping up. And I started earlier in the week, is this a head and shoulders? And the answer was no. We went into the conference with Trump and that helped a little bit of momentum leading

up into it. So then, okay, it's not a head and shoulders, but now it looks like it might be a rising wedge because we're breaking resistance in the short term with no follow through. So the rising wedge breaks bare. And now it's back to the head and shoulders question. Are we looking at this as a head and shoulders? If that were to confirm weekly lower high set, and then we go back to the weekly timeframe. So there's a very clear line in the sand of support down at this zone of 63,000. And that is the short term level. Break it. Weekly consolidation underway.

Hold it. And bulls are clinging on. Yeah. I agree with that. And it still just aligns with since March, all of us just saying, we just made a huge move. We're going to chop for months. This is the summer doldrums. August always sucks, by the way, for anybody who hasn't paid attention generally in all markets. I believe it's the worst month in general for stock market, historically. It doesn't mean every August is bad, but certainly boring and bad, choppy for crypto before we sometimes get that upward move in the fall, which would align here with that consolidation of lower highs and higher lows you've been talking about. And I'm swinging crypto a lot more recently. And as a bull, I want a new weekly support closer by. If I'm on the weekly chart, I've got nothing

to be going off of except for that level that's way too far away from a risk management perspective. I want another little weekly higher low around 60,000. I can use that level as my stop. I want to be able to make a statement. This is either the weekly high or low, and we're about to break bull or I'm wrong. And I want to place stops based off that level. Yeah. That's such a good point because right now, if you're trading, looking at the weekly chart, you have to put a stop at low fifties. Nobody wants to take that trade at 64. Yeah. The risk reward is not there. So we need a new level. And this is my trading style on every timeframe, the hourly, the daily, or whatever. After a solid move up, if I'm anticipating that high or low, I then use that high or low as my stop to shrink that risk considerably and make it a much more favorable risk reward

setup. You're good at this, man. What else are you looking at while we watch Bitcoin chop everybody out, liquidate people for no apparent reason and make them depressed and then decrypt those debt? What else do we got going on? So Ethereum's tightening up nicely as well. Again, it's weaker than Bitcoin still. The ETF has not had a positive impact at the moment on, we know Bitcoin, there was a negative impact initially. I was going to say, I'm actually impressed by the lack of overtly negative impact considering ETH's sell-off.

So to me, there's some hidden quiet demand here somewhere because ETH is selling off by the billions. Yep. Yeah. 30.86 key support. We're just in this tightening range. Nothing changes until one of those levels breaks. That will give us some nice short-term info on ETH. But with this MFR chart- I mean, we knew it. We knew it was going to happen. Every

week we go, no way it breaks this time. Maybe it breaks this time. No way it breaks this time. There it is. And because we followed through to the downside, now we can bounce for another couple of weeks and still be struggling there. So it's almost like back to square one. And again, this just means not yet, not yet, not yet. And you just have to keep accepting what the chart is telling us. Not yet. It is not time for ETH to outperform Bitcoin at this point. And someday that will probably change, but not right now. So still remaining very patient before focusing on ETH as a bull over Bitcoin. It's been such a weird, quote unquote, bull market. I've been talking about people all the time. It's like Bitcoin bull market, which obviously doesn't trickle down because the money's going into ETFs and going into BlackRock's custody. You had Solana make this huge move, which was powerful and I think got a lot of momentum, but it started really as just a mean reversion. It was way too cheap, way too cheap for even this market that it went down to eight bucks.

And then you have all the memes on Solana and everything else has just kind of been like a negative crapshoot. You might get something somewhere, but there's no reason even to be playing around. Honestly, I'm wondering if we're ever going to have an altcoin market comparable to 2017 or 2021. And I just don't think so. There's too many. It's just too much supply. And I can tell you on the VC or pre-sale side, I see all this deal flow. I don't really do much of it.

You know what I mean? But it just comes through and comes through and comes through. And so many projects are going to release in the fall, assuming we're getting this parabolic move that we get in previous cycles. And you're just going to have literally thousands of new tokens launching into that same market with millions of dollars, if not hundreds of millions of dollars in supply and all these old coins that somebody needs to buy for them to go up that are still down 97%. I'm not saying it won't happen. I'm just saying that we're going to need an insane level of new retail money coming in to support those. And I still think only a select few will really fly, but I can't imagine.

Maybe, but I can't imagine it'll be like a 2021 where every token that launches up a thousand X. Yeah. I think it's an important reality check for people that, that are so focused on alts is just, you need a game plan for if that doesn't happen again, where it's just throwing a dart and you're winning. You got to be a lot more selective and recognizing that relative strength and, you know, soul and most recently XRP last month or so they're clearly showing us they're the lead bull. So again, if you're trading, you want to be taking a pocket, a few names and focusing on them as long as they tell you that they're stronger names. And right now I've got Sol up here on the daily. It's the same thing

as Bitcoin. If we hold this daily support at 165, we then have to be cautious of a head and shoulders that would lead to weekly consolidation. But again, another name where we can pull back fairly significantly and still just form a weekly higher low from where we came from. So again, just ideally giving us a new support level closer nearby on the weekly chart to be going off of same as Bitcoin. Yeah, I totally agree. But Sol still looks, I mean, relatively great compared to the rest of the market. You could just trade Sol and probably do quite well, or just buy Bitcoin and wait a little while. It's going to do exceptionally well. So now onto the dollar, we have a potential weekly bear flag. Again, if you're bullish, metals, crypto, growth stocks, whatever, you want to see that confirm. And I'm comparing it.

Back here, very similar. We had a bounce. We rejected from the EMAs and rolled over. That's what, if you're bullish, those other things, you really want to see the dollar fail here and roll over again. Because again, if we break this weekly support straight into a meaningful bounce, that's not good on the longer term timeframe. So essentially into next week, we had the big bearish reaction of the FOMC yesterday, but some recovery today and into the next week or two. That's a big question in the short term. Is that a weekly bear flag on the dollar or not? Yeah. We need to see that thing drop. Just go, man. Yeah. Brought to market, S&P 500. There's nothing wrong with this chart whatsoever. This is the

weekly right off EMA 12. It's another bull flag right under the all-time highs. The rotation that's been going on is just masterful with the NASDAQ and semiconductors pulled back much harder. Everybody was complaining about how it's only eight stocks, seven stocks bringing the market up. So all of these names pulled back more significantly, but healthcare, the financial sector is testing all time highs the last couple of days, healthcare as well. We know that IWM got its rotation and it's just spreading out. And if this were comparable to what the crypto market is, it would be like if Bitcoin hit a new all time high, started trading, consolidating. And when that happened, all of the alts took a big leg up. And that's what we've seen. Right. We've seen that model plenty of times in the last six years.

And that is what the stock market is doing. It's the major names, the leaders dispersing some capital to these smaller names playing a little bit of catch up. And there's just nothing. There's no red flags for me on the longer term timeframes for the broader market. The big question from here will be, can the bears confirm weekly downtrends in the NASDAQ and the semiconductor sectors? But that's pretty much the question we're watching for August. But again, the S&P 500, there's just nothing wrong with this chart for bulls at this point.

Like that. And one more check-in on IWM. So we got the bull break on IWM yesterday on the FOMC, but we hit the last resistance level before all-time highs, gave a big chunk back. So again, whenever you... That's a heavy candle too. Yeah. Whenever you... I was hopeful, it looked good, took a little profit of that move. But whenever you get a bull break with no follow-through, again, you start scouting the potential that it's a rising wedge type of pattern. And then, you know, I look at the weekly chart and say, well, it's been a higher low every week for six weeks. Weekly consolidation wouldn't be surprising. There is tons of space for

a weekly higher low. So essentially with my swing positions, I'm preparing for the possibility that we may be getting some weekly consolidation shaping up. And 220.77 is a key short-term level for me. And again, it's just that rotation. We went up when the NASDAQ and semiconductors are pulling back. Now they're bouncing and we're pulling back a little bit. It's just these ebbs and flows that are persistent ever since the CPI reaction a few weeks ago. Love it. Well, that's all we got, right? Today? One more. Gold. Gold looks good. My favorite thing here is that Bitcoin is just completely uncorrelated entirely. Even if it's down, I don't care.

Some correlated. I like that. Yeah, it shifted significantly. Yesterday was one of the most noticeable news days, FOMC, where it broke that correlation because the metals are doing well, partially due to potentially Middle East stuff, but the NASDAQ did really well. Even IWM did really well and Bitcoin just didn't do anything. And that was definitely telling. But we'll see. Again, if we get a four hour uptrend in Bitcoin from here, then that's daily support holding. We zoom out to the daily, we scout a daily lower high. We'll take it from there. One time frame at a time. And it just hit oversold on the four hour, usually good for a bounce when RSI gets down to oversold. So a lot of potential hidden bullish divergence for those who care about that kind of thing on

timeframes. I think it's just chop. People are bearish about it, but I think it's just chop. Right now it'll bounce from 64 to 67 and people will get euphoric. Then we'll be at 63. Then we'll be at 69 and who cares? Yeah. One of my edges trading crypto over the years that I've been telling to people is these back burner, these oversold bounce trades. When you're range bound and sideways, those trade setups aren't there. They're not a setup that's valid because you're sideways. It's got to be the breakouts where you're buying the consolidation on the breakouts for continuation. That's when it's most useful. And that's when for me, it's the easiest to trade a market environment. So I pump the brakes when we're in sideways and I pump the gas when we're in breakouts and using those back burners. Yeah, perfect. Okay. Gold. I interrupted you before we got to gold.

I just pulled in full control as long as weekly EMA 12 holds. And we held it a few times here. We just held it again. Again, it's another one that looks like a rising wedge, but we have to make note, there's an asterisk next to it because it is blue sky breakout. And we know Bitcoin many times when in blue sky, we'll have a rising wedge that breaks bull. So when you're looking at a rising wedge, which is a bearish pattern, if the most likely scenario is a lower high, like Bitcoin, daily rising wedge with a weekly lower high is most likely, it's a much more valid pattern than a blue sky potential rising wedge where there's no resistance and there is no lower high most likely scenario. So just keep that in mind when you're looking at patterns like this.

Context is obviously very important. Yeah. Yeah, absolutely. All right. I think that's all we got today, right? That's it. Guys, follow chart guys, obviously on X, check out his YouTube channel. His amazing videos and insight are not just reserved for every occasional Thursday here doing absolutely amazing things. And one of my favorites, obviously that's why he's here every week. So please check him out. And Dan, thank you as always for sharing your thoughts. Yes, sir. Thanks for having me, Scott. Pleasure.

All right, guys, before I let you go, a few housekeeping things worth discussing. I want to be very clear about one thing. And this is not based on anything negative or anything that happened, but we have very few sponsors now on this channel. You'll notice. I like to joke that I'm running the best non-for-profit in crypto because we're so risk averse as to what we would take. Sometimes we do platforms that I really like. We do a lot

of due diligence. We dig into them, but I want to be very, very clear that if ever we have a sponsor, you will never hear me talk about a token if they have one, especially one that hasn't launched. None of that. I'm just putting this out there because it happened to be on my mind at the end there. I have no idea how any token will do. I don't necessarily own or have exposure to the tokens. I never take payment in tokens, things like that, that I know a lot of other YouTubers do. I just take occasional sponsors from things that I think are really cool and I think are worth checking out from a functional and good idea perspective. So this is just going back to PTSD from past cycles where I used to do a lot of trading content and talk about coins and tokens all the time. None of that. And you'll see, we kind of just have no sponsors right now. You'll also see that you almost never now in the newsletter, which used to be why it was popular and never now on this channel, I killed

the chart of Palooza because I don't even want to do myself like charting streams about altcoins when I think there's no reason to be touching them. So it's terrible for my engagement. I know other YouTubers keep doing it and trade this and this will 30X this week and whatever. I've become boring guy talking, having interviews about politics, but it's what I care about. I think it's what this audience wants. And I think it's just more genuine and important to do that kind of content. So you sort of just have seen probably this evolution in me over the years. But to that end, there are a lot of things I'm working on so that I can basically detach entirely from a sponsorship model. You guys may remember, actually, my free newsletter was once... People don't remember, but years ago, it was paid. It was 15 bucks a month. And then I just kind of was like, nah. But actually people were mad when I stopped

charging for it because I think they felt like it was of value to be a part of that. So there's something I've been working on. I've never mentioned it. Hopefully it'll launch soon for a very long time, but it's effectively an extension of all of my channels, but it's going to be behind a low paywall, but a ton of additional content. It's not a trading group. It's not going to be like what to buy, none of that. It's for those of you who actually enjoy how much content I do for free and can actually consume that. It's going to be more interviews with people maybe that we don't have time to get on the channel, extended interviews with people here, shorter, more palatable, me reviewing the news basically

on a daily basis and telling you what's signal, what's noise. We have a couple analysts I've hired. So those guys will be doing charts for you and stuff, but only on the larger assets. We have a team of researchers now that's going to be doing deep dives into new projects. Objective, explaining to you what they are, how they're structured, what the tokenomics are. You can take it for yourself if that's a good or bad thing. We've got a lot, a lot, a lot coming. So that's one thing that we're going to do. I literally just can't do it for free if I want to build on it anymore.

It will be, like I said, sort of a low lift, but it will be a platform, also a full dashboard that will have a fire hose of breaking news for you. So everything that's breaking, you'll get the news first, theoretically down the road to be able to set alerts for that if you want it. But we're going to keep you updated, totally objective, no bias, extra coverage for you guys i've seen with like arch public and meeting you guys in person i think that this is a much better direction for me uh to run a business than even entertaining sponsorships from a lot of the cool things that i like i just think it's a poor model and one that's slowly moving away

from unless it's very top tier exchange, something like that. But even you'll notice when I started working with OKEx, I wasn't pushing a link. Global brand ambassador, a lot of things. So the idea is that that's something just to keep on your radar that I will likely be launching. I think it's going to be excellent. And I'm just so cautious of making sure that it's of value for you, but that I'm also not pushing anyone in any direction. It's not teaching you how to invest or teaching you how to trade. That's what my old content used to be. The other thing we're working on is actually a very cool platform that's going to be for institutional customers. Not for you guys, but I have a feeling I'll find

a way to give you guys some access to it. But just wanted to do that little bit of housekeeping because in this market, we've had sponsors and they're great. And I think their platforms will be amazing. But then months later, even after they're on here, they launch a token, it goes down because every token goes down. Like I said, nobody said this. It just made me think, holy shit, I hope nobody viewed our endorsement as a reason to buy a token and not just to check out a platform. That's all I've ever told you to do. This is cool. It is a great idea. I think you should look at it. That's it. I want to be clear in the future. If ever I talk about anything, that's my view. I have no idea

if the token has good tokenomics. Is is going to go up or down. No idea. That's all I got for you guys today. I can't wait actually to release this stuff and show you what we've been building. It's been a very, very long process. You guys know that I run leaner than I think any channel. I think competitive YouTube channels have 70 people working for them, 100 people working for them. We're like three guys, right? Very tight team. We put together all this content. So for me, and I'm a terrible manager, I'm not good at running a business. So me scaling up and building things, it's a very big new change to put some ownership in other people's hands. But it's been a really good experience building it and leaning

into it. And I think it's going to be really great for you guys. I'm hoping, hoping you'll love it. And if you don't, you know, right back to nothing but free, which is where I'm really, really comfortable. Tons and tons and tons of free content. Oh, the other thing I mentioned it on Twitter yesterday is guys may have seen, and you may have noticed I'm doing a lot more content with a lot of big names and a lot of topics on breaking news that are not on my own channels. I have effectively taken over... I don't know. I never tell anybody anything. I just got to do it. So stupid. I'm the worst marketer in the world, just to be frank. But I've basically taken over crypto content at the street. So the street obviously was started

by Jim Cramer. He has nothing to do with it anymore, but it's one of the largest financial publications in the United States, highly respected, 30 million subscribers. Most of them, boomers with a high net worth. And I love doing this content for you guys. I will never stop. It will be always free on these channels. But the reality is we're screaming into an echo chamber to the same people. And I don't care how big my audience is. I think we have the right people. I love you guys. You watch it. We're not the same content as other YouTubers that get 10 times the views because I'm not doing that kind of content we talked about. But also need to get out of the echo chamber. And you can't do that on your own channel.

Adding 10 people here, 50 people there, 500 Twitter subscribers, we're not getting there. So I basically took the job. I'm a partner there, but anchoring and curating all the crypto content for the street. Right. all the crypto content for the street. Right? So that means now that I get to do stories with Ro Khanna and, you know, Bill Miller, like legendary investors I met in, I already knew Ro Khanna, the congressman, but, you know, a lot of people I met in Nashville,

really high-end content for mainstream that goes on the street and syndicates to Yahoo Finance and syndicates to MSN. And now I get to talk to the boomers. And so me taking that on is like doubling my work for no good reason, except for to facilitate mainstream adoption and bring the real money in and educate the boomers and create content for them. So it's a lot, but putting all this time into talking to the same community is great, but adding a little bit more time to talk to the entire world, I think it's really, really important to me. I've always said that my goal here was mainstream adoption. It's clearly not money because I could take, guys, I could take 10 sponsors a day on this channel based on what comes to us and I just

don't do it. I've never even taken a sponsor on Macro Monday, my most popular show, because I just don't want it tainted. So I've been doing that. So watch out for that. It's always on my X feed. You can see the street stories I'm doing or just go to the street crypto. And we have a core team there, Mario Knopfel, George from Cryptos R Us, the Altcoin Daily guys. I interview all three of them every single week for content there on top of all the other stuff. So all I can say, man, you know uh trying to expand massively especially as hopefully this ramps up and the institutions come in i'm committed to the right content for the right people and not the wrong content for all the people and that's what we're going to do here

regardless of numbers growth or money that's all i got for you guys. I will see you tomorrow. Bye.