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The Banks are Bullish!
Bank of America is coming in fast
What a bullish week for the crypto market! I know.. I know… you’re going to say how can you be bullish when the price isn’t moving. Cause and effect is the answer. We saw major banking institutions take stronger positions in the crypto market and as this continues higher prices will follow. Here is a breakdown of the bullish news from this past week:
Bank of America, the second-largest bank in the U.S., has approved the trading of Bitcoin futures for some clients, according to two people with knowledge of the matter who spoke on condition of anonymity. Earlier this month the bank stated they had launched a crypto research team. (source)
Grayscale Investments, the largest crypto investment firm, has partnered with BNY Mellon, the world’s largest custodial bank with $41 trillion in assets in custody. This is a huge partnership and positions Grayscale for a Bitcoin ETF approval.(source)
S&P Dow Jones Indices rolled out five new cryptocurrency index products, the first major expansion of its digital assets benchmarking tools since entering the market in May. (source)
Jack Dorsey’s Square is building a decentralized finance business using Bitcoin. (source)
US Crypto Regulations
A bipartisan group led by congressman Tom Emmer and includes Ro Khanna and Darren Soto introduced the Securities Clarity Act. Tom Emmer tweeted:
“This bipartisan, innovation-friendly bill will provide regulatory certainty for #digitalcurrencies. My bill, the Securities Clarity Act, establishes a framework for the SEC to swiftly determine what digital assets are securities.”
This bill is of course highly targeted at the SEC Ripple Lawsuit and as well as the future regulation of the crypto market by the SEC. As a reminder, Tom Emmer said last year on record that XRP is not a security.
SEC Ripple Lawsuit
In a huge win for Ripple Judge Netburn ruled that former SEC official William Hinman, who publicly stated Ethereum is not a security, must sit for a deposition. The SEC has a lot to lose here and we will see if they push for a quick settlement instead of having Hinman deposed.
Alex Mashinsky - CEO of Celsius Network
Alex discusses what's new with Celsius, crypto market pull back and bull run, Bitcoin price prediction of $140,000 to $160,000, Ethereum Bitcoin Flippening, Elon Musk, El Salvador adopting Bitcoin, SEC Ripple XRP lawsuit and more.
Alexander Blum - Co-founder and Managing Partner at Crypto Investment firm Two Prime
Alex talks about the institutional demand his fund is seeing, hitting $100 of assets under management, investing in Bitcoin and Ethereum, and much more.
Interviews currently in the process of being scheduled.
Asheesh Birla (Ripple General Manager)
Robert Materazzi (CEO of Lukka)
Perianne Boring (Founder & President of Chamber of Digital Commerce)
Ben Weiss (CoinFlip CEO)
Are you tracking your taxes for your Crypto trading? Be sure to do so, I personally use TaxBit to help me prepare my crypto taxes which I then share with my accountant. Visit TaxBit’s website to learn more.
Disclaimer - Thinking Crypto and Tony are not financial or investment experts. You should do your own research on each cryptocurrency and make your own conclusions and decisions for investment. Invest at your own risk, only invest what you are willing to lose. This newsletter is for educational purposes and NOT investment or financial advice.