US BANK USES STABLECOIN ON STELLAR XLM! COINBASE JOINS WITH COMMUNITY BANKS TO GET CLARITY ACT PASSED!

**Tony Edward** (0:05)
Hey folks, welcome into the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. I'm your host Tony Edward. On your way in, please hit 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 be sure to follow and leave a five-star rating. Folks, we have to start with Hunter Biden's meme coin because as we discussed in our recent podcast episode, it is a rug pull. When it launched, it then crashed by 90-something percent and it was just in a matter of 30 minutes. So par for the course, right? This was kind of an IQ test, as many people have been saying. If you decided to invest in this, you got wrecked. So I hope you guys didn't, as we talked about. And you look at the chart of this coin and it looks just like the Trump and Melania meme coin chart. It also looks like the celebrity meme coin charts like Kim Kardashian and much more, right? A big fat L. It's just a horrible looking thing. So this is where you got to be careful, guys.
It's hot garbage, as I said in the previous podcast episodes. You want to stay away from these things. This is not crypto. Obviously, the technology is crypto, but this is not the ethos of crypto. So just make sure you stay away from these meme coins. They are not worth it. They're very risky. Look, it's a free country. You are free to do what you want, but I'm just sharing my opinion and sharing some advice. So if you want to be smart and make some serious money, it will require some patience. It will require going through market cycles, but at least you are investing in things that have an actual use case, that have utility, that have fundamentals, that have actual real companies building on them. Not just a hyper speculative play where it's just about speculation. Whoever gets in first and runs out, that's not what we're doing here.
It's something to be aware of. Hunter Biden is trying to cope here. He's putting out all types of posts saying, we're going to fix the liquidity and the team's allocation is locked. Nobody in our side has sold. But of course, there is no proof. He's not showing the wallet addresses. He's not showing how many coins each wallet holds. He's not working with a third party auditor, an independent auditor to say, yes, this is the allocation.
It's all just trust me, bro.
So again, this is all nonsense. Now, the silver lining, as we talked about in the previous podcast, is that this could help get the Clarity Act passed because you have someone on the Democrat side. Obviously, he's not in office, but yet he's connected to the former president, Joe Biden. It could help the Democrats to say, look, we know Trump made money off of crypto with his meme coin and much more. However, we're seeing Democrats doing it, so we can't really fully attack Trump. We can't really use this as just a Trump-only political talking point. Let's get the Clarity Act done. Now, I hope that's the case, but we're going to have to wait and see. We haven't really heard from Elizabeth Warren or any of the other Democrats. So it's TBD. And speaking of the Clarity Act, today the Senate Republicans released an updated version reflecting changes negotiated over the August recess. However, Eleanor Tarrant is reporting, there appears to be no changes to the Ethics section. The BRCA and Stablecoin Yield sections also remain the same. Now I believe the biggest challenge is of course the Ethics piece. I've had Cody Carbone of the Digital Chamber and other folks on to talk about this. So again, does the Hunter Biden situation cool down the Ethics talk, right? Because there is a version of Ethics in there, just not the updated one that was sent to the White House. So lots to be discussed. I'm going to have Ron Hammond, who's very closely connected to Washington and everything that's happening on the podcast on Friday. So stay tuned for that episode because we're going to talk about what he's hearing and what Democrats are doing because there's no changes to the Ethics section and that's the main issue that the Democrats had. So Eleanor highlighted some of the changes that were included. First is requiring non-decentralized DeFi protocols to register with the CFTC, which mirrors section 10301 of the banking committee portion of the bill. Number two, limiting DeFi prescriptions to spot or cash digital commodity transactions, which appears aimed at addressing concerns raised by tribes about blockchain-based prediction markets. Number three, clarifying the authority of credit unions to deal in crypto.