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Join me today for Episode 1102 of Bitcoin And . . . 

Topics for today:

• Ledn Ditches ETH
• Trump Says "Tarrif" - Markets Tank
• Raoul Pal Gets Hosed Again
• Banks Team Up on Stablecoin 

#Bitcoin #BitcoinAnd 

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Articles:

https://decrypt.co/321767/bitcoin-rally-wavers-as-trump-drops-50-eu-tariff-bombshell
https://cointelegraph.com/news/ledn-ditches-eth-full-custody-model-bitcoin-loans
https://www.coindesk.com/markets/2025/05/22/sui-networks-cetus-protocol-hit-in-apparent-hack-sending-token-prices-down-90
https://primal.net/e/nevent1qqszk4vdhx8s4ultveprpy4wu3fuvkejj3fwgkyn92t25y538skn85s202dq9
https://decrypt.co/321692/cftc-crypto-perps-trade-us-commissioners-exit

• https://www.cnbc.com/futures-and-commodities/
• https://dashboard.clarkmoody.com/
• https://mempool.space/
• https://www.bitcoinandshow.com/
• https://fountain.fm/show/eK5XaSb3UaLRavU3lYrI
• 
  

https://www.theblock.co/post/355495/major-us-banks-in-early-talks-for-joint-stablecoin-venture-wsj
https://lightning.news/breez-and-spark-partner/
https://bitcoinmagazine.com/news/h100-group-became-the-first-publicly-listed-bitcoin-treasury-company-in-sweden
https://bitcoinnews.com/mining/sangha-renewables-20mw-solar-mining-farm/
https://atlas21.com/american-tourist-drugged-and-robbed-123000-in-crypto-stolen-in-london/


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[00:00:02] David Bennett:

You're referring to the CBO scoring I believe which is tenure scoring and it's DC style scoring.   So we think that we can both grow the economy   and and control the debt. And what's important, Bill, is that the economy   grows faster than the debt. So what I would tell your viewers to focus on is what I'm focused on is what Secretary Yellen was focused on is what is the total debt to GDP?   Because we can grow our way out of this. That if we change the growth trajectory,   the of the country,   of the economy,   then we will stabilize our finances and grow our way out of it. Okay. Yeah. That that's just special.  

[00:00:43] Unknown:

That's just special there.   Secretary Basent,   that was in fact   secretary Basent on CNBC.   Did you catch what's wrong   with those statements?   You you can't contain this.   And many people   over the last few weeks well, actually,   last few months, I suppose,   ever since, you know, Trump basically got into office and we kinda knew that the dissent was gonna be   gonna be in play. And people have been going, yeah. Well, he's a really smart guy, and he is.   So do not think for a second that   that mister Bascent isn't,   pretty bright, because he is. You you don't get into these positions by being just absolutely ignorant,   stupid,   you name it. Okay? That that's not what's going on here.  

What's happening is that these people are starting to realize,   oh, shit.   This is this is   the oh, shit moment   for this particular administration.   All administrations have had their oh, shit moment when it comes to the economy.   There's no way   you're getting rid   of this debt.   The the mere suggestion   that all you have to do   is grow the economy   faster than the debt, which is clearly going to grow. That what they're what they're saying is there's a predator on our tail.   It's got nasty, sharp, pointy teeth, and it's going to tear us limb from limb if it catches us. So all we have to do is keep running.   That that doesn't work.  

If you're in an open field in an African savanna and something, you know, like a tiger or a lion is chasing your ass,   you're going to run out of energy   before   the lion   does.   And it's going to catch you and with its nasty sharp big pointy teeth, it's going to rip you limb from limb.   This is   a ludicrous statement from a very smart man because he's trapped in a corner.   All of them are. There's nothing they can do.   It is 08:58AM   Pacific Daylight Time. It is the May   2025.   This   is episode,   what, 11:02,   yeah, of Bitcoin. And, we got all kinds of stuff that we're gonna be talking about today.   We've already done the percent stuff, so we could just go ahead and move on with the other news because that's why you're here. It's all the Bitcoin news that you can use   to get you   situated   for what the hell is about to come. And we've already seen the drop of Bitcoin. It's a massive dip. We're all dead. We're all gonna die. It's just it's horrible. It's awful. It's oh my god.  

We're down to, like, a hundred and $9,000   after we hit   exactly   $112,000   yesterday.   That was the high. And the minute we clipped that, it was like, yeah. We're not gonna go past that. That is $1.12 is massive resistance right now.   And we are going down.   And, you know, even if if all things were equal, we were gonna go down anyway. We're gonna we were going to clip some kind of ceiling   or at least a local ceiling, and we were going to just, you know, start crab walking sideways and and start drifting down. It was gonna it was inevitable.   But we actually had a catalyst   because   orange man opened his mouth and said words.  

So here we go. Starting our Friday off right with this Maya v from decrypt,   Bitcoin rally waivers as Trump   drops   a 50%   EU tariff bombshell.   Oh, lord, have mercy. He said the word tariff again, and every time he says tariff,   the markets   shit the bed. Before president Donald Trump floated the idea of a straight up 50 tariff on the European Union Friday,   Bitcoin blasted through a hundred and $11,000   this week, setting a new all time high.   The BTC optimism was promoting   or rather prompting analysts to debate whether this rally is fundamentally different from those of the past. But again,   that was before   orange man's market tanking news on his Truth Social account. In the past hour, Bitcoin has fallen 1.8%   and was changing hands at a hundred and 8,531.  

And then they start talking about shitcoins, which I'm not gonna get into. But analysts had been feeling optimistic about the latest rally. Instead of being driven by speculative   excess, many believed   the surge reflected deeper structural strength backed by institutional flows,   tighter market conditions, which means less liquidity,   and shifting   investor behavior. But Bitcoin didn't get above   a hundred and $11,000   easily this week.   It briefly slipped in response to a weak treasury auction earlier this week   before rebounding   to 11,807   early Friday in Asia. Pausing,   I have absolutely heard nothing   about the weak treasury   auction.  

That one is a surprise to me. You'd think I would have heard about it, but I didn't.   Those treasury auctions are going to get weaker.   The only outlet that's going to be left is Tether   and the Fed. The the Fed's always gonna step in to actually buy, you know, treasury bonds. And that's where the real money printing   actually occurs.   But Tether's going to start   really ramping up their purchases of United States Treasury debt. That's going to be the new structure.   Right? It's not gonna just be the Fed as the buyer of last resort.   Tether is going to be there too.  

And I'll guarantee you there's gonna be a couple of fistfuls   of stablecoins that come up that are also going to be buying treasury debt, but not like they're not gonna be able to match what Tether is gonna be able to do. I'm just saying, get ready.   The structure of this entire world's economy is about to shift,   and you need to be prepared for it.   Continuing on,   in its latest market note,   Singapore based QCP Capital described the uptrend as a more structurally   robust one than the last, citing reduced leverage, resilient price action even after a weak treasury auction, and a marked divergence from gold, which has plateaued   near $3,300.  

Quote, this rally feels different, less frothy, momentum chasing, and stronger fundamental   underpinnings,   they wrote over there at QCP Capital. And crypto exchange   Mexi's   COO, Tracy Jin, told the crypt that   the rally feels more structurally sound than past cycles aligning with QCP's capitals   or QCP Capital's view that fundamentals and not speculation are driving this particular move. She pointed   to Bitcoin's highest ever weekly close at around a hundred and 6,500   after six straight weeks of gain.   Jin observed that leverage remains low with future premiums at just 7% compared to peaks above 30%   in overheated markets and said that   over $1,300,000,000   flowing into Bitcoin ETFs in just five days   indicates that institutional demand   is leading this charge.  

Quote, approximately 50,000,000 Americans Americans   now own Bitcoin compared to the 37,000,000   who own gold,   Jin noted highlighting   the growing normalization   of Bitcoin as part of mainstream financial holdings. And by contrast,   analyst at b two b   I n p sorry. Hold on.   These names, they're killing me, man. B two b I n p.   Stop   naming things stupid.   Anyway, they focused less on a near term flow   and more on the long term structural rhythm of Bitcoin's price history. They describe the rally as a continuation of Bitcoin's cyclical pattern telling decrypt that it's not unprecedented   nor anomalous,   but part of a broader trend typically marked by 50%   retracements.  

The analysts   also cautioned, however, that the correction phase may still lie ahead, making it premature to benchmark this cycle definitively against prior ones   on the growing divergence from gold.   B two b I n pay said it, quote, speaks more to investor psychology and risk appetite   than to any fundamental decoupling.   Traders were already dubious   of whether Bitcoin had enough momentum to breach a 15,000   in the near term, but, of course,   Trump's tariff bombshell has intensified that skepticism   on Myriad,   a decentralized prediction platform created by Decrypt's parent company, Dastan,   about 24%   of betors   thought Bitcoin had a fighting chance to be above a 15,000   on Sunday, May.  

But since then,   the optimistic crowd has shrunk to a mere measly, pitily ass 15.4%   of users.   Well, yeah, that makes absolute sense considering when orange man opens his mouth and the word tariff rolls out of it,   shit hits the fan and investors shit the bed. Now moving on to good news.   Sam Borgie from Cointelegraph   tells us that Lenden,   l e d n, it's a lending platform, and it's been around for a long time   well before BlockFi was even instantiated. And, yes, they still exist even though   they got into stupid shit, which they are now getting out of because Ledn   ditches ETH   and shifts to full custody model for Bitcoin loans.  

Nice. They got rid of the crap. Digital asset lender Leden is transitioning   to fully collateralized Bitcoin lending and discontinuing support for Shitcoin number one or Ethereum.   In moves designed to consolidate its BTC focused business and further safeguard client assets   against credit risks, I e Shitcoin number one.   In adopting a full custody structure for Bitcoin loans,   Lenden will no longer lend out client assets to generate interest   the company disclosed on May.   Instead,   Bitcoin collateral   will remain   under full custody by Leden or one of its designated funding partners. Quote, this means assets are not rehypothecated,   reused, or loaned out to generate yield,   Leden cofounder and CEO Adam Reeves   said. Reeves   also said that the move brings the company back to its roots and aligns more closely with Bitcoin's founding principles, quote,   Bitcoin was created as a direct response to the risks of fractional reserve banking   and unchecked use of client assets to generate interest.  

He added, quote, traditional finance relies   on constantly reusing client assets to create leverage and ultimately inflation.   Bitcoiners instinctively reject that model.   That's why we've moved away from this approach or from this approach entirely.   Reid told CoinTelegraph that the company is ending support for ether   as part of a broader strategic shift as Bitcoin represents over 99%   of Leden's client activity.   Quote, rather than fragmenting the platform to chase marginal volume, we're going all in on Bitcoin and simplifying our stack to reflect what our clients actually value.   Founded in 2018,   Leden had emerged as one of the largest lenders in the digital asset space with a loan book value of $9,900,000,000   according to Galaxy Research.  

The company enables Bitcoin holders to borrow against their assets, giving them access to liquidity without having to sell their holdings,   triggering taxable events.   This approach is commonly used by wealthy investors who take out low interest loans against stocks, real estates, and other assets to access cash.   Bitcoin's Genesis block was mined in the wake of the global financial crisis in 02/2008,   offering the world a sound money alternative.   And Bitcoin now thrives within traditional finance, especially after the successful launch of spot exchange traded funds.   While financial institutions are increasingly embracing the corn,   some members of the banking lobby are reportedly concerned. Oh my god. They're concerned about other blockchain innovations disrupting their business models.  

Specifically,   the banking lobby lobby   is panicking   over yield bearing stable coins which can pay higher interest rates and other financial incentives that traditional banks have largely abandoned   according to New York University professor Austin Campbell.   Referring to banks as a cartel,   Campbell said financial institutions rely on fractional reserves to maximize profits while offering depositors minimal interest.   That seems to be a juxtaposition   of what Lenden is actually trying to do here, ladies and gentlemen, because they're getting out of that.   They are also kind of abandoning   the yield model.  

So does that mean that people like Leaden go the way of banks because they're not offering yield?   Have we approached   a breaking point in humanity   to where   maybe we just instead of looking for yield,   what we're really trying to do is just look for sound money. Because why did you chase yield in the first place?   To grow your money. Well, why did you have to grow your money?   Because your money was losing value. You may not have known that,   but your money was actually losing value. And I really believe that   that subliminally   shifted   the human psyche into thinking in a different way. We maybe it   it's okay to make money. It's okay to deploy capital   to actually make money. And, yes, you can view that as yield,   but there's gotta be a labor involved. Right? That that's the way that it normally worked. You would open a business or   you would I don't know. You'd you'd go out on a ship and and, you know, buy cheap jewel, you know,   precious stones or something like that from some other country, and then you'd have to fight the ocean currents and and storms and whales and sharks and sea bears, oh my, to get back to your homeland so you could sell those precious gems   at a profit. Right? That wasn't sitting on your ass making 6%. You were working your ass off for that 6% or whatever it ended up being.  

But now what we've got a situation is is that everybody's got their full time job. Right?   Not everybody, but most people have their full time job. They're, you know, getting into their IRAs.   You know, they're they're trying to invest also on their own and and but they're not actually doing anything other than   kinda scanning numbers and saying this is a good bet,   but they're not actively part of that which they invest   in other than their money. And that's only to generate enough yield to get past inflation and all the rest of the detritus that we find ourselves it's it's like a junkyard out here, man.   Everything is crap.  

It's all bullshit   when all we really needed to do was have sound money. And since we've got sound money again,   will that or will that not   help us shift our attitudes?   I certainly hope so.   But   there's another guy   who's never going to be able to shake out the Fiat mindset, and his name   is Raoul   Pal.   I'd never been able to really pronounce his name. If you don't know who the hell I'm talking about,   it's   like I think his name   his name is spelled r a   o u l, and I think it's pronounced Raul.   His last name's p a l. If you don't know who I'm talking about, this is a guy   who   had a has still a very successful,   I would I wouldn't say podcast, but he's got, like, a whole cult following because he's an investor, and he's always telling people how to get rich and where their yield should go. And when Bitcoin happened,   it took him a while,   but he immediately got into when he got into the cryptocurrency scene, he basically went all in.  

And   he's kinda he's pretty famous. He's a pretty famous guy. And people swore   by everything that he said.   Right? And then he just went full blown shitcoin almost immediately.   He was all in on Bitcoin, and it was like four months later he started talking about every shitcoin under the sun.   Well, now he finds himself in a really sticky situation   because   he's starting to look like a human rug pull indicator.   He's   75%   in TOSUI,   s u I, which is a straight up shitcoin   on a straight up shit chain.   He's 75%   of his wealth. This is what he announced on television. I think he was talking with somebody.   I it was some some podcast, like, that he was on over the, like, like, the last couple of days. Like, this is very, very fresh. And he's like, no, dude. I'm over 70%   into SUI.  

Well, that's not going to work out well for him   because SUI's biggest liquidity provider   has been hacked   for $223,000,000   causing SUI based tokens to plummet.   That's right. Raul Paul,   our friend,   just got his ass handed to him. Sharamalwa   Hasmore, CoinDesk.   Seedless Protocol,   the largest decentralized exchange and liquidity provider of the SUI, SUI, network,   has been drained of $223,000,000.   The protocol added that a hundred and 62,000,000 of the stolen funds has been, quote, paused,   and it is working with the SUI Foundation to recover the remainder of the funds. I won't even get into the   part   where you shouldn't be they shouldn't be able to do that.  

That's not decentralized.   That's not what we're after.   For god's sakes. The wallet tied to the Cetus protocol exploit currently holds over 12,900,000.0   SUI valued at $54,000,000   at current prices, and on chain data shows that the address has a net worth exceeding 32,900,000.0   SUI,   suggesting the attacker may have already bridged or swapped funds through multiple pathways.   The wallet remains active at the time   at this time of publishing and is likely   in the process of obfuscating   its funds.   This confirms the scale of the exploit   and further pressure Sui   DeFi infrastructure   as major token pools and pairs remain drained.  

The Seedless team has paused the smart contracts   and is actively investigating, it said on a Twitter post. And according to early analysis, the attacker used spoof tokens like Bulla   to exploit broken price curves and reserve calculations.   They then added near zero liquidity   to manipulate internal LP states,   and repeatedly removed real assets like Sui and USDC without depositing   anything meaningful.   Oh, lord have mercy.   Cetus confirmed the incident on Twitter saying the contract had been paused for safety and that a detailed statement will follow.   Binance founder, CZ, said the exchanges team has reached out to Sui to offer its help.  

Cetus is down 40%   in the past few hours, while SUI based meme coins like Bula and Mojo have dropped over 90%.   Remember what I told you about Raoul Pal being over 7070%   lever or not leverage, 70%   all in   on SUI,   and he just lost 90%   of that 70% of his net value.   Stop   chasing   shitcoins   and meme coins and stupid coins.   It's not doing   anything for you.   All it is is going to keep you up at night, and then and then after it's finished with you,   your nights   will be lived under a bridge in a cardboard box   sleeping on sewage. And if you have enough money left over, you might be able to get yourself clean with SoapMiner,   soapminer.com,   soap miner soaps. It's 100%   handmade   tallow   soap. It's awesome soap. I love this soap. I use this soap. I shave with this soap. I wash my hair with this show soap.  

This stuff is great. And our buddy, Soap Miner, over at soapminer.com,   will give you 10% off if you use   Bitcoin and as the coupon code. He's got all kinds of nice soaps over here. Let's let me read you off some. Oh, he's got Earl Grey tallow soap.   He's got fresh breeze tallow. He's got lemongrass.   He's got orange and clove tallow. He's   got tea   tree tallow, which I love tea tree stuff, but he's also got this stuff called pine tar tallow. I know. Sounds weird.   Get you clean.   Cedarwood tallow is offer also offered offered as well as peppermint   and,   excuse me, lavender.  

But my favorite   of all of these soaps, my very favorite   is the rough cut tallow soap. It has exactly   three ingredients.   It has   100% beef tallow,   lye, and distilled water.   You can get a five ounce bar for $7.   I'm still using mine after weeks,   and I use it. My kids use it. My wife uses it. We're all using the same bar. I've had it for weeks.   Best $7   I've ever,   ever, ever spent. Again, soapmiter.com.   Get yourself clean   with soapminer.com.   Again, use,   Bitcoin and as the coupon code in the cart, get 10%   off. Get away clean   with soap miner   soaps at soapminer.com.  

The CFTC   signals crypto perps   could trade in The US as commissioner   heads to the exits.   Oh, yeah. Liz Napolitano   from Decrypt.   Outgoing   CFTC   commissioner Summer Mercinger   signaled Thursday   that the commission could   very soon green light crypto   perpetual futures products   in The United States despite leadership shakeups at the federal agency that risk diminishing its enforcement powers, quote.   I think those, the perpetual futures, can come to market now, and we're seeing some applications, and I believe   we'll have some of those products trading live   very, very soon.  

The products, quote,   will be really beneficial to the crypto industry broadly   and to our economy here in The United States.   Good god almighty. Perpetual futures, in in case you didn't know, are financial contracts   in which traders speculate   on the underlying value of an asset such as Bitcoin and some other, well,   shitcoin,   the offerings   proponents argue   that the availability   of twenty four hour a day, seven day a week, leverage trading stateside could significantly   bolster participation   and inject   more liquidity into The United States market. However,   critics argue that perpetual futures pose significant risks to investors.  

Everything's a risk.   Anyway, commissioner Mercinger's comments on the likelihood of crypto perpetual futures debut in The United States   come ahead of her departure from the agency to lead the crypto lobbying group, the Blockchain   Association.   Pausing.   Let's say it right now.   This is exactly the same kind of bullshit that we have to put up with the Food and Drug Administration   having a rotating or rather revolving door   directly into shit like   Pfizer,   bear crop science, because the CEOs and and the lobbyists and people like that for bear crop science, they rotate into the United States government. They rotate right back out. Instead of going for instead of going back to Bayer, they may go to Pfizer. They may go to, I don't know, some other   pharmaceutical   company or some other,   you know, huge agricultural producer, we're seeing the exact   same   thing   in blockchain.  

And that's how you know   when you hear the words crypto,   blockchain,   or things like it that it's a sham, a fraud. It should be run away from at speeds not seen since the speed of light.   Get away from this shit.   Stop using this terminology.   Go Bitcoin only. Do it. Do it today and be happy. You'll own Bitcoin,   and you will be happy.   But the commission is poised to continue its work under the Trump appointed Brian Kitsnitz, or however you pronounce it, a pro crypto regulator who is awaiting confirmation from the senate. But with fewer   regulators in its ranks, the federal agency may struggle to perform its duties in a timely manner.  

Quincez   may well be the only commissioner left depending on when the others,   determine to make their departures.   It at least until additional commissioners are confirmed by the senate. Oh my god. That sounds pretty bad, dudes.   Quote, the reduced number of commissioners could delay enforcement actions, rule making activity,   and coordination with other financial regulators increasing pressure   on the senate to expedite the confirmation process,   several partners of Paul Hastings, a US based law firm, said in a blog post on Thursday.   I had no idea that the CFTC was this gutted.  

I mean, you got, like, one one commissioner   as a regulator. That's, like, how many people are working in that office at this point?   That's   kinda scary, man.   Fuck it. Let's run the numbers.   West Texas Intermediate Oil, Earl, is up a half point to sixty one forty nine. Brittnorese is up point 43%   to sixty four seventy two. Natural gas is up two points   to $3.31   per thousand, and gasoline is down a half,   staying around $2.12   a gallon.   Gold is up. Wow. It's rallying today. 2% to the upside. We got a $3,360   and,   8 dimes on that song, bitch. Damn. 2%.   Silver is up point 8%, and platinum is up also point 8%.  

Copper is the biggest winner of the day, 2.8%   of the downside, and palladium's sucking its swamp water   red   2.28.   Let's see. Ag,   fairly mixed today. Biggest winner is gonna be rough rice, 2.3%   to the upside. Biggest loser   is chocolate, 4.25%   to the downside. Live cattle   crawling sideways slightly in the green. Lean hogs down point 6%.   Feeder cattle up a quarter.   The Dow because of the tariff talk is obviously red. Point 71%   to the downside. S and P point 85%   to the downside, Nasdaq   just over 1%   down, and the S and P Mini is down just over half point.   We are now back down to a hundred and $8,580   per coin.  

Still, though, pretty beefy $2,160,000,000,000   market cap. We can get 32.3   ounces of shiny metal rocks with our one Bitcoin of which there are 19,868,622.72   of. Average fees per block are low, 0.04   BTC taken in fees on average on a per block basis.   Looks to be about   13 blocks carrying 6,800   unconfirmed transactions   waiting to clear at high priority rates of five. Satoshis per v byte, low priority is gonna get you in at three.   Hash rate is above 900. We hit 901.5   x a hashes per second. We have a three and a half percent difficulty   increase estimate   coming in seven days or 1,107   blocks.  

A reminder to visit bitcoinandshow.com.   That's bitcoinandshow.com.   Bitcoin and show, all 1 word, Com.   Sign up and you will get   you'll get I'll send you an email whenever it is that I drop something new on that website, which is about once a day. So I'm not gonna sell your email, I'm not gonna give your email away, and I'm also not gonna flood you with spam. You'll just if I drop something on the website, it's an article that I write or, like, you know, a podcast that I put up, you'll hear about it   in your email.   And from Debt Driven   Degeneracy,   which was yesterday's episode of Bitcoin, and I got   Drecker with 5,000. Sat says, thank you, sir. No. Thank you. I got Psyduck with $7.00 4 says,   Psyduck.  

Turkey still says nothing but is giving me 500 sats, and thank you sir with 500 says no thank you.   Perma nerd with 3 30 3 says listen to this episode to hear how a person can compare a cow to dirt.   Also, if you pay close attention, you can parse how none you business feels about BSV.   Well, there's   you don't have to parse shit about that. I hate it. Pies with a hundred says thank you, sir. No. Thank you. That's the weather report.   Welcome. Welcome. Welcome to part two of the news that you can use. Major US banks in early talks   for a joint   stablecoin   venture.  

This is according to the Wall Street Journal.   Yeah. I don't know about this.   I'm pretty sure they're all going to release their own stablecoins at one point or another, so this may just be getting their toes in the water. But   leading banking institutions in The United States are exploring a joint venture   to launch a stablecoin   as the country accelerates its crypto regulations, The Wall Street Journal reported on Thursday.   The discussion of a potential joint stablecoin project involves companies co owned by JPMorgan,   Bank of America,   Citigroup,   Wells Fargo, and other major commercial banks.  

Such companies include real time payout or payment network, The Clearing House,   and Early Warning Services   LLC, the fintech company behind peer to peer payment system, Zelle.   The report added that discussions amongst   US banks remain preliminary   and, of course, are subject to change with their ultimate outcome heavily dependent on the nation's evolving stablecoin legislation.   Earlier this week,   US Senators voted to move forward with the Guiding and Establishing National Innovation for US Stablecoins   Act or   the Genius Act. Oh, Genius Marketing. The senate bill effectively   sets the groundwork for stablecoin regulation   by requiring such tokenized assets to be fully backed by US dollars or similarly liquid assets.  

Yeah. They forgot to mention US treasuries. They need people need to put that in every story when they talk about Genius Act backed by US treasuries   and or   US dollars   and or similarly liquid assets. Okay? So it's like it's really US treasuries.   We gotta be able to get that money printer printing because Bessette, yet the head of the show, he signaled it. That printer   is about to turn on,   and the first thing it's going to print   is other printers,   and then they're gonna turn on.   It's gonna be a debt jubilee, the likes of which you've never seen, except we're gonna export it all to other countries via Tether. I guarantee it.   Anyway,   lawmakers   now need to take votes on amendments   to that bill. Oh, joy. That's gonna be fun. And take steps to get a final vote on the bill.  

While the Genius Act gained bipartisan momentum, some Democrats emphasized the needs to address   president Trump's personal ties to crypto   before giving the bill final approval.   Does   does that mean he can't make any decisions on the United States dollar?   Because he owns dollars.   That's   probably   way too naive to have actually   air.   Whatever. Trump and his sons have been associated with crypto project World Liberty Financial. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Whatever, dude. The real news here   is that I don't think that this is actually going to happen.   I think that this is more like a working group   between The US banks   so that they can each get their own stories   and kinda, like, leverage each other for understanding   how this new structure of world financial   thing is going to actually look like.  

You know, what what what is it gonna look like? How is it gonna act? How are we going to be part of it? How are we gonna help build all that bull all the bullshit?   Right?   They're all they're gonna do is reinstantiate   what we already have,   but they're gonna do it on top of stable coins. It's not gonna be very much different.   It they're gonna say that it's different, but it's really not any different   except   for the fact that they're gonna be able to print   all kinds of money. But let's go back to Weimar Republic just just for a second.   Right? So after World War one,   Germany finds itself   in a hell of a pickle.  

And without getting too far into the,   geopolitical stuff going on, they needed money   to repay reparations.   Right? Because that was part of the deal. I can't remember what the what that particular accord was. It wasn't Versailles because that was I think that was World War two.   Or was it the Treaty of Versailles? Oh, shit. You know, I should've listened more in world history. It doesn't matter. There was an agreement. They Germany lost World War one. Right? They got their asses handed to them, and then they got their asses handed to them again by a bunch of people saying, you're gonna have to pay for all the shit you destroyed and all the people that you killed.   Right? So what Germany decided to do is go, you know what?  

They they're they want they want,   Deutsche Marks or whatever they were called back at the time.   Let let's do this.   Let's just print   a shit ton of our own money, and then we'll pay them back with that. And and that's exactly what they started doing. And it worked so well   that they kept printing, and they kept printing, and printing, and printing, and printing, and printing, until finally it took   a wheelbarrow   full of paper marks   to buy a loaf of bread.   People were burning it for heat because it was cheaper to burn the money than to actually buy use the money to buy actually, it probably wasn't cheaper. It was probably just less of a pain in the ass   to burn the paper money than to actually take the amount of money you needed to go get a wheelbarrow full of coal.  

That's it was it was that bad.   It was that   except   the problem is is that at that time,   especially around the end of it, they were just printing their own money. They didn't it really wasn't it wasn't like, you know,   like they had I don't know, that they were, like, you know, friendly with Japan and Japan wanted all this new money, and they weren't exporting that money to Japan or Russia or   Africa or, you know, South America. It was pretty much contained   in the Weimar Republic,   and that's why it did so much damage so quickly. But now   now with Tether,   we can export that shit. We can have Tether buy our debt, which we just print.  

Okay? It's like just think of it as a electrical transformer.   You know, instead of printing the actual money, what we do is we print debt,   and then we get some people to actually use their own sovereign currencies to buy that debt, and then we convert that to actual dollars.   And the other side of that story is that the Fed will step in if nobody buys enough treasury bonds, and then they will print money to actually buy those bonds. But   this is sort of like   a stepping stone to what comes next, and that is basically Tether   buying a shit ton of whatever debt instrumentation   The United States can print,   but not be able to actually do anything about it inside The United States. It's not like they're going to get a license to print Tether inside The United States, and that's what the Genius Act is. In my opinion,   that's what it's for, is to make sure that US companies only, of which Tether is not,   are able to actually print stablecoins   for use inside domiciled United States territories like   Continental   United States, Alaska, Hawaii, and all of our little   would be nation states like Guam and shit like that.  

Now with Tether   being the ex the buyer of domestic United States printed debt,   converting it into Tether because they'll just print Tether to to, you know, say, hey. We we bought all this debt, and we're gonna turn it into Tether. So they print Tether.   They can't put that Tether back into The United States. Now it's it's basically just a way to vacuum up United States debt as it's printed   and then spray it out to the rest of the world.   So go back to Weimar. When they were printing money, they could only really I mean, yes, they got to the point where other nations were like, we're not taking your your shitty money anymore because you're you're printing too much of it. Right? They completely   destroyed   that entire,   you know, agreement that they had with the rest of Europe for reparations by simply printing the shit out of money, but they killed themselves because it stayed contained inside their country. But now we get to spray it to every country on the planet   except The US.  

It's   different. It's the same thing. It's like a mirror image.   It's the same but different,   and it's going to I don't even know what it's going to cause.   I mean, is it possible that we could get a reverse   worldwide depression where the only country that's not in a depression is The United States?   Is that possible?   I think it is.   We'll have to see what happens.   But moving on,   Breeze and Spark have partnered.   There's a self custodial Lightning SDK   that is being birthed out of it. This is from lightning.news,   by the way.   Breeze, b r e e z, a leader in lightning network infrastructure   and Spark,   a Bitcoin native layer two platform,   today announced   a groundbreaking   collaboration   to empower developers with tools   to seamlessly   integrate self custodial Bitcoin payments   into everyday applications.  

The partnership   introduces   a new implementation of the Breeze SDK   built on top of Spark's Bitcoin native infrastructure,   accelerating the evolution of Bitcoin from digital gold   to a global   permissionless   currency.   The updated Breeze SDK leverages Spark's l two architecture   to deliver a frictionless Bitcoin native experience for developers.   The key features include   universal compatibility.   There are bindings for all major programming languages and frameworks.   L n URL and lightning address support.   There's streamlined   integration for peer to peer transactions.  

Real time interaction,   instant mobile notifications for payment confirmations,   and no external reliances.   It's built directly on Bitcoin via Spark, eliminating bridges   or third party consensus.   This implementation unlocks use cases such as streaming content payments,   social app monetization,   in game currencies, that's going to be very important,   cross border remittances,   and AI   micro settlements, all powered by Bitcoin's decentralized   network.   And then there's quotes from leadership, but it's all a bunch of suit speak. But that's gonna be interesting because Breeze has been around for a long, long time. They were one of the very first people   to actually have,   they put a,   a podcast player inside of their wallet.  

They had been around for, like, a couple of years. And when,   podcasting two point o started really kinda heating up,   they were one of the very first ones to jump on that ship. And that's I used used to use Breeze   as my podcast app   because it had it was basically inside the wallet, and I wanted to be able to stream Satoshis to people when I was listening to their podcast.   And Breeze was the only one that I that I knew of at the time. And this was   this was, like, right before the summer of sushi swap happened.   That's how long ago this was. So Breeze is you know, I I've got a lot of trust in the in the team behind Breeze. They have been constantly   working.  

We always, you know, hear about other wallets like Zeus and Wallet of Satoshi and Albigot.   But all the while,   Breeze has been in the background and they haven't gone away.   I should take a look at them and I'm definitely gonna be taking a look at them now that they've partnered over with Spark.   Okay.   On to Sweden   where h one hundred group, that's the name of the company,   has become the first publicly listed Bitcoin treasury company in Sweden.   Yes. BTC,   Bitcoin treasury companies,   marches on the VVXN, Bitcoin Magazine.   H one hundred group a b, that's, I guess, the full name of the company. I these are dumb names. I hate these names. But   h one hundred group a b has announced   that it has become Sweden's   very first publicly listed health technology company to adopt Bitcoin as a treasury reserve asset,   announcing the purchase of 4.39   BTC   for 5,000,000   NOK.  

No. K. I guess Norwegian   kroner?   I mean, it's Sweden. I mean, I I don't know what the hell NOK means. Whatever. It's about 475   US 475,000   US dollars.   The Stockholm   based company, which provides AI powered automation and digital solutions for health care providers,   joins a growing roster of public companies adding Bitcoin to their balance sheets in 2025.   And the purchase was executed at an average price of a hundred and $8,200.   So I guess they're just now breaking even where we at.   Hundred and 8,630,   something like that.   Quote,   this addition to h one hundreds, Bitcoin treasury strategy follows an increasing number of tech oriented growth companies holding Bitcoin on their balance sheet,   said CEO, Sander Anderson.  

And I believe   the values of individual sovereignty,   highly present in the Bitcoin community,   aligns well with and will appeal to   the customers and communities that we are building the h one hundred platform for.   The move comes amid a surge in corporate Bitcoin adoption. Yeah. Yeah. Yeah.   They talk about MicroStrategy and twenty one Capital Strive and others others whatever. H one hundred group emphasized   that the Bitcoin purchase does not affect its core operations   in the health and longevity industry.   The company views the investment as a strategic deployment of excess liquidity   to strengthen its financial position while aligning with its values of individual sovereignty.  

The announcement reflects a broader shift in corporate treasury management as companies seek to diversify their holdings.   Okay. So h one hundred   is the second health com actually, this is the third   health company   that is getting into Bitcoin. 1 of them is partnering directly with,   oh, god. Was it Nakamoto?   I can't remember whose outfit that is. Oh, god. Who is it? It doesn't matter. And then there's similar scientific, which is a health care the they make   health care products.   And then there's h one hundred.   And these two companies are are health care companies that are putting Bitcoin on their balance sheet. It actually seems to be a trend   in health care. I hope so,   because maybe that will actually drive health care prices down if a lot of health care companies actually start doing the same thing. It'll be interesting.  

Moving on to Sangha Renewables   is launching a 20 megawatt solar mining farm in Texas.   Good god. Bitcoin news. Alex Larry is writing,   Sengha Renewables, a company that combines renewable energy   with Bitcoin mining, has started construction   on a 19.9   megawatt   mining facility powered 100%   by solar energy.   The mining site is in, of course, West Texas, a region known for its strong solar and growing Bitcoin mining presence. You know why?   Because it's   hot,   and there's no clouds.   It's it's doesn't rain. It's   a desert.   And   yeah. So it's great for solar   until the dust storms come and you gotta clean all the solar panels off.  

I used I grew up there. I know what I'm talking about. I hope they have a good,   window washing service lined up. The mining or what's unique about this mining site is that the behind   the meter setup is   in play.   The facility   apparently will draw power directly from nearby solar site   instead of the grid, and this avoids some of the cost and inefficiencies   of traditional energy sourcing.   The solar site   where the mining facility is located has been operational for a few years, but it's faced challenges like grid congestion and negative energy pricing,   Sang has new mining operation will solve that problem   by being a flexible energy consumer. Ah, the buyer of last resort.  

When the grid has excess energy,   Sangha can use it to mine Bitcoin,   helping to stabilize the grid and put otherwise wasted energy to work. It's a win win, said Spencer Marr, cofounder and CEO of Sangha Renewables.   The independent power producer earns more per megawatt hour, our investors gain exposure to low cost Bitcoin production,   and we deliver grid stabilizing load where it's needed the most, end quote.   In addition to the tech innovation, Sang is also changing the way people can invest in Bitcoin mining. The company just raised 14,000,000 of its $17,000,000   target to fund the construction and operation   of the West Texas facility. And unlike traditional investments in mining companies or digital asset stocks, saying allows accredited   investors to invest directly in the infrastructure itself   through special purpose vehicles.  

Investors can put in cash or Bitcoin   and get ongoing payouts in Bitcoin that are well below the market price, according to Maher.   This means that instead of buying Bitcoin on the open market,   investors are essentially earning it through the mining activity powered by renewable energy.   That is   very, very close to satisfying   all   of the components of the Howey Test   because it's investing in something   with the expectation of profit   through the mechanizations   or the the mechanations   of a third party.   But since they're not actually selling a security,   maybe that's what gets them out of this. Maybe that's what the SPV or special purpose vehicle is for.  

That sounds like a scam to me. No. I mean, not not saying I don't know if it's   not, but the s   special purpose vehicle sounds like it just a a loophole to get out of the Howey test. That's what that sounds like. But   saying is not just building Bitcoin mining sites. We're building a new model for how capital flows into and out of Bitcoin by applying   a project finance structure honed in   on the renewable energy and real estate sectors. What the fuck?   We enable investors to participate directly in productive assets without intermediaries,   speculative equities, or   inefficiencies   of data center hosting, end quote.  

Sanghas financial and operational model uses advanced forecasting tools.   Those tools allow forecasting of energy prices and Bitcoin mining profitability   down to fifteen minute intervals, and that enables the company to decide when to run the mining rigs for maximum efficiency   and return on investment.   This Texas facility is a oh, it's a proof of concept.   If it works, it will open the door for others across The United States. I gotta tell you, man. I'm actually kinda interested in this. Sangha believes many underutilized   renewable energy sites   could benefit from this kind of setup, especially in areas that produce more energy than the grid can handle.  

Using a capital efficient investor aligned model and working with independent power producers,   saying plans to scale this nationwide.   The facility will be fully operational in the third quarter   of twenty twenty five. Might have to take a trip down to my old stomping grounds of Midland, Texas   to stop by Jumb Burrito and get one of the best burritos   I've ever had. Oh, god.   Talking about it just makes my mouth water, I swear to god. Alright.   Your ending word of caution. It's the cautionary tale part of the Bitcoin and podcast,   Atlas 21.  

American tourist was drugged   and robbed   of a hundred and $23,000   of crypto   in London.   It was a fake Uber driver. Oh my god.   Anyway,   a a United States citizen   vacationing in The United Kingdom   fell victim to a scam that cost him a hundred and $23   in cryptocurrency   stored on his smartphone.   Oh, God. No.   No.   No. Oh, somebody sees oh, God. Stop it.   It hurts.   It really hurts.   He was storing a hundred and $23,000   on his phone.   Do I have to tell you to not do that?   Anyway, the man was drugged by his by an individual posing as an Uber driver. And according to MyLondon,   Jacob Erwin Klein had spent the evening at a London nightclub getting hammered as fuck. No. I didn't say actually say that in the news story. But he consumed several alcoholic drinks   before requesting an Uber ride home.  

Now the victim admitted   he hadn't carefully verified the booking details on his device,   mistakenly getting into a private taxi driven by somebody who, at first glance,   resembled the expected Uber driver, but was using a completely different vehicle.   Once inside the car, the American tourist reported that the driver   offered him a cigarette   allegedly   laced with   scopolamine,   a rare and powerful sedative.   Erwin Klein described how the smoke made him extremely docile and fatigued,   causing him to lose consciousness for around half an hour.   Upon waking, the driver ordered the victim to get out of the vehicle.  

And as Erwin Klein stepped out, the man suddenly accelerated,   running him over   and fleeing with his mobile phone, which contained the private keys and access to his cryptocurrencies.   Screenshots   provided   to myLondon   show that 73,000   worth of some shit coin and $50,000   of Bitcoin   had been transferred to various wallets.   This incident adds to   the growing trend of kidnappings,   extortions,   armed robberies, and ransom attempts targeting crypto executives,   investors,   as well as their families.   Families, remember   your families,   not just you.  

Your family,   your friends,   your coworkers, anybody who loves you, or at least anybody who would miss your presence if you were gone,   please start thinking of them, especially as we get into this Bitcoin   twenty twenty five conference.   Let's end it here. Just a few weeks   ago, the daughter and grandson of Pierre Pierre, sorry, Pierre   Noisat,   CEO of crypto exchange Paymium,   were targeted in a kidnapping attempt in Paris.   The incident took place in broad daylight   when attackers tried to force the family into a parked vehicle. However,   Noah Zatt's daughter managed to fight off the assailants.  

Okay. So Uber,   the Uber scam   is pro you're probably going to this is probably going to come to Las Vegas.   Right? And what have I told you?   Any of you guys that are planning on going   to Las Vegas,   don't wear swag.   That's number one. Don't wear your Bitcoin hat. Don't wear your Bitcoin crocs. Don't wear your orange socks. Don't wear orange pants. Don't wear a fucking orange t shirt with a great big white target in the shape of a Bitcoin symbol on it. Okay. That's number one.   Second of all,   understand where your exits are everywhere. Whether you have to exit a car, whether you have to exit a building,   even if you're outside in broad daylight,   which direction do you exit?  

Because there could be people behind you and you thought you were just gonna turn around and get away that way. No. No. No. No. No. You've gotta be situationally   aware.   Situational   awareness   is key. You've got to be able to understand where your exits are, whether you're inside a vehicle,   outside in broad daylight,   outside in the dead of night, or inside of a building.   Where the fuck are the exits? You figure that shit out first everywhere you go. Always look for the exits.   Three,   don't be alone.   Don't be alone. If you walk into the Bitcoin conference and people spot you in the crowd   listening to talks, talking to other Bitcoiners who   refuse to do anything but wear Bitcoin swag, you've been identified as a Bitcoiner.  

Congratulations.   Now when you walk out of that building and you walk out of that building all by yourself with nobody else, you are a target. If you don't assume that or presume that, you're not doing it correctly.   It doesn't mean be paranoid. It just means be aware of where you're at.   This   is this these people are fucking playing for keeps. I mean, a cigarette   laced with scopolamine?   Are you kidding me?   It's not exactly easy shit to get a hold of.   Maybe it is. I don't know. But still, that's an awful lot of effort. A fake Uber Uber driver?   I mean, this is becoming rather sophisticated   here.  

Four and finally,   don't get hammered   and be by yourself   and not know where your exits are while you're wearing Bitcoin swag because you are guaranteeing yourself   to get   possibly kidnapped,   mutilated, and have if for whatever reason they're somehow able to get a hold of your private keys,   you're just going to lose your Bitcoin.   And if you get killed,   then your friends and family will miss you.   The people at work will miss you. People who love and respect you will sense your presence   as being not present,   and they will be sad. So it's not just about you, you asshole.   You selfish   asshole. It's about all the other people that are around you.  

So don't   drink.   Don't go out by yourself.   Don't wear swag.   Make sure you know where your exits are, and I'll see you on the other side.   This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.   Have   a   great   day.