Podcast Summary: The Wolf Of All Streets – "Will The USA Blow Its Chance With Bitcoin? Unpacking Crypto Week"

Episode Information:

• Title: Will The USA Blow Its Chance With Bitcoin? Unpacking Crypto Week
• Host: Scott Melker
• Guest: Eleanor Tourette
• Release Date: July 16, 2025

Introduction: The Unexpected Setback in Crypto Week

The episode kicks off with Scott Melker expressing concern over recent developments in the U.S. government's approach to crypto regulation. Despite initial optimism that key crypto-related bills would swiftly pass through the House and be signed by President Trump, unexpected procedural votes have derailed this progress.

Scott Melker [00:01]: "Is the United States government going to blow their chance at getting crypto regulation right?"

To delve deeper into these developments, Scott welcomes Eleanor Tourette, a renowned crypto news analyst, to unpack the latest happenings.

Crypto Week in the U.S.: Expectations vs. Reality

Crypto Week was heralded as a pivotal moment for the cryptocurrency industry, promising the passage of significant legislation aimed at providing clear regulations. However, the House recently failed to advance three primary bills through procedural votes, shaking the initial confidence.

Scott Melker [01:03]: "Supposed to be the best week ever for crypto. A whole bunch of bills gonna pass, gonna get clear legislation leading to clear regulation."

Eleanor Tourette explains the nature of procedural votes and their frequent failures, emphasizing that the recent setbacks were not about the bill's substance but political maneuvering within the House.

Eleanor Tourette [02:43]: "Right. So procedural votes fail a lot of the time... But, you've got to remember that this is procedural. Right. That was set in procedure."

She highlights the opposition from a faction of House Republicans who, along with Democrats, are resisting the progression of these bills, primarily due to concerns about potential loopholes allowing Central Bank Digital Currency (CBDC) developments.

Eleanor Tourette [04:20]: "It was more of a stand by these House Republicans who had to push through the one big beautiful bill... They weren't exactly happy with a lot of the provisions."

Breakdown of the Key Bills: Genius Act, Clarity Act, and Anti-CBDC Provisions

Scott outlines the three main bills: the Genius Act, the Clarity Act, and the Anti-CBDC language, noting that the Genius Act has already passed the Senate and is awaiting House approval.

Scott Melker [01:27]: "We have the Genius Bill, which has already passed the Senate... the beginnings of the Clarity act... and then some anti seat CBDC language."

Eleanor delves into the specifics, explaining that while the Genius Act includes language to prevent the Federal Reserve from issuing a retail CBDC, the ambiguity in the bill's language has caused uncertainty among some House members.

Eleanor Tourette [06:25]: "They have to make it a little bit nebulous... to prevent events like we saw yesterday... because of this sort of, you know, nebulous language that they use."

The discussion touches on President Trump's intervention, where he met with dissenting House Republicans to secure their support, suggesting a high-stakes negotiation to ensure the bill's passage.

Eleanor Tourette [04:10]: "President Trump held a very short meeting with 11 of those 12 members... he comes to the conclusion that those Republicans who voted no yesterday will in fact flip their votes today."

Stablecoins and the Expanding Market

Post the Senate's approval of the Genius Act, there's been a surge in stablecoin initiatives from major financial institutions like Circle, Citigroup, Bank of America, and JP Morgan.

Scott Melker [10:30]: "We've seen a lot of announcements from Citigroup, Bank of America, JP Morgan... endless stable coins from effectively every bank, potentially companies."

Eleanor notes that the market is becoming saturated with stablecoin offerings, raising questions about the necessity of multiple stablecoins and potential market consolidation.

Eleanor Tourette [12:18]: "The market will definitely be flooded. The market valuation of stable coins will also go up... some more consolidation in the space as well."

She also touches on Wyoming's initiative to launch a state-backed stablecoin, highlighting the state's crypto-friendly stance.

Eleanor Tourette [13:37]: "Wyoming Stable Token Commission was targeting July to launch its state backed stablecoin token... Ripple has a location there."

Bitcoin Treasury Companies: A Growing Trend

A significant portion of the conversation revolves around the emerging trend of Bitcoin treasury companies, exemplified by Adam Back's substantial sale of Bitcoin to a Treasury company.

Scott Melker [22:12]: "Adam Back selling them 3 to 4 billion dollars worth of his bitcoin. Why would he want to sell three to four billion dollars of his bitcoin to a Treasury company?"

Eleanor considers this trend potentially ephemeral, likening it to the ICO craze, and speculates on its sustainability.

Eleanor Tourette [22:56]: "It's probably going to end up as maybe a little bit of a bubble... maybe it's a fad. Not really sure where this is going to end."

They discuss the feasibility of sustained large-scale sales by Bitcoin whales and the possibility of these companies seeking opportunities in less regulated markets.

Scott Melker [24:02]: "I think they're looking for like sort of less untamed pastures... only so many Bitcoin whales... they've already out by the time the stock is even trading."

Regulatory Developments: Market Structure and Future Legislation

The episode also touches on ongoing regulatory efforts beyond Crypto Week, such as market structure discussions in the Senate and potential SEC regulations on token fundraising.

Eleanor Tourette [15:50]: "Senate is set to launch their own market structure text... Elizabeth Warren put out principles for market structure."

Scott probes into the potential timeline and implications of these regulations, questioning how they will influence the market's trajectory.

Scott Melker [17:06]: "Must have been so pissed yesterday then if he got all those people in there like what are you doing man?... assume that comes into law, passes on Friday."

Market Analysis: Bitcoin and Ethereum Outlook

Transitioning from regulatory discussions, Scott and his co-host Chris delve into the current state of the crypto market, focusing on Bitcoin and Ethereum performance.

Scott Melker [29:08]: "Bitcoin's under $119,000... sits at 115 yesterday. It's over, you know."

Chris provides a technical analysis, noting Bitcoin's recent bounce and potential upward trajectory.

Chris [32:22]: "This was a 50% bounce back off from the low yesterday... next target is around 128,000."

Eleanor adds insights on Ethereum, highlighting its resilience and potential for significant growth.

Chris [35:04]: "Ethereum is moving a little bit differently than Bitcoin... I see no reason why it won't hit at least 6,000 and potentially upwards of 10,000."

They also discuss the broader altcoin market, with specific mentions of projects like Mira and ECHO, predicting further upward movements based on chart patterns and wave theory.

Future Outlook and Closing Remarks

As the episode nears its conclusion, Scott and Eleanor reflect on the overall bullish sentiment in the crypto market despite regulatory hurdles. Eleanor briefly mentions the ongoing Roman Storm trial, which could have significant implications for DeFi and software developers in the crypto space.

Eleanor Tourette [27:43]: "Roman Storm trial is an important case for DeFi... could set a precedent for how software developers are viewed under the law in the US."

Scott wraps up by encouraging listeners to stay informed through Eleanor's platforms and the podcast's own channels.

Scott Melker [28:56]: "Keep your eye on her ex account, especially this week because we're going to have the storm trial, the votes, all of the updates."

Eleanor emphasizes her commitment to unbiased reporting, highlighting her lack of personal crypto holdings to maintain objectivity.

Eleanor Tourette [28:09]: "You got it in one. I don't own any crypto."

Conclusion

In this episode of The Wolf Of All Streets, Scott Melker and Eleanor Tourette provide a comprehensive analysis of the current U.S. crypto regulatory landscape, the implications of Crypto Week's recent setbacks, and the evolving stablecoin market. They also offer a bullish outlook on Bitcoin and Ethereum, supported by technical analysis and market trends. The discussion underscores the complexity of crypto regulation and the dynamic nature of the market, encouraging listeners to stay engaged and informed.

Notable Quotes:

• Scott Melker [00:01]: "Is the United States government going to blow their chance at getting crypto regulation right?"
• Eleanor Tourette [02:43]: "Procedural votes fail a lot of the time... it wasn't about the substance but political maneuvering."
• Eleanor Tourette [06:25]: "They have to make it a little bit nebulous... to prevent events like we saw yesterday."
• Scott Melker [17:06]: "Assume that comes into law, passes on Friday."
• Eleanor Tourette [28:09]: "You got it in one. I don't own any crypto."

Where to Find More:

• Eleanor Tourette's Platforms:

  • Crypto in America Podcast: Available on all major podcast platforms.
  • Newsletter: Published three times a week on Substack.
  • Twitter: @EleanorTerrett

• Scott Melker's Resources:

  • Texas Wide Capital: Explore trading strategies and insights shared by Chris.
  • Podcast Episodes: Accessible on major podcast platforms for in-depth crypto discussions.

Stay tuned for future episodes as Scott and Eleanor continue to navigate the ever-evolving world of cryptocurrency, offering timely updates and expert analysis.