Foundry & ANTPOOL 51%: Worried?

Daily Crypto News

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-23:36

Foundry & ANTPOOL 51%: Worried?

Daily Crypto News

Aug 21, 2025

Transcript

"Good morning everyone. It is Matt. I am back and it is Thursday, August 21st, 2025. We have some news. We have some listener questions. We have some listener comments and we're going to get into all of that right now in Daily Crypto News."

🎤 Kanye West Launches YZY Token on Solana in Frenzied Debut

📊 Bitcoin Options Traders Split Ahead of Fed’s Jackson Hole Meeting

🏛️ Senator Cynthia Lummis Outlines Timeline for Crypto Market Structure Bill

💵 Stablecoins Not Exempt From New York’s Proposed Crypto Tax, Lawmaker Says

🤑 Winklevoss Twins Pledge $21M in Bitcoin to Pro-Trump, Anti-Democrat Crypto PAC

📉 Bitcoin Analysts Point to Manipulation as BTC Falls to 17-Day Low

🚀 Bitwise Predicts Tenfold Bitcoin Price Increase by 2035

📉 Trader Cobb & Market Training via The Grow Me Co

IRA Info

Waiting on Jerome Powell at Jackson Hole

All eyes are on the Federal Reserve’s Jackson Hole meeting, with Jerome Powell set to speak Friday at 10 a.m. EST. Markets are on edge over whether he’ll confirm a September rate cut, hold steady, or hint at more aggressive tightening.

Bitcoin has cooled off from its all-time high of $124,128 earlier this month, trading closer to $113K–$114K. Options data show a split between bullish and bearish traders, but implied volatility has dropped, signaling institutions don’t expect major fireworks from Powell.

Still, his tone could matter more than policy specifics. A dovish hint might push Bitcoin higher, while a hawkish stance could weigh heavily on crypto. The unusual factor this cycle is that regulatory clarity and institutional adoption may cushion downside risks.

Kanye West Launches YZY Token

"Kanye West officially entered the crypto space with the launch of his YZY token on Solana."

Kanye West has launched his own crypto token, YZY, on Solana. The token debuted explosively, briefly topping a $3 billion market cap before crashing below $1 billion.

Promoted as “the official Yeezy token,” YZY is pitched as more than a meme coin, with vague promises of a full ecosystem — YAYPAY, YZYCard, and loyalty integrations. But so far, no technical details, timelines, or compliance answers exist.

My take: don’t touch it. This already looks like a pump-and-dump cycle. Unless Kanye delivers real products and governance, YZY is just another celebrity shitcoin.

Senator Lummis: Crypto Market Structure Bill by Year-End

"Lummis outlined Republicans' timeline: Senate Banking in September, Senate Agriculture in October, and then a floor vote."

Sen. Cynthia Lummis expects a comprehensive crypto market structure bill to hit President Trump’s desk before Thanksgiving. The Senate version will build on the House-passed Digital Assets Market Clarity Act, aiming to finally settle SEC vs. CFTC jurisdiction.

This is huge. If the timeline holds, the U.S. could have a legal framework for digital assets by 2026, giving long-term clarity to exchanges, investors, and builders.

Meanwhile, the Genius Act is already law, governing stablecoin payments, while the Anti-CBDC Surveillance Act remains stalled with little Democratic support.

New York’s Crypto Transaction Tax Proposal

"I just want to punch this guy in the head. This guy is an idiot."

New York Assemblyman Phil Steck is pushing for a 0.2% tax on all crypto transactions, including stablecoins, transfers between personal accounts, and even high-frequency trades. He compared crypto to “entertainment” like baseball tickets, which are taxed at 4%.

The tax could generate $158 million annually, supposedly for school substance abuse programs. Critics warn it will overburden users and drive innovation away from New York.

My take: New York already pulls in $112.4 billion in tax revenue yearly, one of the highest in the nation. This isn’t about helping kids — it’s about political cash grabs, funneling funds into nonprofits and campaign donors. Corruption in broad daylight.

Winklevoss Twins Go Partisan with $12.5M PAC

"The Winklevii? They're embracing direct alignment with President Trump."

Cameron and Tyler Winklevoss have donated 188 Bitcoin (~$12.5 million) to launch the Digital Freedom Fund, a partisan PAC aimed at electing Republicans in 2026.

Their goals: advancing Trump’s crypto agenda, banning CBDCs, shielding developers from liability, and securing a “Golden Age of Crypto.” Unlike Coinbase’s Fair Shake PAC, which stays bipartisan, the twins are all-in with the GOP.

This represents a major political shift — crypto money is going partisan.

Listener Questions

"Hey mate, I’ve been looking into mining a lot lately…"

Dane on Bitcoin Mining Pools and 51% Concerns
Dane asked why Bitcoin maxis aren’t panicking now that Foundry and Antpool together control 51% of hashrate. My take: while concerning, this doesn’t mean they can attack the network. Miners can redirect hash power instantly, incentives discourage self-destruction, and transparency makes coordination nearly impossible. Still, it’s worth monitoring.

Will on My Background
Will wanted to know my background. I’ve got a degree in political science, an MBA from Taiwan, lived in Asia for 15 years, and have been podcasting on crypto since 2016. Never worked directly in the industry but know many who do.

Beal on Crypto IRAs
Broad Financial: Specializes in establishing Checkbook IRAs, also known as IRA LLCs or IRA Trusts. They handle the paperwork for creating these entities, which allows investors to manage their IRA funds through a dedicated checking account.

Madison Trust: Serves as the Self-Directed IRA custodian.

Thanks to my friend from providing this info.

Market Manipulation Concerns

"Bitcoin fell to its 17-day low near $113,000 with analysts pointing to a possible price manipulation."

Bitcoin dipped to $113K amid speculation of order-book manipulation. Analysts point to parallels with past bull markets in 2017 and 2021, where similar mid-cycle retraces happened before new highs.

Markets expect Powell’s Jackson Hole comments to confirm a 25-basis-point cut. Anything beyond that could spark wild swings. Meanwhile, Bitwise predicts Bitcoin could hit $1.4 million by 2035 — a long view that aligns Bitcoin’s market cap with gold.