CS Labs 21 CEO and former BitPay CCO Sonny Singh joins Caroline Hyde and Ed Ludlow to discuss why he believes in the logic behind Bitcoin's halving, and how investors' mood has changed in the crypto world following the banking crisis.

Temple City

Former FTX co-founder Sam Bankman-Fried has been found guilty of defrauding investors and customers.

Bankman-Fried Guilty

The logic behind Bitcoin's 'halving'

Let's go straight actually to the harbing or the harboring. What do you make of that. Yeah it happens every four years. You're a believer in the logic behind it. Yes it makes sure like central governments keep producing new currency which creates inflation. Bitcoin was created the other way to reduce the supply which makes it more deflationary. So it's a great mechanism they built in the system. And it happens every four years. And it's scheduled to happen next April 27th around roughly that date. And so right around a year from now. And you're going to start seeing a lot of media frenzy start happening six months to you know round that should start happening. And then you'll start seeing the price run up a little bit. Sunny did overall think about how much we've seen this torrid time within crypto whether it's actually the likes of Bitcoin. It's sort of taking up a lot of the oxygen in the room when it comes to allocation at the moment or at least where the rallies have been. Then there's also the question we were just talking about the fact that a lot of crypto players find themselves without the banking infrastructure that we used to the signatures the silver bank. So the overall silver gates as well. How difficult is it in the crypto space for you. It's very bad. So my company we just raised a four million dollar seed around. We did it in 45 days which is great from an all star team of crypto investors as well as traditional investors. But the mood has definitely changed. The banking regulations have become increasingly hard. Getting banks is increasingly hard. Everything that's could go wrong has gone wrong for the crypto industry. And yet the price of Bitcoin has rallied from 16000 to almost 30000 in the last six months which is pretty remarkable. And I wouldn't be surprised if Bitcoin hits 40000 this year. Can I just jump in on that seed stage. Just broadly speaking how difficult was that following the collapse of Silicon Valley Bank. I don't know how for how long you were negotiating the round but you're basically taking a crypto proposition to investors who are a bit more cautious than perhaps they previously were in that industry. Yes it was much harder. And we want to get a mix of crypto investors as well as Silicon Valley investors and the Silicon Valley investors might have loved the idea but they're no longer doing crypto investing anymore. A lot of teams said they're now doing a I pivoted. So it's much more difficult that way. And we were ready to wire our money the day before SVB had the issues and we're going to SVB to sway the delay that three weeks to. So again everything that could go wrong has gone wrong in the crypto space for the last year I would say. And that's not even talking about some of the overall regulatory headwinds that still everyone is very worried about when it comes to how people are going to analyze the SEC is going to look at some of these crypto assets. All these headlines you see Gemini thinking of a non US based derivative platform. We know that other key players are looking at licenses crypto licenses in Bermuda. How tempting is it to take whatever you're building out to the United States. Yeah. And again companies like Coinbase Gemini my previous company BitPay. We try to play by the rules work with the SEC. We all got near bit licenses. We're trying to do it the right way. I think the SEC is now really getting a little harder to work with and they keep changing their mind on things and become like Coinbase or Gemini. It's trying to keep growing during crypto winter. It's hard for them to get full clarity on what to do. That's why they're looking offshore. And again FTSE FTSE which went out of business was created because come to call BitMEX ran to issues. And now with FTSE gone there's really a void in the international trading markets that's going to buy instead. And companies like Gemini and Coinbase see a big opportunity if they can get this derivatives market and things like that that buy ins has been focusing on.

Search and rescue operations continued overnight after flash floods slammed central Texas, killing dozens, officials said. More than 20 children are still missing from Camp Mystic, an all-girls camp hit by the floods, the Kerr County sheriff said.

Kerrville

Rescues continue in central Texas after deadly flash floods

Officials in the U.S. state of Texas say at least 13 people have died in overnight flash floods after torrential rains triggered an overflow of the Guadalupe River. Nearly 20 children attending a summer camp in the south-central area are missing.

Kerr County

Deadly Texas floods: Search efforts underway for missing children

Türkiye has been battling wildfires for more than a week, with its western province of Izmir among the hardest hit. Thousands have been forced to flee as flames threaten homes and villages.

Ödemiş

Turkiye wildfires: At least two dead as fires burn for eighth day

It was not clear if Hamas’ statement meant it had accepted the proposal from US President Donald Trump for a 60-day ceasefire.

Jerusalem

Hamas says it is  'positive' about latest ceasefire proposal

President Trump brought pomp and circumstance to his signing of the "big, beautiful bill" on Friday, with an Independence Day ceremony at the White House that included a B-2 bomber flyover.

Washington

Global Tariffs

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Heavy rainfall in central Texas caused the Guadalupe River to overflow and unleash a torrent of water. The bodies of at least 13 children and adults have been recovered and more than 20 girls are missing from a sleepaway camp.

Floods kill at least 13 in Texas, over 20 missing from summer camp

The talk comes a day after President Donald Trump and Russian President Vladimir Putin discussed Ukraine, Iran and other issues in a call the Kremlin described as "frank and constructive."

Kyiv

Ukraine Invasion

Zelenskyy, Trump agree on joint defense efforts in phone call

Russia pummeled Kyiv with the largest drone attack of the war, injuring at least 23 people and damaging buildings across the capital only hours after U.S. President Donald Trump spoke with Russia's Vladimir Putin, officials said.

Russia hits Kyiv with largest drone attack after Trump-Putin call

U.S. President Donald Trump marked the passage of the new spending bill, which includes changes to food assistance, student loan programs, and clean energy credits. Robert Costa joins "CBS Mornings" to break down what's in the legislation.

Trump set to sign "big, beautiful bill"

More than 80 Palestinians were killed in Gaza on Thursday (July 3), according to health officials, as Israel intensified its strikes, hitting a school-turned-displacement facility. CNN’s Paula Hancocks looks at the damage and humanitarian toll.

More than 80 people killed in Gaza in one day

Ukrainian President Volodymyr Zelenskyy said Kyiv will do "anything" to advance EU accession talks. Zelenskyy spoke alongside Danish Prime Minister Mette Frederiksen, President of the European Council António Costa and President of the European Commission Ursula von der Leyen.

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President Donald Trump said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on imports to the United States, a clear shift from earlier pledges to strike scores of individual deals.

Trump: Letters telling countries their tariff rate going out Friday

Indonesian rescuers on Thursday (July 3) temporarily halted a search for 30 people still missing after a ferry carrying 65 people sank near the island of Bali with the loss of six lives, the national search and rescue agency said.

Gilimanuk

Indonesia suspends search for 30 missing after ferry sinks near Bali

After marathon debate sessions in the Senate and House, President Donald Trump’s budget bill passed in the House. Republicans secured the biggest win of Trump’s presidency.

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Florida says the first group of migrant detainees have arrived at the new immigration detention center known as "Alligator Alcatraz." CBS News correspondent Shanelle Kaul has more.

Ochopee

First group of detainees arrive at "Alligator Alcatraz," Florida says

U.S. President Donald Trump said Thursday (July 3) that he spoke with Russian President Vladimir Putin and that he plans to hold a call with Ukrainian President Volodymyr Zelenskyy. CBS News White House reporter Willie James Inman has more.

Trump speaks with Putin, plans call with Zelenskyy

CNN’s Priscilla Alvarez reports on a lawsuit from lawyers for Kilmar Abrego Garcia alleging he suffered “torture and mistreatment” after he was wrongfully deported and held in El Salvador’s notorious mega prison.

Tecoluca

Kilmar Abrego Garcia claims he was tortured in El Salvadoran prison

The Kremlin welcomed the development, with spokesman Dmitry Peskov claiming it proves Western arsenals are being depleted and predicting that less aid will hasten the end of the conflict.

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Two contractors employed by UG Solutions spoke to the AP on condition of anonymity as they were revealing their employers’ internal operations.

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Democratic leader Hakeem Jeffries spoke for hours on the House floor about potential impacts of President Trump's "big, beautiful bill" that Republicans are looking to pass before July 4. Following debate, the House is set for a final vote on the massive budget bill.

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CBS News political contributor Caroline Polisi joins "CBS Mornings" to break down the jury's verdict in Sean "Diddy" Combs' federal trial and the judge's decision to deny bail for the music mogul ahead of his sentencing.

Manhattan

Sean "Diddy" Combs denied bail after split verdict

Liverpool soccer player Diogo Jota has died aged 28, just weeks after marrying his childhood sweetheart. The footballer passed away in a car crash in northern Spain.

Madrid

Liverpool soccer player dies in car crash 10 days after wedding

The Pentagon said that U.S. strikes 10 days ago had degraded Iran's nuclear program by up to two years, suggesting the U.S. military operation likely achieved its goals despite a far more cautious initial assessment that leaked to the public.

Tehran

Iran Strikes

Iran nuclear program degraded by up to two years: Pentagon

Days before his 90th birthday, the Dalai Lama announced the Gaden Phodrang Trust, a non-profit he founded, will have the sole authority to recognize his future reincarnation, but China insists it will choose the successor of the Tibetan spiritual leader.

Lhasa

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The U.S. Congress inched towards approving President Donald Trump’s Big Beautiful Bill, despite attempts by Democrats to stop it. The bill is Trump’s signature legislation which includes massive spending increases on the military and immigration enforcement while slashing social programs.

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Sean (Diddy) Combs was found guilty on prostitution-related charges, but was acquitted on more serious charges of racketeering and sex trafficking giving him a maximum sentence of 20 years. But the courtroom victory was subdued following a judge’s ruling to deny him bail.

New York

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President Trump says Israel has agreed to a 60-day ceasefire in Gaza, but it remains unclear if Hamas will accept the terms. CBS News senior foreign correspondent Debora Patta has more.

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Bryan Kohberger changed his plea to guilty Wednesday for the 2022 murders of four University of Idaho students. CBS News national correspondent Carter Evans has more on the case.

Boise

New details revealed as Kohberger pleads guilty for 2022 Idaho murders

The Wisconsin Supreme Court struck down a state abortion law that was adopted in 1849 in a 4-3 landmark decision. CBS News' Shanelle Kaul reports.

Madison

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Macron and Putin held regular discussions around the start of Russia's invasion of Ukraine, with Macron visiting Putin in Russia in February 2022, but dialogue eventually stalled.

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Bankman-Fried Guilty