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Historic Crypto Bills Passing Soon!?🚨47 to 6!🔥 · The Paul Barron Crypto Show

0:06
Speaker 1: Historic crypto bills are on the verge of passing, and
0:09
Speaker 1: this means big news for the markets. I'll break it
0:11
Speaker 1: all down for you. My name is Paul Baron. Welcome
0:13
Speaker 1: back in a tech path. Let's get go in today.
0:15
Speaker 1: I do want to thank our sponsor, that's Coinbase. Coinbase
0:17
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0:20
Speaker 1: down below. It does help the channel. And if you're
0:23
Speaker 1: not subscribed, make sure and do that right now. All right,
0:25
Speaker 1: So today we'll get into a little bit of the
0:27
Speaker 1: detail around most of the crypto bills. The good thing
0:29
Speaker 1: is is that we may be getting more than we
0:32
Speaker 1: bargained for. Part of this lines up right here in
0:35
Speaker 1: this first clip, and this clip is really a breakdown
0:38
Speaker 1: of the House ag or the Agg Committee actually getting
0:41
Speaker 1: a big win and then notifying the House and look
0:45
Speaker 1: how they responded. Take a look.
0:46
Speaker 2: I think you should be really important to note that
0:48
Speaker 2: moments ago, our colleagues on the Egg Committee passed the
0:52
Speaker 2: Clarity Act forty seven to six, overwhelming bipartisan manner. Moments ago,
0:59
Speaker 2: the Egg Committee past the Clarity Act, which we are
1:02
Speaker 2: discussing right now, forty seven to six in an overwhelming
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Speaker 2: bipartisan vote. America is open for blockchain innovation again, and
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Speaker 2: most importantly, I think that we should beat the ad
1:14
Speaker 2: Committee and go better than eighty eight percent.
1:16
Speaker 3: Hearing my friend from Wisconsin talk about the forty seven
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Speaker 3: to six vote coming out, and I'm truly encouraged and
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Speaker 3: moving forward. It's just this is a good, good day
1:27
Speaker 3: for digital assets, all right.
1:29
Speaker 1: So one of the things to outline there, of course,
1:31
Speaker 1: here's Eleanor Terrett. She hits on it that they actually
1:34
Speaker 1: went with a thirty two to nineteen vote. The point
1:36
Speaker 1: is it passed. Now the bill is going to head
1:38
Speaker 1: over to the floor for a full House vote. All
1:40
Speaker 1: of this is good news for crypto in general. Further
1:43
Speaker 1: into this, I want to just get into the Genius Act,
1:45
Speaker 1: which is now heading in for the cloture vote. This
1:48
Speaker 1: essentially means that there's going to be no more changes
1:51
Speaker 1: and when it does go to the Senate, we will
1:53
Speaker 1: be able to see a full vote take place. And
1:55
Speaker 1: I think this is just a matter of time. It's
1:57
Speaker 1: going to happen very soon, So you guys be on
1:59
Speaker 1: the little out for that as well. It is coming
2:02
Speaker 1: around the corner. It may happen this just in the
2:04
Speaker 1: next couple of days. So I'm looking forward to that.
2:07
Speaker 1: One person that's not looking forward to that, well that's
2:10
Speaker 1: Maxine Waters. Take what she had to say, Well.
2:13
Speaker 2: The gentlemen, you I'll yield to the ranking member.
2:15
Speaker 4: Yes, ma'am.
2:16
Speaker 5: Chairman Hill described what this bill is all about. He
2:20
Speaker 5: left out one thing. He left I Malaya and the
2:23
Speaker 5: boys ownership of crypto.
2:27
Speaker 2: I will anyone that has the beliefs that you have
2:30
Speaker 2: regarding this would want this bill to pass because it
2:33
Speaker 2: creates rules of the road.
2:34
Speaker 5: We're talking about crypto. We're talking about changing the cash
2:38
Speaker 5: and money systems in this country, the payment system, the
2:41
Speaker 5: investment everything, and it's good for our young people. Our
2:45
Speaker 5: young people are interested in crypto. But I want you
2:48
Speaker 5: to know they don't know all.
2:49
Speaker 4: Of the tricks to the game.
2:51
Speaker 1: The tricks to the game. But where they do not
2:53
Speaker 1: know the tricks to the game, they're Maxine, because you
2:56
Speaker 1: are the best at tricks to the game. But the
2:59
Speaker 1: other guy that has has been a mainstay on many
3:02
Speaker 1: of our house clips and Senate clips is coming in
3:06
Speaker 1: from mister Brad Sherman. You guys remember him, Well, here
3:08
Speaker 1: he's going had to have with Warren Davidson all about
3:11
Speaker 1: self custody.
3:12
Speaker 4: Take a look.
3:13
Speaker 3: Well, here we are again to talk about crypto, as
3:16
Speaker 3: if the country has no other problems.
3:19
Speaker 4: A crypto account is owned.
3:22
Speaker 6: By whoever claims they you know, whatever name you want
3:26
Speaker 6: to put on it. You can't stop crypto. And I
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Speaker 6: think they've broadly conceded they can't stop it. Mister Sherman's
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Speaker 6: Dystopian Future says that the government can decide who's allowed
3:37
Speaker 6: to transact under what terms and conditions they're allowed to transact.
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Speaker 6: You look at self, custody. If you can remember twelve
3:44
Speaker 6: or twenty four words, you don't even have to write
3:46
Speaker 6: it on a piece of paper. How are you going
3:48
Speaker 6: to cancel that? I mean, the reality is you can't.
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Speaker 6: You know, we spent part of the day worrying about
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Speaker 6: Elon Musk, and certainly part of the year worried about
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Speaker 6: being able to access data that the government already correct.
4:00
Speaker 1: You know, this is Warren Davidson, a big proponent, basically
4:03
Speaker 1: going a head to head against all of these anti
4:06
Speaker 1: crypto bots that seem to be still up there in
4:10
Speaker 1: Capitol Hill. And I'm just wondering when will they actually
4:13
Speaker 1: start to shift to a positive sleigh around what's going
4:17
Speaker 1: to go on in the crypto industry, and I think
4:20
Speaker 1: this is going to change finance as they you know,
4:22
Speaker 1: kind of mentioned for a very long time. One thing
4:25
Speaker 1: that is not changing, though is how much money we're saving,
4:27
Speaker 1: and that is coming in from Doge. Not a big win.
4:31
Speaker 1: I think Elon, of course did not maybe get the
4:34
Speaker 1: job done completely. Obviously we wanted this on the blockchain
4:37
Speaker 1: that never really resulted. Had that happen, we would actually
4:40
Speaker 1: know how much we saved around a lot of the
4:44
Speaker 1: fraud and abuse, and that's a big issue. I think
4:46
Speaker 1: that we have to just look at for sure. This
4:49
Speaker 1: is a Suzanne del Bean, who is a Democrat, who
4:53
Speaker 1: is a pro crypto person. They're actually out there and
4:57
Speaker 1: it's interesting because she goes head to head here with
5:00
Speaker 1: someone that I think is trying to understand what's going on,
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Speaker 1: and that's Scott Bessett.
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Speaker 7: Take a look, mister secretary, do you support the government
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Speaker 7: having a consolidated database containing Americans' sensitive financial, health and
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Speaker 7: personal information.
5:16
Speaker 4: I support protecting Americans.
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Speaker 7: Do you support the consolidated database?
5:21
Speaker 4: I support protecting Americans based.
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Speaker 7: I think it's very concerning that you're not able to
5:28
Speaker 7: say no. This is not a partisan question. Republican Representative
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Speaker 7: Warren Davidson responded to reports that DOGE is merging huge
5:37
Speaker 7: sets of data from across federal agencies into a centralized repository.
5:42
Speaker 7: It's a power that history says will eventually be abused. Well,
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Speaker 7: I could not agree more. Just because DOGE wants to
5:49
Speaker 7: compile people's sensitive information into one place doesn't mean the
5:54
Speaker 7: confidentiality rules go away. Is that correct?
5:57
Speaker 4: We adhere to sixty one.
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Speaker 7: Oh, so it seems like you know that should be
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Speaker 7: a simple one too. How can we be sure that's happening?
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Speaker 7: I'm sorry, you're just you saying that isn't good enough.
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Speaker 7: We're an oversight body. How do we know?
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Speaker 4: Again, I will say that we are following the law.
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Speaker 7: And but we need That's not good enough, mister.
6:20
Speaker 4: Secretary, I'm here today.
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Speaker 7: That you're not answering how we know that. You're just
6:25
Speaker 7: saying we are. So what would and let's bring then,
6:28
Speaker 7: let's bring people who are building a database. Let's go
6:31
Speaker 7: through the details of exactly what you are doing with
6:34
Speaker 7: that data, what protections are in place, Because it is
6:37
Speaker 7: part of my job not to have you just say
6:39
Speaker 7: it's okay. We are not just here to have you say,
6:42
Speaker 7: don't worry about it. We're here's a good detail, and
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Speaker 7: I want you to be clear and it helps. This
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Speaker 7: is a risk the American people, and I'm supportive of
6:49
Speaker 7: making sure that we're using technology in smart ways. And
6:53
Speaker 7: you can't even be clear to me that you that
6:55
Speaker 7: you know you're you're about where you stand in terms
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Speaker 7: of making that happening.
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Speaker 4: So I don't think we'resative.
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Speaker 8: Maybe it did not filter up to you, but we
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Speaker 8: provided a staff level briefing several weeks ago.
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Speaker 7: Frankly, it's not about whether or not you had a
7:09
Speaker 7: staff level bree. You know, I have a technology background.
7:13
Speaker 7: I'm happy to have those detailed conversations that we have
7:16
Speaker 7: no data to say that we just have you'd say,
7:20
Speaker 7: just trust me.
7:21
Speaker 1: It's okay that I think Scott Besson probably should have
7:23
Speaker 1: been coached a little bit better. So not a good
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Speaker 1: look for him in general. Here is Scott Besson denying
7:28
Speaker 1: that the tax bill is going to add to the deficit.
7:31
Speaker 1: I'm not sure he understood what he was answering.
7:34
Speaker 9: Take a look denial that tax breaks don't add to
7:39
Speaker 9: the national debt. Was Moody's wrong? Was Representative Massy's assessment wrong.
7:46
Speaker 8: Clearly represented. Massey doesn't understand the bond market.
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Speaker 9: So Massy is wrong and Moody's was wrong too.
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Speaker 4: Even the Democrats say that, what do you mean?
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Speaker 9: Even the Democrats, I don't What do you have to
8:01
Speaker 9: do with Moody's. Is Moody's wrong or right? Yes or no?
8:05
Speaker 8: Moody's is a lagging indicator, Okay, who you can understand the.
8:11
Speaker 1: All right, So a little bit of problems, I think
8:14
Speaker 1: in general of trying to defend a little bit around
8:17
Speaker 1: what's going on with the tax bill. They mentioned Moodies
8:20
Speaker 1: and of course moody is actually making some moods here
8:22
Speaker 1: over on the Salona blockchain. They've muticipal bond credit ratings
8:26
Speaker 1: on chain. All that happening on Salana. So that's an
8:29
Speaker 1: interesting thing that I think we're going to see more institutions,
8:33
Speaker 1: more companies starting to default to blockchain for full transparency,
8:38
Speaker 1: and that's really all that we should have, and the
8:40
Speaker 1: US government should kind of comply with that as well,
8:42
Speaker 1: I would think. To get into this, the problem is
8:45
Speaker 1: is that we still see the normal antics happening in DC. Now.
8:50
Speaker 1: I want to show something here that's kind of interesting.
8:53
Speaker 1: If you look at the markets back here, and the
8:57
Speaker 1: dates are interesting because this is December of twenty seventeen,
9:02
Speaker 1: and I'm going to zoom in on this little section
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Speaker 1: right here. This of course happened around what was going
9:07
Speaker 1: on with the Trump tax cut, remember the Trump tax
9:09
Speaker 1: cut in his last term. That, of course is where
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Speaker 1: the market started to deflate. This, of course was our
9:15
Speaker 1: dead zone of where markets were in crypto in general.
9:19
Speaker 1: And then of course from there we saw a little
9:21
Speaker 1: bit of a dip and then boom, here comes the
9:23
Speaker 1: market going forward and Biden takes office. He comes in
9:28
Speaker 1: and does a full blown situation around the American Rescue plan,
9:32
Speaker 1: and that of course changed the course also from right here,
9:35
Speaker 1: which happened in March of twenty twenty one, and then
9:38
Speaker 1: we saw a bottom out there. So what that simply
9:41
Speaker 1: means is that you've got two tax cuts, market goes
9:44
Speaker 1: down directly after that. Now, well, that happened right now.
9:47
Speaker 1: That is the question everybody's asking, because we're getting ready
9:49
Speaker 1: to see one of the biggest tax cuts. Again. A
9:52
Speaker 1: lot of these tax cuts were in place in the
9:54
Speaker 1: previous administration. They'll extend them, but there are new additions
9:58
Speaker 1: to this that are kind of the differences Now the
10:00
Speaker 1: comparison is what's going on in the general markets, and
10:03
Speaker 1: that is regulation that is playing into this. Obviously the
10:06
Speaker 1: macro side of this, what's going on globally, and also
10:10
Speaker 1: I think in general the technology shift that we are
10:12
Speaker 1: seeing now around AI tech and blockchain in general, all
10:16
Speaker 1: of that was not happening in either one of these phases.
10:19
Speaker 1: So can you say that maybe this time is different, Well,
10:22
Speaker 1: you guys make your own adjustment. Maybe that will be
10:24
Speaker 1: the case if you look at the M to money
10:26
Speaker 1: supply and you go back all the way into right
10:29
Speaker 1: here this February twenty twenty, that was the clip or
10:32
Speaker 1: the blip. I should say that you should pay attention
10:33
Speaker 1: to fifteen bill and the explosion we are in now
10:37
Speaker 1: on M to twenty one bill, meaning people are out
10:40
Speaker 1: there in money markets setting on the sidelines waiting for
10:44
Speaker 1: a major move. Does that give you pause, because it
10:48
Speaker 1: gives you the opportunity of people saying, all right, we're
10:50
Speaker 1: finally going to go into the market when these booms
10:53
Speaker 1: start to occur, the money is actually there to get
10:55
Speaker 1: it done. So let me know what you guys think
10:57
Speaker 1: down in the comments below. That's a big one, because
11:00
Speaker 1: I think this is a big question on this tax bill,
11:03
Speaker 1: if it's really going to help the economy or not.
11:05
Speaker 1: One thing to consider is this headline right here, No
11:07
Speaker 1: tax on Tips is flying into a little bit of
11:09
Speaker 1: resistance from the Republican Senate turbulence. And of course this
11:12
Speaker 1: may mean a little bit of an adjustment. But the
11:15
Speaker 1: real key here is that Trump is going to have
11:18
Speaker 1: to get this through for a lot of his constituents
11:21
Speaker 1: that are in the areas of what would be affected
11:24
Speaker 1: here for true tax cuts. All right, so let's go
11:26
Speaker 1: into our last clip here, and this has got best
11:30
Speaker 1: where he basically is calling the bluff on the no
11:33
Speaker 1: tax on tips.
11:34
Speaker 10: Take a look, they expire, like the senior tax credit expires.
11:39
Speaker 10: Why do they expire?
11:41
Speaker 4: No tax on tips?
11:42
Speaker 10: No tax on tips expires. Sorry, it expires, And it's
11:47
Speaker 10: not really a deep tax.
11:49
Speaker 8: If you would like to join me and making it
11:51
Speaker 8: permanent and have your democratic with.
11:55
Speaker 10: The secretary you wrote the budget.
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Speaker 8: We would welcome you to join us. Excuse me, we
12:00
Speaker 8: would welcome you to join us.
12:01
Speaker 4: I'm ready to join you right now.
12:02
Speaker 10: You would accept an amendment.
12:04
Speaker 1: Time has expired me, all right, So, as you can see,
12:07
Speaker 1: still low sticking points to get this thing through this,
12:10
Speaker 1: I think is the piece that will start to at
12:14
Speaker 1: least look at an economic recovery and continue to kind
12:17
Speaker 1: of fly up the markets in terms of the positivity
12:20
Speaker 1: that we're seeing right now. Now, does it put some
12:22
Speaker 1: pressure on the economic condition of the United States, I
12:25
Speaker 1: think is the big question everybody's going to ask, because
12:27
Speaker 1: there's some people out there still believe that we could
12:29
Speaker 1: see a major retrace coming off of where the market's
12:33
Speaker 1: right now in terms of an all time high. So
12:35
Speaker 1: let me know what you guys think down in the
12:36
Speaker 1: comments below. If you're not part of the Diamond Circle,
12:38
Speaker 1: get in right now. It's a great place to get
12:40
Speaker 1: additional content from us. It's absolutely free. I'll leave a
12:42
Speaker 1: link down there. Of course, follow me out there on
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Speaker 1: x at Paul Baron. We'll catch you next time right
12:47
Speaker 1: here on tech Path