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Crypto Bill Vote on Wednesday! Brace For Crypto FUD! · The Paul Barron Crypto Show

• 0:07
  We've all been waiting for it, and that is the biggest week in crypto
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  legislation ever. This might be right up on us. We'll break it down
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  for you guys. You don't want to miss it. My name is Paul
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  Baron. Welcome back into tech path. I want to get started today,
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  and speaking of legislation and speaking of making a difference out there, what I
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  ask you guys to do is go over and join John Deaton and myself I'll
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  be there co hosting this along with James Murphy, Windyo, Wolf of Wall
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  Streets, many other people that are going to be supporting John Deaton and his
• 0:35
  US Senate bed against of course, none other than Elizabeth Warren. You guys
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  can do this at the Consensus event over in Austin. All you have to
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  do is go to this link we're going to leave down in the description,
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  and as an attendee, all you have to do is give a hundred bucks
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  or more. You'll be able to get in there, shake hands with John,
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  I'm sure, and also here quite a few people I think give you
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  some insights as to his plan and his strategy around taking on it. Elizabeth
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  Warren. So if you're going to Austin, and you're going to be at
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  the consensus event, make sure and check it out. It's going to be
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  over at the Hilton in Austin at five hundred East fourth Street, So check
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  it out. I'll be there. I'll be glad to say hello to everybody.
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  And it's a great effort I think supporting John Deeton. Now let's get
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  into DC because there's a lot happening. We put out a couple of videos
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  last week, lots of situations I think that are under play or in play
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  right now. Want to kind of focus in on is the fact that we've
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  got a little bit of education going on here. Of course this from the
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  Digital Chamber of Commerce and that's Perry end right there. But if you look
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  at the people that we're in this educational summit we'll call it, that a
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  lot more younger faces in there. So this might be either the staffers and
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  or the representatives of our great nation that are starting to understand what this means
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  for innovation. All of this I think is good news, very good news.
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  A couple of other tweets I want to hit on right here. These
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  are the Democrats who cross party lines to vote pro crypto. This was in
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  reference to the SAB one twenty one. As you can see some big names
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  here, of course, mister Schumer right there at the bottom kind of center,
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  and Booker right above him right there. Those are pretty significant Democrats and
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  for them to cross the lines this makes a huge step in the right direction.
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  This could fall into other Democrats moving into a much more bipartisan position.
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  All of this very good for the position of crypto and in general blockchain and
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  the advancement of this innovation by far. I'm going to go to a clip
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  here by Perry n from the Digital Chamber talking about why SIB one twenty one
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  was so important. Listening. I'm here with over one hundred other crypto advocates.
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  We've spent the day getting support for the Digital Asset legislation. There were
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  twelve Democrats that voted in support for this bill. Bear with me for a
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  minute, Joe, I can walk you through why that's such a big deal.
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  The President, Joe Biden, had issued a statement earlier saying that he
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  will veto this bill. Twenty one Democrats broke rank and voted and supported the
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  bill. Today, twelve Democrats voted and supported this bill in the Senate,
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  including Chuck Schumer. Schumer is the Senate majority leader. He is the second
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  most powerful Democrat in the country, only second to the President Joe Biden himself,
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  Which means right now, I am sure the White House is rethinking their
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  strategy, rethinking their position. Definitely a big deal. We one hundred percent
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  have a chance of getting this done, getting this across the finish line.
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  All right, So a lot happening in DC right now. What I would
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  say though, is just be aware that in politics, things can change very
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  last minute. What is left may not appear to be left, what is
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  right may not appear to be right. So we just have to be cautious
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  of really understanding what's going on. This was a tweet, Oh yeah,
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  baby, it's about to go down. This is talking about Biden's position that
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  he may rethink SAB one twenty one due to the political support and not veto
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  the bill. Now, remember he still has veto power over that change.
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  Remember SAB one twenty one basically giving the rights for banks to hold assets.
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  That's really what it boils down to. There's a lot more to it,
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  but the key was is that what the SEC was trying to do was get
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  a one to one comparison, So you don't have to do that with any
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  other asset, but with crypto you would have had to. All right,
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  So here is another tweet, and this is Gensler basically throwing Heather's slapkin under
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  the bus. He fired her. She's a now former policy director. I
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  don't know if I think this is a big deal or a bad deal.
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  It's just one of those things. I think he's put it out on the
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  political chess board just so he's got it in his pocket. That's pretty much
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  it right here. The President has ten days excluding Sundays, to sign the
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  resolution into law, which if he doesn't veto, it automatically becomes law.
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  That's around the twenty eighth that will happen. So that also pretty much puts
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  a time slot on Biden and the White House. Another thing here, this
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  came in, of course from BlockWorks Houses expective to vote on bipartisan Crypto Market
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  Structure bill. This is the fit twenty one. And this is a good
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  thing because now we're going to see this on Wednesday this week. And remember
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  there's been a few things that we've kind of been alluding to over the last
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  few weeks in terms of the number of videos that we've done. This is
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  accelerated a lot. Now I don't know why this has accelerated so much,
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  but you could assume that maybe Trump coming in and saying something positive about Crypto
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  has put the White House and maybe the Democrats in a little bit of a
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  position were saying, hey, we got to do something, get going.
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  That could be it. With that, you also look at some scenarios that
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  are playing out right here. You've got the Blockchain Association and their members sending
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  a letter to Speaker Johnson. Of course, now we're seeing the amount of
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  support still continuing to really kind of through DC. Could it just be that
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  there was just enough coming down the pipe that started to click off a lot
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  of these lawmakers into actually doing something, that's the question. And also,
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  of course we have electioneer. Now Crypto all of a sudden is on the
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  front of everybody's lips. So here's a tweet. This is Raham from Dapper
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  Labs. He's come in started to work with Patrick McHenry and the Financial Services
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  Committee. NFTs are not the same as fungible tokens. This is basically going
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  into a new section Section six O six, which is going to provide clarity
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  necessarily enable this new industry flourish. So mainly what we're getting is NFTs also
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  pushing into this. This was the carve out in the FIT build that is
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  essentially laid it out towards says not later than one year after the date of
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  adaptment of this Act, the Secretary of Commerce Commerce shall make publicly available report
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  that includes the results of the study required but a subsection and they're talking about
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  all sorts of digital assets, gaming, NFTs, etc. That play into
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  this. So that is a big move. If the FIT bill goes through.
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  I think it might. This, of course is Ryan selkis kind of
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  hitting on something that I think is important. And his second bullet point is
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  this right here, it's a legacy defining moment for Rep. Maxine Waters.
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  I would agree, but remember Maxine Waters is pretty much kind of the buck
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  stops here, so this is either going to make or break her position within
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  the Financial Services Committee and more important, maybe even within the legislaative architecture.
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  So that's a big deal. You also have Waters will most likely make or
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  break this vote, Jakim Jeffries and his chance at a Speaker of the House
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  for the next Congress. So You've got a couple of Democrats really that are
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  really in position right now where they could swing a lot of votes coming into
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  this. So things are starting to heat up quite a bit. All right,
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  So this is Kristen Smith from the Blockchain Association explaining a little bit about
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  the veto potential. Yeah, no, this is a huge We have a
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  vote sometime either Wednesday or Thursday this week on the full House floor of the
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  House of Representatives on the FIT twenty one bill. It's the first time we've
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  seen a comprehensive bill get a vote in either chamber of the House, and
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  so we're really excited to see how much support we can get for this build.
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  This is the one that President Biden has promised to veto. Do you
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  what happens to you? No, actually that's a different one. So there's
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  another bill that's been going through on SAB one twenty one. So, yes,
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  we have FIT twenty one and SAB one twenty one. Now President Biden
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  has threatened to veto that. But what was interesting about the vote in the
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  Senate last week that was a really surprising number of Democrats to jump onto that
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  bill. And so I think the big question is is Biden in a follow
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  through with his Veto threat, or will he just sort of stand down and
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  let the will of the House and the Senate overturn this this undesirable regulation.
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  So, no, the crypto voter is real. If you had asked me
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  a year ago, I was like, I don't know about this crypto voter
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  idea. But no, the crypto voter is real. In Swing States,
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  one in five voters considers crypto policy a factor in their decision making. I
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  mean, you can't avoid it at this point. No, it's unavoidable.
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  It is something that is reached. Yeah, you know, used to just
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  be something that may be propped up in a few congressional or Senate races,
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  but we're seeing this at the presidential level as well. At the pressure is
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  on for Biden to reconsider that Vito threat on the SAB one twenty one.
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  It's just so amazing to me that in tight races like pivotal Swing States,
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  crypto really is going to be the factor. To your point earlier, I
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  don't think we'd be talking about this last year. So I think I thought
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  we'd be talking about it last year. And we've been kind of forecasting this
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  for quite some time is that this is the year to do it. Most
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  likely. The question was whether or not the lawmakers were going to believe that,
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  And I was surprised that we're seeing the fit bill come out in front
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  of the stable coin bill. Here's a tweet by Matt Hogan. If the
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  stable coin bill passes, you go from a couple hundred billion dollars of stable
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  coins two trillions. This coming in from Paul Ryan on his little interview here
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  with Nick Carter. Nick Carter's post, So that in itself, I think
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  lines up everything for the right timing. That means this summer. Plus you
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  have to remember we've got a lot of Democrats who are trying to vibe for
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  a position, and maybe this does kind of cross across bipartisan lines where we're
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  starting to see a lot more support here. Other thing that you kind of
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  have to compare to is what's happening in Europe. Here's the MECA regulation.
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  Now there's a couple of dates to pay attention to entry into force on June
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  twenty ninth. So here we are moving all of this into June. In
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  terms of our votes. You have a lot of other things starting to line
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  up also in June and remember that NFTs and crypto conglomerates are outside the scope
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  of MECA right now, the fact that we've got this possibly coming in on
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  the FIT might actually put the United States ahead of the ball on this again.
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  So there's some potent things that have really changed in Capital here Hill.
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  Here's another example of this in terms of timing. You've got the XRP ledger
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  event happening on the eleventh through the thirteenth of June. Why is that important
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  because most likely we're going to see a stable coin from Ripple that in itself
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  also lining up with maybe what's going to happen here on Capitol Hill. So
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  big deals going on for sure. This is just a reminder of the last
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  time that the SEC voted on ETF, this of course was on the Bitcoin
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  ETF. You saw Genzer approved at Pierce and you ate it typical the two
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  that did not approve a Crenshawn Lazzara, those actually went against the ruling,
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  the legal ruling, So that in itself was pretty surprising. How will this
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  play out for the ETF, Well, maybe you see the vote right there.
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  We'll see here of course, is Ray John Adamssey comes in on imagine
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  instead of applying proving the ETF next week as declares security and loses Biden the
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  election. I just don't know. I mean, I don't know. At
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  first of I don't think he would lose the election. It would be a
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  big deal. It would be because this would change things dramatically. But at
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  the same time, maybe it doesn't because there's a couple of points that you
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  have to kind of think about here. Remember Prometheum, you guys probably seen
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  us do a video on this. Prometheum is soft launching their Ether custody services.
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  And if you look further in this article, all right, so this
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  is a little bit more crypto fudd. We kind of talked about this last
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  week. Be ready for it, and there's some more things you're going to
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  need to be ready for it. But if you remember, this is another
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  scenario that plays out, and that is if eth is not a security and
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  then it makes it an asset illegal to handle by a securities firm like Prometheum.
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  So if they are in fact going to do it, you just don't
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  know. Right now. They are playing it much like they did early on,
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  and what they've been doing in terms of posturing with Congress and with the
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  Senate for quite some time. Remember this was the hand picked company that we
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  saw by the SEC. So there's still a player in this chessboard. I
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  don't know how it's going to play out, though, for sure. A
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  couple other things right here, and you guys need to pay attention to this
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  one because you have to watch out for this kind of fud and what this
• 13:13
  could be someone tweeting that the SEC approves the ETHTF or denies it. You
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  know, right now, just make sure check your sources, make sure that
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  it's coming from a credible source. Then double check that source to make sure
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  that it is accurate before you kind of jump into any of these crazy moves,
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  because this is typically what we're going to see in a hugely volatile move
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  on eth either way. So just be ready to kind of play this one
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  out. Other things I want you guys to do today is of course get
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  involved, and of course one of the ways you can do that is call
• 13:46
  your representative, so you can jump over to stand with Crypto very easy.
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  We'll leave a link down below. You can just put in your addresses and
• 13:54
  if you just put in your address, it's going to take you right to
• 13:58
  your congress person. You can click call it's going to generate that for you.
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  The other option that you've got will also leave this link down in the
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  link below or in the description below. This is on DIFA, which is
• 14:09
  Digital Innovation for America. This form is actually pretty cool because it's just going
• 14:15
  to give you the capability of putting in your information, your address, all
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  that good stuff, and then hit sin because it's already framing up why fit
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  matters. Fit twenty one matters sends it right out, So it's very simple
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  to e seeing kind of double your impact, as they say, in a
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  couple of days. This is something that I think it started to take root
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  and it started to make quite a bit of difference I think with the lawmakers.
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  But I think there's something happening here, and that is we are in
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  a position maybe where they see enough pressure from the EU, they're seeing enough
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  pressure from what's happening in Asia, and now you've got a hot election starting
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  to play out in all of this. So this could be very good times
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  for crypto coming up soon. All right, if you guys are not from
• 14:58
  part of the time circle, make sure and jump in now. It's a
• 15:01
  great place to get additional content and of course, follow me on x at
• 15:03
  Paul Baron. We'll catch you next time. Right here on tech bath