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Elizabeth Warren FAILS To Stop Stablecoin Bill!✅Ripple USD Incoming!🚨 · The Paul Barron Crypto Show

• 0:05
  Speaker 1: The stable Coin Act is getting ready to be approved.
• 0:08
  Speaker 1: It is just one step away. Today we're going to
• 0:10
  Speaker 1: break it down for you. My name is Paul Barren.
• 0:11
  Speaker 1: Welcome back in the tech path. Let's get started. If
• 0:14
  Speaker 1: do you want to thank our sponsor today that is Coinbase.
• 0:16
  Speaker 1: This is a great place for you guys to start
• 0:17
  Speaker 1: your crypto journey. You can earn up to four and
• 0:20
  Speaker 1: a half percent apy on your USDC that's your stable coin,
• 0:23
  Speaker 1: so it's like a dollar. All you have to do
• 0:25
  Speaker 1: is click the link down below. You're going to ge
• 0:27
  Speaker 1: up to two hundred bucks in crypto. You can get
• 0:29
  Speaker 1: in there and trade all sorts of coinbased tokens, and
• 0:32
  Speaker 1: of course it is the place to get your journey started.
• 0:36
  Speaker 1: All right, I'm gonna go to a clip real quick.
• 0:37
  Speaker 1: And this clip is a little bit long, but it is.
• 0:40
  Speaker 1: It's framed up in the Senate Banking Committee, and this
• 0:42
  Speaker 1: is a process that this particular committee goes through to
• 0:46
  Speaker 1: be able to put this bill on the floor. This
• 0:47
  Speaker 1: is the Genius Act. There's been two stable Coin Act.
• 0:51
  Speaker 1: This is the one that's most likely going to get approved.
• 0:54
  Speaker 1: And Elizabeth Warren takes a tactic that has been used
• 0:57
  Speaker 1: up for a long time in Capitol Hill, but it.
• 1:00
  Speaker 2: Is usually throwing just and we saw this.
• 1:02
  Speaker 1: A lot last fall when we were seeing some of
• 1:04
  Speaker 1: the bills that we're trying to go through with Patrick McHenry.
• 1:07
  Speaker 1: But they usually throw so many things at the committee
• 1:11
  Speaker 1: trying to basically get them off guard, maybe change their opinion,
• 1:15
  Speaker 1: and it never never works, or at least not for
• 1:18
  Speaker 1: Elizabeth Warren. Let me go to this clip and you
• 1:20
  Speaker 1: guys take a look.
• 1:21
  Speaker 3: This bill will supercharge the financing of terrorism around North
• 1:26
  Speaker 3: Korea and Russia, international gangs, ventinyl child pornography, stable coins
• 1:33
  Speaker 3: the new kingpin of illicit crypto activity, the kingpin of
• 1:39
  Speaker 3: illicit crypto activity by nuclear materials using dollar back stable
• 1:46
  Speaker 3: coins instead of dollars. We need to fix that. We
• 1:50
  Speaker 3: need to fix that. We need to fix that, and
• 1:52
  Speaker 3: we really need to fix that.
• 1:54
  Speaker 4: I urge my colleagues to vote no. We will now
• 1:56
  Speaker 4: call up warn Amendment seventy four, and I reckon I Senator.
• 2:00
  Speaker 3: War So this amendment seventy four, I've got Amendment seventy six.
• 2:06
  Speaker 3: Forgive me here. I think this Amendment seventy six, I apologize,
• 2:09
  Speaker 3: mister Chairman. Sixty percent child pornographers and drug traffickers for
• 2:15
  Speaker 3: Iran and North Korea are coming through stable coin. I
• 2:19
  Speaker 3: want to drill down on one particular threat. Here we go. Terrorists,
• 2:24
  Speaker 3: drug traffickers, money launderers, people trying to evade sanctions. They
• 2:27
  Speaker 3: account for more than sixty percent of all illicit activity,
• 2:33
  Speaker 3: sanctions evasion, drug traffickers moving fentanyl into our streets.
• 2:38
  Speaker 4: We're going to go to amendment number Oh.
• 2:40
  Speaker 3: Wait minute, if we're going to have discussion, can we
• 2:42
  Speaker 3: have discussion on both sides here?
• 2:44
  Speaker 4: You can have two minutes.
• 2:45
  Speaker 3: Okay, terrorists, ventanyl traffickers, Iran, North Korea, Russia, child pornographers, cartels,
• 2:52
  Speaker 3: terrorist organizations, and sanctions evaders funding weapons programs to North Korea,
• 2:57
  Speaker 3: child pornography, terrorist cyber criminal and child abusers from.
• 3:03
  Speaker 5: Actually caught on So sorry, I child trafficking and sex trafficking,
• 3:08
  Speaker 5: and drug trafficking and fetanyl trafficking.
• 3:10
  Speaker 3: I strongly recommend that this committee vote against it. I
• 3:15
  Speaker 3: should say, vote in favor of the amendment, which wood
• 3:18
  Speaker 3: vote against it. I didn't say it right.
• 3:20
  Speaker 4: Irish By colleagues oppose this amendment.
• 3:22
  Speaker 3: Sam Bankman Freed could buy a stable coin company from prison,
• 3:28
  Speaker 3: and regulators would have no legal grounds to stop him.
• 3:33
  Speaker 6: Under this bill, Machiavelli is not going to get raised
• 3:37
  Speaker 6: from the dead to issue stable coins so we can
• 3:41
  Speaker 6: destroy our planet with drugs. I mean, this is ridiculous.
• 3:46
  Speaker 4: Let me just have the last word on this, and
• 3:47
  Speaker 4: we're going to move on. Current system in twenty eighteen
• 3:50
  Speaker 4: missed ninety nine point nine percent of money laundering. This
• 3:55
  Speaker 4: is a leap into a different world and a better world.
• 3:59
  Speaker 1: And you know it's getting old because this has been
• 4:01
  Speaker 1: going on forever. This is back in twenty three. It's
• 4:04
  Speaker 1: showing up on a bipartisan format. Now Warren is actually
• 4:09
  Speaker 1: the one that is playing defense. And her throwing this
• 4:12
  Speaker 1: many amendments at this bill and not winning is a
• 4:16
  Speaker 1: good example of really the shift in this. And of course,
• 4:19
  Speaker 1: this whole concept of that crypto in general is bad
• 4:22
  Speaker 1: for all these bad and illicit activities is absolutely not true.
• 4:26
  Speaker 1: The dollar is the kingpin of all of the bad
• 4:29
  Speaker 1: activities and always has been. This is a better way
• 4:32
  Speaker 1: to track a lot of these.
• 4:33
  Speaker 2: Kind of things. And of course the blockchain is open
• 4:35
  Speaker 2: out there.
• 4:35
  Speaker 4: Now.
• 4:36
  Speaker 2: She get pretty frustrated here within this, so she.
• 4:38
  Speaker 1: Gas lights the committee after everybody was walking out.
• 4:43
  Speaker 3: Take a look innovative blockchain companies that want regulatory certainty
• 4:48
  Speaker 3: and a vibrant and innovative marketplace deserve better than we're
• 4:53
  Speaker 3: giving them in this bill. Many of us are prepared
• 4:57
  Speaker 3: to support a sensible stable coin bill. Well, there is
• 5:01
  Speaker 3: a bill to be done. This is not a case
• 5:05
  Speaker 3: of no, no, What we're all trying to do is
• 5:07
  Speaker 3: figure out how to blow the thing up. There are
• 5:09
  Speaker 3: people who want.
• 5:09
  Speaker 7: To support this.
• 5:10
  Speaker 3: Nobody's looking to shut this down. No one's looking to
• 5:13
  Speaker 3: stop innovation. Most of the Republicans have left. This feels
• 5:17
  Speaker 3: like show trial here.
• 5:20
  Speaker 1: This is the anti crypto queen. She has been out
• 5:23
  Speaker 1: there trying to orchestrate an army that has been in
• 5:29
  Speaker 1: all sorts of places on these committee hearings, trying to
• 5:32
  Speaker 1: attack crypto in whatever way that possible. This, of course,
• 5:35
  Speaker 1: was the barrage. She got very frustrated there. Going forward,
• 5:39
  Speaker 1: now you have to remember who Elizabeth is essentially supported by.
• 5:43
  Speaker 1: This next clip will start to reveal a little bit
• 5:47
  Speaker 1: more about Warren and her supporters. Take a look.
• 5:50
  Speaker 3: I've got an amendment here that's raised by the community bankers.
• 5:53
  Speaker 3: Senator Cortes Mastow has one from the American Bankers Association.
• 5:58
  Speaker 8: Mister Sherman, out of all due respect to you, this
• 6:00
  Speaker 8: is not regular order. My amendment is really a concern
• 6:04
  Speaker 8: that any American Bankers Association just gave to us. But
• 6:08
  Speaker 8: it looks like to me, you get what you get.
• 6:12
  Speaker 8: Tether gets to decide what's in this regulation and what isn't,
• 6:15
  Speaker 8: we're not going to have it. I would hope that
• 6:16
  Speaker 8: you would remain open. Would you be willing to do that.
• 6:19
  Speaker 9: Our staff have been working night and day on this.
• 6:22
  Speaker 9: The discussion draft has been out since last October, and
• 6:25
  Speaker 9: I'm more than willing to work with my colleagues on
• 6:29
  Speaker 9: that market structure piece, but that should come next in order.
• 6:32
  Speaker 4: The alternative is letting banks dominate the stable coin space,
• 6:36
  Speaker 4: stifling innovation and allowing no competition in this innovative market.
• 6:40
  Speaker 4: This harms consumers all right.
• 6:42
  Speaker 1: So as you can see, this is directed by the
• 6:45
  Speaker 1: American Bankers Association. And if you look at the ABA's website, listen,
• 6:49
  Speaker 1: it is all of the majors out there, Wells, Fargo, Zion's,
• 6:54
  Speaker 1: you name it, every bank you can imagine has been
• 6:56
  Speaker 1: in there. And what Tim Scott was talking about there
• 6:58
  Speaker 1: is exactly right. The banks are in a position right
• 7:02
  Speaker 1: now where they feel like they are behind the eight ball.
• 7:05
  Speaker 1: They're not necessarily competing with the new fintech crowd that's coming,
• 7:09
  Speaker 1: and that includes obviously places like Ripple with URLUSD, and
• 7:14
  Speaker 1: then of course Circle with USDC, and of course even
• 7:17
  Speaker 1: Tether if they do come compliant in the United States.
• 7:21
  Speaker 1: So yeah, it's going to be a very heated field
• 7:24
  Speaker 1: and competitive, and I think that's going to be good
• 7:26
  Speaker 1: for American investors going forward. Here is a good example
• 7:31
  Speaker 1: of what they were talking about. This is one of
• 7:33
  Speaker 1: the other things that if you guys remember that this
• 7:36
  Speaker 1: particular group of people have been after this first quite
• 7:39
  Speaker 1: some time. We're opposing the proposed build to cap credit
• 7:42
  Speaker 1: card interest rates at ten percent. This was being opposed
• 7:45
  Speaker 1: by this group. So this just shows you how far
• 7:48
  Speaker 1: they are supporting the bank side of things, and that's
• 7:51
  Speaker 1: a big problem. You know, obviously within innovation we see
• 7:54
  Speaker 1: it all the time in DC.
• 7:56
  Speaker 2: This is normal.
• 7:56
  Speaker 1: Now, Cynthonia Lummis goes in and says, listen, we know
• 8:01
  Speaker 1: there are some stable coin companies out there.
• 8:04
  Speaker 2: Let's just say it Tether that maybe not are.
• 8:07
  Speaker 1: Compliant yet, and they're going to hold their feet to
• 8:09
  Speaker 1: the fire or at least so it appears.
• 8:12
  Speaker 2: Take a look at this clip.
• 8:13
  Speaker 6: I want to add one more thing. This bill is
• 8:16
  Speaker 6: probably too restrictive to encourage stable coin issuer Tether to
• 8:22
  Speaker 6: onshore its business. This is a very restrictive bill when
• 8:26
  Speaker 6: it comes to their business model. I urge my colleagues
• 8:29
  Speaker 6: not to be looking over their shoulder at someone at
• 8:34
  Speaker 6: a specific company.
• 8:35
  Speaker 1: All right, So if Tether doesn't make its way onto
• 8:38
  Speaker 1: the US to onshore, this will be a very intriguing thing.
• 8:43
  Speaker 1: And I think maybe I'm kind of curious. I wonder
• 8:45
  Speaker 1: if you guys think that Tether will go for it,
• 8:47
  Speaker 1: or will they try to stay in a position where
• 8:49
  Speaker 1: they will continue to serve the rest of the world
• 8:51
  Speaker 1: while something like a USDC circle or even XRP and
• 8:56
  Speaker 1: ripple with RLUSD take over here. But let's not forget
• 9:00
  Speaker 1: that you got PayPal who has a stable coin. Most
• 9:02
  Speaker 1: likely you're going to see a lot of other banks
• 9:03
  Speaker 1: starting to roll out with stable coins. It's going to
• 9:05
  Speaker 1: become a very competitive market going forward. Now the Dems
• 9:10
  Speaker 1: are now starting to break away from this pack. Now
• 9:13
  Speaker 1: this is going to be important, very important, especially to
• 9:17
  Speaker 1: support this bill.
• 9:18
  Speaker 2: So take a look at this.
• 9:20
  Speaker 7: But there have been a lot of mischaracterizations today, put
• 9:22
  Speaker 7: criminal penalties in place, done a lot on foreign issuers.
• 9:25
  Speaker 7: There's thirty odd changes were made in management, and many
• 9:29
  Speaker 7: of us were involved in that. And I'm going to
• 9:30
  Speaker 7: be sporting the legislation, and I tell you this one
• 9:33
  Speaker 7: is easy compared to market structure. This was a bill
• 9:37
  Speaker 7: that was for the most part drafted with out a
• 9:40
  Speaker 7: lot of our input. On the next issue, I think
• 9:42
  Speaker 7: we can start by sending a strong bipartisan I vote
• 9:46
  Speaker 7: out of this committee.
• 9:47
  Speaker 5: Same, my god, we have the ability to have and
• 9:49
  Speaker 5: own this technology that fortifies the US dollar.
• 9:53
  Speaker 2: That would lead to more national security.
• 9:55
  Speaker 5: Nobody is interested in the Chinese currency as a stable coin,
• 9:59
  Speaker 5: so they've tried to make it the bricks stable coin.
• 10:01
  Speaker 5: But you can't take four pieces of crap and made chocolate.
• 10:06
  Speaker 2: Listen.
• 10:07
  Speaker 1: The point is is that we've got right now that
• 10:10
  Speaker 1: the Genius Act is going to be out of committee
• 10:13
  Speaker 1: with five Dems voting in favor. This is a big list, guys.
• 10:18
  Speaker 1: This is a big list because it starts to cross
• 10:20
  Speaker 1: party lines. We get into a bipartisan opportunity here, which
• 10:23
  Speaker 1: means we could have a stable Coin Act very very soon.
• 10:28
  Speaker 1: So one note on this bill, if you'll notice, the
• 10:31
  Speaker 1: Genius Act regulates payment stable coins, not yield bearing products.
• 10:35
  Speaker 1: And again that's what they were talking about in getting
• 10:37
  Speaker 1: into market structure framework down the road, which is essentially.
• 10:41
  Speaker 2: The Fit Act.
• 10:43
  Speaker 1: So there's still a lot of work to be done.
• 10:44
  Speaker 1: The good thing is is that President Trump has put
• 10:47
  Speaker 1: a mandate out to the Senate in the House to
• 10:49
  Speaker 1: get this done in very short order, so it's likely
• 10:53
  Speaker 1: we're going to have something by summer. I'm looking very
• 10:56
  Speaker 1: very forward to what could be next. Now where this
• 10:59
  Speaker 1: could help help ripple and RLUSD is if you look
• 11:02
  Speaker 1: here on this. This came from a tweet here on
• 11:04
  Speaker 1: the stable Coin bill, but there was a couple of
• 11:07
  Speaker 1: points within this.
• 11:08
  Speaker 2: I want to highlight.
• 11:09
  Speaker 1: One is right here as this says a payment stable
• 11:12
  Speaker 1: coin not authorized under the Act cannot be used for
• 11:15
  Speaker 1: interbake settlement, So that's going to be beneficial to rl
• 11:19
  Speaker 1: USD and XRP. And then the issue of a non
• 11:22
  Speaker 1: authorized stable coin can also get in a lot of
• 11:24
  Speaker 1: trouble penalties, jail and a big fine, so this could
• 11:28
  Speaker 1: be very good for rl USD going forward.
• 11:32
  Speaker 2: I want to go to another clip.
• 11:33
  Speaker 1: This clip we'll get into Tim Scott talking about boosting
• 11:37
  Speaker 1: US stable coins and how this may affect the market.
• 11:41
  Speaker 2: Take a look.
• 11:42
  Speaker 4: This one was significant because it was his historic historic
• 11:45
  Speaker 4: in the nature of bringing innovation back to America because
• 11:49
  Speaker 4: we're not over regulating it. That's great news. Stable coin
• 11:52
  Speaker 4: legislation heading to the floor of the Senate thanks to
• 11:55
  Speaker 4: Senator Haggarty and Lumbus and also Brooks for teaming together
• 11:59
  Speaker 4: to get this historic day in the books.
• 12:02
  Speaker 1: I anticipate USDC is probably going to get a very
• 12:05
  Speaker 1: big slice of the pie. But within that you can
• 12:10
  Speaker 1: once you get out of that list r L, USD, PayPal,
• 12:14
  Speaker 1: all of those potentially now coming in and becoming I
• 12:18
  Speaker 1: think way up the chart in terms of not only
• 12:21
  Speaker 1: use case, but also the functionality of stable coins as
• 12:24
  Speaker 1: a whole. If you guys are not in the diamond circle,
• 12:26
  Speaker 1: get in right now. And of course if you're not
• 12:28
  Speaker 1: in our telegram group.
• 12:30
  Speaker 2: That's the cool place.
• 12:31
  Speaker 1: That's where I actually go in and communicate with you guys.
• 12:33
  Speaker 1: There's a link down below. Only use that one. Also,
• 12:37
  Speaker 1: we only have one Telegram group. We don't have other
• 12:39
  Speaker 1: side telegram groups doing investment things.
• 12:42
  Speaker 2: Those are fake, so don't follow those.
• 12:44
  Speaker 1: Use the link down below, and of course follow me
• 12:46
  Speaker 1: out there on x at Paul Baron. We'll catch you
• 12:48
  Speaker 1: next time right here on tech Path