Latest / The Paul Barron Crypto Show / "No One Leaves" Senate Until CLARITY Passes?🏛️Blockchain Association CEO INTERVIEW

Transcript

"No One Leaves" Senate Until CLARITY Passes?🏛️Blockchain Association CEO INTERVIEW · The Paul Barron Crypto Show

• 0:00
  Speaker 1: Let's get into the Senate lockdown today because all of
• 0:02
  Speaker 1: this is centered around Clarity. Of course, last week was
• 0:05
  Speaker 1: huge today and this week could be even bigger. You've
• 0:08
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• 0:24
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• 0:27
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• 0:36
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• 0:39
  Speaker 1: first thing I want to do is lead off with
• 0:41
  Speaker 1: a clip from Mike Novagratz, and then we'll bring in
• 0:44
  Speaker 1: our guests take a look.
• 0:46
  Speaker 2: I think the Clarity Act is going to pass. I do,
• 0:51
  Speaker 2: and I know right now doesn't feel like it at all.
• 0:53
  Speaker 2: You just need a small compromise on ethics, and I
• 0:57
  Speaker 2: think that ethics compromise is going to look like what
• 1:00
  Speaker 2: they did with Lake and Riley, where they said the
• 1:03
  Speaker 2: state ags can't suit congressman or the president, but they
• 1:06
  Speaker 2: can suit the DOJ if they don't think the law
• 1:09
  Speaker 2: is being applied appropriately, and that will be enough, I think,
• 1:13
  Speaker 2: to get both sides to say, that's a tough enough
• 1:15
  Speaker 2: ethics bill, let's pass this thing all right.
• 1:18
  Speaker 1: So ethics has been kind of the hold up for
• 1:21
  Speaker 1: quite some time, and we've had several analysts on. I
• 1:24
  Speaker 1: wanted to bring on Summer Mersinger, who is of course
• 1:26
  Speaker 1: CEO over at the Blockchain Association.
• 1:29
  Speaker 3: Summer, Welcome into the show.
• 1:30
  Speaker 4: How are you hey, Thanks for having me this afternoon.
• 1:33
  Speaker 1: So you are absolutely very busy this week, Yes, and
• 1:38
  Speaker 1: a lot is happening when you look at the current
• 1:41
  Speaker 1: situation as it is right now with the Senate the
• 1:44
  Speaker 1: combined bill. Of course, now we see all sorts of
• 1:47
  Speaker 1: new copy and new text. First of all, what was
• 1:50
  Speaker 1: your initial take on where the Clarity Act stands as
• 1:53
  Speaker 1: it is right now.
• 1:55
  Speaker 4: I think it's in a great spot. It's right where
• 1:59
  Speaker 4: we wanted to be to get Senate consideration and honestly
• 2:02
  Speaker 4: passage as well. I think that the players are in
• 2:07
  Speaker 4: the room making the they're negotiating, they're making the decisions
• 2:12
  Speaker 4: that need to be made to get this across the
• 2:14
  Speaker 4: finish line. So We're in striking distance, and I think
• 2:17
  Speaker 4: we will see this get done and out of the
• 2:20
  Speaker 4: Senate very soon.
• 2:22
  Speaker 1: All right, So within striking distance because the scenario and
• 2:25
  Speaker 1: the concern that has been mostly within the industry has
• 2:29
  Speaker 1: been able to get to that sixty votes, and there's
• 2:31
  Speaker 1: been a handful of senators that have seen to kind
• 2:35
  Speaker 1: of maybe cross the line here. Is there anybody specific
• 2:38
  Speaker 1: that we should be watching for that could signal that
• 2:41
  Speaker 1: this is a go from the Senate side?
• 2:45
  Speaker 4: Yeah? Absolutely. Senator Corey Booker is someone to watch. He's
• 2:49
  Speaker 4: been very involved on the Democrat side, especially with the
• 2:52
  Speaker 4: agriculture text. Senator Reuben Diego, Senators Angela Alsobrooks again involved
• 3:02
  Speaker 4: working very hard on a number of negotiations. And you
• 3:06
  Speaker 4: know our people who have said they like to get
• 3:09
  Speaker 4: to yes on this, they'd like to be able to
• 3:11
  Speaker 4: support this. So keep an eye on those senators.
• 3:13
  Speaker 1: All right, Summers, So we are setting at ten days
• 3:16
  Speaker 1: right now, five hours? Okay, you tell me? Can this
• 3:21
  Speaker 1: be done in ten days?
• 3:24
  Speaker 4: Certainly can get past the Senate. It does get a
• 3:27
  Speaker 4: little tricky because the House went out of session and
• 3:30
  Speaker 4: this bill does need to go back to the House
• 3:32
  Speaker 4: of Representatives because the Senate made changes, So we'll have
• 3:36
  Speaker 4: to just keep pushing through the Congress's August recess and
• 3:40
  Speaker 4: get the House to take up the Senate past bill
• 3:43
  Speaker 4: as soon as they get back. But I have no
• 3:46
  Speaker 4: doubt we can get this through the Senate this, you know,
• 3:48
  Speaker 4: next couple of days or at least in the week,
• 3:52
  Speaker 4: and kind of tee it up for the House when
• 3:55
  Speaker 4: they return.
• 3:56
  Speaker 1: Okay, so you have President Trump pushing hard to get
• 4:00
  Speaker 1: Senate to stay in session to try to get this done. Yeah,
• 4:03
  Speaker 1: Rick Scott, he's our senator out there pushing. He's obviously
• 4:06
  Speaker 1: talking about Mike Lee. I will vote to stay in
• 4:09
  Speaker 1: session unless we have passed the Save America thing. But
• 4:12
  Speaker 1: this also could line up in a position where it
• 4:15
  Speaker 1: could affect clarity as well in terms of the Senate
• 4:17
  Speaker 1: being available. There is that doable in DC? Is this
• 4:20
  Speaker 1: something that you have seen happen in DC before?
• 4:24
  Speaker 4: I've seen the congressional recesses canceled before. That is certainly
• 4:28
  Speaker 4: something that has happened, especially when there must pass pieces
• 4:32
  Speaker 4: of legislation that need to get done. Sometimes when you
• 4:36
  Speaker 4: put that kind of pressure on the senators, it's what
• 4:39
  Speaker 4: gets them to the table to kind of finalize negotiations
• 4:43
  Speaker 4: so that you can get the sixty votes. I do
• 4:46
  Speaker 4: think Clarity is a little different than SAVE. I think
• 4:49
  Speaker 4: that we're able to pick up a number of Democrats
• 4:53
  Speaker 4: once we get some of these last minute negotiations nailed down,
• 4:58
  Speaker 4: and I think it's a lot easier to get to
• 5:00
  Speaker 4: sixty votes. But I know Save is very important to
• 5:03
  Speaker 4: the President, so you know we'll be watching that as well.
• 5:06
  Speaker 4: But I feel very good about Clarity kind of beating
• 5:10
  Speaker 4: the clock here.
• 5:11
  Speaker 3: Interesting.
• 5:12
  Speaker 1: Okay, so one of the guys that has been on
• 5:14
  Speaker 1: our show before an ex securities lawyer, and of course
• 5:18
  Speaker 1: that's James over Metal law Man.
• 5:20
  Speaker 3: You guys can follow him out there on Twitter.
• 5:22
  Speaker 1: He kind of hits it right here and is that
• 5:24
  Speaker 1: Trump does have the legal authority to cancel the Senate recess.
• 5:28
  Speaker 1: And this, of course would get things rolling for both
• 5:31
  Speaker 1: the potentially the Save America Act. But primarily what we're
• 5:34
  Speaker 1: interested in is the Clarity Act with getting to that
• 5:36
  Speaker 1: sixty votes. And I think if the fact that it
• 5:39
  Speaker 1: can be done, and what you're saying is that you've
• 5:41
  Speaker 1: seen it done before, that's a good possibility.
• 5:44
  Speaker 3: Here, paint out.
• 5:45
  Speaker 1: The next few steps. Let's assume that we do get
• 5:49
  Speaker 1: clarity passed, Senate comes together, we get this done. Does
• 5:53
  Speaker 1: it have to go back to the House to get
• 5:54
  Speaker 1: a rubber stamp? What's the process at that point?
• 5:57
  Speaker 4: Yeah, definitely has to go back to the House. I
• 6:00
  Speaker 4: certainly wouldn't say it's a rubber stamp because this language
• 6:03
  Speaker 4: has changed significantly, significantly from what the House sent over.
• 6:07
  Speaker 4: So there will be you know, additional education and efforts
• 6:11
  Speaker 4: to make sure that the House is comfortable with this
• 6:13
  Speaker 4: bill so they can get it passed. And then once
• 6:16
  Speaker 4: the House passes the Senate version, it goes straight to
• 6:19
  Speaker 4: the President's desk. The Senate used the House bill number,
• 6:24
  Speaker 4: and that allows them to change the text, put in
• 6:27
  Speaker 4: the Senate text and send it back over to the
• 6:29
  Speaker 4: House for one vote, versus having a conference committee between
• 6:32
  Speaker 4: two bills.
• 6:33
  Speaker 1: Okay, so we saw the obviously the both Senate Banking
• 6:37
  Speaker 1: and the Agriculture Committee versions were put together. This also
• 6:41
  Speaker 1: included the ethics provisions, which is really the biggest, I
• 6:44
  Speaker 1: think the biggest concession coming out of the White House
• 6:47
  Speaker 1: so far.
• 6:48
  Speaker 3: But this is something that.
• 6:49
  Speaker 1: I'm not aware of, and that is the motion to
• 6:51
  Speaker 1: proceed is expected today or tomorrow, with the possibility of
• 6:55
  Speaker 1: a floor vote this week. What is this motion to proceed?
• 6:59
  Speaker 1: Is that just something saying hey, yeah, it goes to
• 7:01
  Speaker 1: the floor.
• 7:03
  Speaker 4: Yeah, it's a kind of procedural piece of kind of
• 7:08
  Speaker 4: piece of the puzzle, but you have to do to
• 7:10
  Speaker 4: get legislation depending on the floor. So we're expecting the
• 7:13
  Speaker 4: majority leader to make a motion to proceed that is
• 7:17
  Speaker 4: generally subject to culture. It is a debatable procedural vote,
• 7:24
  Speaker 4: so usually they will file cloture and then that usually
• 7:27
  Speaker 4: sets up a vote in a couple of days. There
• 7:30
  Speaker 4: there are some interesting kind of different circumstances this week
• 7:35
  Speaker 4: with the funeral arrangements for former Senator Lindsay Graham, but
• 7:40
  Speaker 4: we do think they still can get to clarity this week.
• 7:43
  Speaker 1: Okay, so getting clarity this week. You look at the
• 7:46
  Speaker 1: potential over on polt market. Right now, it's on flatline
• 7:50
  Speaker 1: and has been holding there for most of the day
• 7:52
  Speaker 1: as and yesterday of course over the weekend, but holding
• 7:55
  Speaker 1: at thirty eight percent. This seems very low versus what
• 7:59
  Speaker 1: I'm here from many of the people who have been
• 8:02
  Speaker 1: on our show over the last week, and including yourself,
• 8:05
  Speaker 1: that the likelihood feels or at least am I reading
• 8:09
  Speaker 1: this wrong, that you feel like we have a much
• 8:11
  Speaker 1: better likelihood than this thirty eight percent.
• 8:15
  Speaker 4: Yeah, I think that those who you know are really
• 8:18
  Speaker 4: familiar with the procedures how these efforts come together, kind
• 8:22
  Speaker 4: of the interaction of staff and senators that lead up
• 8:25
  Speaker 4: to a major agreement and a major's legislation getting done.
• 8:30
  Speaker 4: All that's in place. We're seeing it, we're feeling it,
• 8:34
  Speaker 4: and I think it's really hard to know that from
• 8:36
  Speaker 4: the outside. You know, there's a lot going on that
• 8:40
  Speaker 4: you don't see. You see the public press releases where
• 8:43
  Speaker 4: you know Democrats are slam in the language and saying
• 8:46
  Speaker 4: ethics deal isn't good enough. But behind that's just kind
• 8:50
  Speaker 4: of a negotiation tactic. Behind the scenes, they are actually
• 8:53
  Speaker 4: working together trying to get to a good place on language.
• 8:57
  Speaker 4: And I really do think there are a number of
• 9:00
  Speaker 4: Democrat senators who do want to get to yes summer.
• 9:03
  Speaker 1: As you probably have seen on our channel, I'm always skeptical,
• 9:06
  Speaker 1: optimistically skeptical, because I have seen so many very interesting
• 9:12
  Speaker 1: and strategic moves out of our opponent. I feel like
• 9:15
  Speaker 1: for the industry and that has to be the banks.
• 9:18
  Speaker 1: I look at that and you consider that we've had
• 9:21
  Speaker 1: support now from all the police associations. That of course
• 9:27
  Speaker 1: has started to shift, so law enforcement now starting to
• 9:29
  Speaker 1: look like, hey, no, we support this, there's a way
• 9:31
  Speaker 1: to use this as a benefit.
• 9:33
  Speaker 3: Banks are very quiet.
• 9:35
  Speaker 1: Are you anticipating anything unusual last minute coming in from
• 9:39
  Speaker 1: the banks.
• 9:41
  Speaker 4: So they're quiet publicly, but we're seeing a lot of
• 9:43
  Speaker 4: behind the scenes activity. You know, there's a lot of
• 9:47
  Speaker 4: kind of myth versus fact sheets out there, talking points
• 9:52
  Speaker 4: that we're getting a hold of from the banks, and
• 9:55
  Speaker 4: so they are working there, talking points, They are going
• 9:58
  Speaker 4: in and meeting with senators, they are having their community
• 10:01
  Speaker 4: banks call in. The good news is those talking points
• 10:05
  Speaker 4: are very easy for us to counter. They tend to
• 10:09
  Speaker 4: be kind of half truths or at least misinformed, and
• 10:13
  Speaker 4: we were able to go in kind of in behind
• 10:16
  Speaker 4: the banks and really help educate the lawmakers and their
• 10:19
  Speaker 4: staff as to what this built really does do. I
• 10:23
  Speaker 4: think the other piece of this is interesting is with
• 10:25
  Speaker 4: the yield debate and kind of those negotiations. Honestly, the
• 10:29
  Speaker 4: banks lost some credibility. There was you know, there was
• 10:33
  Speaker 4: a lot was given up by crypto on the yield deal.
• 10:36
  Speaker 4: We were all at the table, we were there in
• 10:39
  Speaker 4: good faith and to have the banks at the last
• 10:42
  Speaker 4: minute pull out of those negotiations. Really, I think set
• 10:46
  Speaker 4: kind of left the bad taste in a number of offices,
• 10:51
  Speaker 4: you know, just because of how hard they had worked
• 10:53
  Speaker 4: to get to an agreement.
• 10:55
  Speaker 1: Well, and I mean, let's be clear, You've got a
• 10:57
  Speaker 1: lot of banks and institutions that have really come in
• 11:01
  Speaker 1: in support of this. Black Rock, Charles Schwab, Fidelity, Goldman
• 11:05
  Speaker 1: is in Greyscale. Of course, these are all mostly institutional
• 11:09
  Speaker 1: layers that have already started to implement a lot of
• 11:12
  Speaker 1: blockchain technology, so rightly so they are kind of going
• 11:15
  Speaker 1: in that direction. Do you think it's that the banks
• 11:18
  Speaker 1: are still feeling that they are just further behind for
• 11:21
  Speaker 1: this industry and.
• 11:22
  Speaker 3: They weren't quite ready for this advancement in tech.
• 11:25
  Speaker 4: Yeah. I think that's exactly the case here. This bill
• 11:29
  Speaker 4: is going to benefit banks and cryptoco industry equally. This
• 11:35
  Speaker 4: is going to give the banks a lot of opportunity
• 11:37
  Speaker 4: to you know, access new technology, to implement faster movement
• 11:42
  Speaker 4: of money into the system. You know, I expect most
• 11:46
  Speaker 4: of the large banks to actually you know, be in
• 11:49
  Speaker 4: this industry, be in crypto fully, you know, supportive of it.
• 11:54
  Speaker 4: I just think that there may be a little bit
• 11:56
  Speaker 4: behind technologically, and some of this is a effort to
• 12:00
  Speaker 4: kind of slow down the progress. But I think at
• 12:03
  Speaker 4: the end of the day, this bill is going to
• 12:04
  Speaker 4: benefit them as well.
• 12:06
  Speaker 3: Yeah, for sure.
• 12:07
  Speaker 1: Well, speaking of those who it could benefit, I want
• 12:10
  Speaker 1: to play a clip for you because it's really kind
• 12:11
  Speaker 1: of boiling down to two sectors in the banking industry.
• 12:14
  Speaker 3: Let me play this clip.
• 12:16
  Speaker 5: Monopoly is a good thing if you own the monopoly.
• 12:19
  Speaker 5: So I always worked for very large banks and GP
• 12:22
  Speaker 5: Morgan Chase being the largest. The large what's called the
• 12:25
  Speaker 5: community banks, the smaller banks, and they often were on
• 12:29
  Speaker 5: the opposite side of the large banks. But they have
• 12:33
  Speaker 5: tremendous political cloud. It's who the congressman and the Senator
• 12:37
  Speaker 5: has lunch with. They belong to the same country club,
• 12:41
  Speaker 5: they play golf together. It's very tough to go up
• 12:44
  Speaker 5: against the community banks. And I think the community banks
• 12:47
  Speaker 5: are even more vocal against some of this legislation than
• 12:53
  Speaker 5: the large banks.
• 12:54
  Speaker 1: Interesting, all right, so that's intriguing to that, But do
• 12:58
  Speaker 1: you do you agree with that analyst there in terms
• 13:00
  Speaker 1: of kind of the framework of what the banks are
• 13:02
  Speaker 1: looking at.
• 13:04
  Speaker 4: Yeah, I mean, historically, these small the small community banks
• 13:08
  Speaker 4: have had a lot of political capital on Capitol Hill.
• 13:11
  Speaker 4: Exactly what he said. They're you know, their neighbors, their
• 13:15
  Speaker 4: friends of these senators. They they've been meeting with them
• 13:19
  Speaker 4: for you know, years and years, and so they have
• 13:23
  Speaker 4: a good relationship. I think what's different this time is
• 13:27
  Speaker 4: that their arguments don't add up. So this idea that somehow,
• 13:32
  Speaker 4: you know, stable coins are going to cause you know,
• 13:37
  Speaker 4: deposit flights from community bank is absurd. I grew up
• 13:40
  Speaker 4: in a small town. My dad banks at a community bank.
• 13:44
  Speaker 4: He's a farmer. He would never move his money from
• 13:47
  Speaker 4: the community bank to stable coins.
• 13:49
  Speaker 6: He can't.
• 13:49
  Speaker 4: He has all his operating loans there, his home mortgage,
• 13:52
  Speaker 4: everything's at that community bank. So those are different customers
• 13:57
  Speaker 4: than who you see buying into stable points to this
• 14:00
  Speaker 4: idea of deposit flight. Really there's no proof of it,
• 14:04
  Speaker 4: and I think I think that's realized on Capitol Hill.
• 14:08
  Speaker 3: Well.
• 14:09
  Speaker 1: And you also looked at the most recent numbers coming
• 14:11
  Speaker 1: in from banks where we were seeing deposit increases. I
• 14:14
  Speaker 1: think it was seven percent across some of the bigger
• 14:16
  Speaker 1: banks out there. So deposits are increasing, customer accounts increasing,
• 14:20
  Speaker 1: revenues are obviously going way up for Banks. All of
• 14:23
  Speaker 1: this kind of flies in the face of what they've
• 14:25
  Speaker 1: been saying in terms of anti Clarity, So maybe this
• 14:29
  Speaker 1: is an opportunity for them to get into the game.
• 14:32
  Speaker 1: I do want to play a clip though, of Anthony
• 14:34
  Speaker 1: Scaramucci because this is.
• 14:35
  Speaker 3: A concern I have.
• 14:37
  Speaker 1: Are we still at a position where we could still
• 14:39
  Speaker 1: lose this in the last second or two, Because I
• 14:42
  Speaker 1: know Mikero Novograts he's kind of saying, hey, this might
• 14:45
  Speaker 1: go through. But Scaramucci has a little bit of a
• 14:48
  Speaker 1: different spin on this.
• 14:49
  Speaker 3: Take a look.
• 14:50
  Speaker 6: The enemy of my enemy is my friend. If you're
• 14:52
  Speaker 6: doing something and your adversaries do not like what you're.
• 14:56
  Speaker 7: Doing, then they look through your pick of the litter
• 14:59
  Speaker 7: and they say, well, what is this this guy really want? Oh,
• 15:01
  Speaker 7: he wants the Clarity Act to pass.
• 15:03
  Speaker 2: Oh.
• 15:03
  Speaker 7: By the way, he's actually physically invested and it will
• 15:08
  Speaker 7: monetarily benefit him if Clarity Act passes, So he obviously
• 15:12
  Speaker 7: wants it to pass. I'm his adversary. Let me do
• 15:15
  Speaker 7: everything I can to block it from happening.
• 15:17
  Speaker 6: It's that bulk of his network. Well, let's put this way.
• 15:19
  Speaker 7: If a nine hundred and twenty seven page disclosure document
• 15:23
  Speaker 7: think Obamas was like nine pages prompts his nine hundred
• 15:26
  Speaker 7: and twenty seven pages, So he hit you with a
• 15:29
  Speaker 7: phone book, and you know, it's so egregious, it's sort
• 15:34
  Speaker 7: of like almost wonderful in a weird way.
• 15:36
  Speaker 6: You're like, oh my god, this guy just doesn't care.
• 15:39
  Speaker 3: All right.
• 15:40
  Speaker 1: So, to Scaramuchi's point, this ethics situation, which has been
• 15:45
  Speaker 1: the real line in the sand for really the last
• 15:48
  Speaker 1: six months, he's kind of pointing on the fact that
• 15:51
  Speaker 1: this could actually get a little ugly at the very
• 15:53
  Speaker 1: end if in fact they don't get a final you know,
• 15:57
  Speaker 1: concession on one side or the other. When you look
• 16:01
  Speaker 1: at that, are you at all concerned? Are you still
• 16:03
  Speaker 1: in the camp of this is going to go through
• 16:05
  Speaker 1: with what Anthony said.
• 16:07
  Speaker 4: There, Yeah, I'm still in the camp that this is
• 16:09
  Speaker 4: going to go through. I think when you know, you
• 16:12
  Speaker 4: have to look at the language that the president, that
• 16:15
  Speaker 4: the White House sent up to the Senate for their
• 16:18
  Speaker 4: ethics agreement. I mean, this is extraordinary to have a
• 16:21
  Speaker 4: sitting president, you know, say I will be subject to
• 16:26
  Speaker 4: ethics agreements based on one sector of the economy, one industry.
• 16:30
  Speaker 4: That's that's definitely you know, landmark as well. And you
• 16:36
  Speaker 4: have a number of Democrats again who do want to
• 16:39
  Speaker 4: get to Yes, they've been kind of using ethics as
• 16:42
  Speaker 4: there to hold them back, but now they have language
• 16:46
  Speaker 4: to react to. Now they have a proposal to react to.
• 16:48
  Speaker 4: I think this is the first time they've really had
• 16:50
  Speaker 4: anything to react to, and I do believe that they're
• 16:55
  Speaker 4: able to redline this and get to a place where
• 16:58
  Speaker 4: both Republicans and Democrats are going to be satisfied. I
• 17:02
  Speaker 4: think there's a number of members and on the Democrat
• 17:05
  Speaker 4: side who really worry about what happens if this doesn't
• 17:08
  Speaker 4: get done. Clarity brings a lot of customer protections to
• 17:13
  Speaker 4: the table, and if there's another FTX like incident, you know,
• 17:19
  Speaker 4: they don't want to get blamed for not getting Clarity
• 17:21
  Speaker 4: done when Clarity could have prevented an FTX if it
• 17:24
  Speaker 4: had been in place. When when FTX failed, Yeah.
• 17:28
  Speaker 1: Well I would agree, not only the issue on consumer protection,
• 17:33
  Speaker 1: but it's also a scenario now that we're facing a
• 17:37
  Speaker 1: flight of innovation. You know, I was just looking at
• 17:39
  Speaker 1: this crazy list of number of projects that shut down
• 17:43
  Speaker 1: or disappeared in twenty twenty six. Some of these, yes, guys,
• 17:46
  Speaker 1: they should go away, but some of these are probably
• 17:49
  Speaker 1: really good projects that are trying to build and innovate
• 17:54
  Speaker 1: in this industry, and because of no clarity, essentially these
• 17:57
  Speaker 1: companies were unable to basically hang on. And then you've
• 18:01
  Speaker 1: got the stranglehold on the EU with what's happening in Mica,
• 18:05
  Speaker 1: only three hundred firms over there approved. Do you think
• 18:08
  Speaker 1: this will put more of a constraint on innovation in
• 18:12
  Speaker 1: the US or do you think this completely opens it
• 18:15
  Speaker 1: up for opportunity for new businesses.
• 18:19
  Speaker 4: I think it opens it up, and it's not because
• 18:21
  Speaker 4: they're somehow you know, free for all. This is going
• 18:25
  Speaker 4: to put strict rules in place, put a regular federal
• 18:29
  Speaker 4: regulatory framework in place. But I think it's a legal
• 18:31
  Speaker 4: certainty that people need. There's a lot of great ideas
• 18:35
  Speaker 4: out there, a lot of really you know, new innovation
• 18:39
  Speaker 4: that we are seeing that could come on shore, but
• 18:43
  Speaker 4: without that legal clarity, they're going to stay off shore
• 18:46
  Speaker 4: and innovate over you know, overseas where they don't have
• 18:50
  Speaker 4: to worry about a future SEC coming in saying hey,
• 18:53
  Speaker 4: you're offering unregistered security. So it's the clarity that the
• 18:59
  Speaker 4: legal clarity, the certainty that these innovators and developers need
• 19:05
  Speaker 4: to fully be you know, on board with us and
• 19:10
  Speaker 4: make us their home.
• 19:12
  Speaker 1: Well, I think the key here is going to be
• 19:14
  Speaker 1: a lot of companies are going to one either decide
• 19:18
  Speaker 1: to stay in the US or we're going to start
• 19:20
  Speaker 1: to see real innovation. I know several founders that have
• 19:23
  Speaker 1: talked about this about moving offshore, and they're in the
• 19:27
  Speaker 1: midst of building a business, and so it is real.
• 19:30
  Speaker 1: And I think the innovation side of it plus the
• 19:32
  Speaker 1: just the consumer protection side, to me, that's the paramount
• 19:35
  Speaker 1: issue here for new you know, new acquisition of crypto
• 19:40
  Speaker 1: in general, because I think the adoption curve is going
• 19:43
  Speaker 1: to leap forward dramatically once we get something like this
• 19:46
  Speaker 1: in place. All right, so Trump is saying Senators, you're
• 19:50
  Speaker 1: not going home until you get this done. You, of
• 19:53
  Speaker 1: course put up a Clarity for America website to tell
• 19:57
  Speaker 1: the Senate to go ahead and get this done.
• 20:00
  Speaker 3: They need to do so.
• 20:01
  Speaker 1: For our listeners and viewers, what's the one thing they
• 20:03
  Speaker 1: can do right now, Yeah.
• 20:05
  Speaker 4: We'd love for you to log on to Clarity for
• 20:08
  Speaker 4: America and create a letter. We've made it very simple.
• 20:11
  Speaker 4: It's just a couple of clicks of the button and
• 20:14
  Speaker 4: the letter will be sent to your senators, and it's
• 20:17
  Speaker 4: really important for them to get these individual letters. We've
• 20:21
  Speaker 4: had over one thousand sent over the weekend. In fact,
• 20:24
  Speaker 4: it crashed our system for a little bit. We were
• 20:27
  Speaker 4: able to get it back up and running. But this
• 20:29
  Speaker 4: is how you make sure your voice is heard. You know,
• 20:33
  Speaker 4: these letters don't just go into the the you know,
• 20:36
  Speaker 4: kind of universe. They actually are read by staff and
• 20:40
  Speaker 4: they're counted, and the staff tell the members, hey, we
• 20:44
  Speaker 4: have X number of letters and support of the bills.
• 20:47
  Speaker 1: Yeah, guys, I want you to stop everything you're doing
• 20:49
  Speaker 1: right now. Just go over to Clarity for America and
• 20:51
  Speaker 1: whether you're a business or an individual, hit it. Follow
• 20:54
  Speaker 1: Summer's lead. I like the fact that you've kind of
• 20:56
  Speaker 1: got the.
• 20:58
  Speaker 3: Priorities that matter.
• 20:59
  Speaker 1: Those all matter to me right there, so you can
• 21:01
  Speaker 1: see these are big And then I like this right here.
• 21:04
  Speaker 1: You can go with different different tones. The only problem
• 21:08
  Speaker 1: is is can we get we're pissed off tone? Can
• 21:10
  Speaker 1: we get one of those that would be a good Yeah?
• 21:12
  Speaker 4: I mean that's kind of passionate, heartfelt.
• 21:16
  Speaker 1: I'm gonna go I'm gonna stay at passionate and heartfelt. Then,
• 21:19
  Speaker 1: but I would we need a pissed off mode there
• 21:22
  Speaker 1: because I think this needs to get done obviously, So hey, listen,
• 21:25
  Speaker 1: super We're definitely going to be watching this very closely.
• 21:28
  Speaker 1: Things are getting very very tight as we roll into
• 21:31
  Speaker 1: it for next week.
• 21:33
  Speaker 3: Hopefully this is going to come together.
• 21:34
  Speaker 1: We'll love to get you back on the show to
• 21:36
  Speaker 1: talk about where we go from here once this is done.
• 21:38
  Speaker 3: But thanks for coming in today.
• 21:40
  Speaker 4: Yeah, absolutely happy to be here and thanks for having me.
• 21:50
  Speaker 1: If you like this video, like and subscribe, drop a
• 21:52
  Speaker 1: comment down below, and also join our free private member group.
• 21:56
  Speaker 3: The link is in the description.