Latest / The Paul Barron Crypto Show / Crypto Wins BIG! What Happens Next?🔥 with Ron Hammond | Blockchain Association

Transcript

Crypto Wins BIG! What Happens Next?🔥 with Ron Hammond | Blockchain Association · The Paul Barron Crypto Show

0:06
Speaker 1: My name is Paul Barren. Welcome back in the tech path.
0:08
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0:32
Speaker 1: All right, let's get into a couple of things. I
0:34
Speaker 1: want to hit on a clip here to kick off
0:36
Speaker 1: before we get into the interview today with Ron Hammond
0:39
Speaker 1: coming over from Blockchain Association. But let's go to this
0:42
Speaker 1: first clip. Take a look. Nice, So you asked, are
0:44
Speaker 1: there any prices that the vice president is overperforming Joe
0:47
Speaker 1: Biden twenty twenty, So we could show you that as well.
0:49
Speaker 1: We just bring that out here, Harris overperforming twenty twenty.
0:52
Speaker 2: Holy smokes, there you go.
0:54
Speaker 3: So let this go away and see if there's anything
0:56
Speaker 3: in the East Side. There literally nothing, literally nothing, literally
1:00
Speaker 3: not one county.
1:02
Speaker 1: So that was a big statement. I think, you know,
1:04
Speaker 1: Jake Tapper there was pretty much surprised at the underperformance
1:08
Speaker 1: of Harris. I think the scenario though, is how well
1:11
Speaker 1: crypto performed as a whole. So I want to break
1:14
Speaker 1: it down. I want to bring in Ron Hammond, coming
1:16
Speaker 1: in from the Blockchain Association. Ron, how are you today?
1:20
Speaker 4: I'm doing good, Paul. I'm a little tired, but I
1:22
Speaker 4: think we all are and oh we're happy. I mean
1:25
Speaker 4: a lot of great things having for crypto in this election.
1:27
Speaker 4: So I really can't wait to get into it.
1:29
Speaker 1: No doubt, no doubt about it. I think go to
1:30
Speaker 1: bed till about four am. So listen. The good thing.
1:34
Speaker 1: I think the good news is that I feel like
1:37
Speaker 1: there's a little bit of healing going on and we
1:39
Speaker 1: may have a good bipartisan position here for pro crypto,
1:43
Speaker 1: pro business, pro innovation. You look at Mark Cuban's tweet,
1:47
Speaker 1: he was congratulating Trump far and square congrats to Musk
1:51
Speaker 1: as well. I think that's the kind of relationship that
1:55
Speaker 1: we need going forward. Is really crossing the aisle. And
1:58
Speaker 1: when you look at that right now, First of all,
2:01
Speaker 1: were you surprised with anything in terms of the races.
2:06
Speaker 2: I was surprised so quick it was. It was wrapped
2:09
Speaker 2: up kendidly.
2:10
Speaker 4: I thought we'd be probably wait until Friday to get
2:12
Speaker 4: those results in, and I know we're still waiting for
2:14
Speaker 4: the House and a lot of those California seats. But overall,
2:16
Speaker 4: that was pretty shocking. Ohio was very shocking as well.
2:19
Speaker 4: You know, there's a lot of folks going either way
2:21
Speaker 4: on that race towards the end, but Mario came out,
2:23
Speaker 4: which is a huge win for the industry itself.
2:26
Speaker 2: On a lot of friends, but for the most part,
2:28
Speaker 2: Pennsylvania was the big one to carry.
2:30
Speaker 4: And I think lastly too, it's just the idea of
2:32
Speaker 4: crypto being mentioned by both presidential candidates two weeks out
2:36
Speaker 4: before the vote.
2:37
Speaker 2: That's huge.
2:38
Speaker 4: It gave a lot of credence to the fact that
2:40
Speaker 4: they realized that there's a voter here and they both
2:42
Speaker 4: tried to court it at the you know, towards the end.
2:45
Speaker 4: Obviously one side did a lot better with their positions
2:47
Speaker 4: and how they framed it. But it's weird to see
2:50
Speaker 4: that both candidates really try to get the crypto vote
2:52
Speaker 4: in the last waging moments. And I think it six
2:55
Speaker 4: around that the anti crypto voter is not a thing,
2:57
Speaker 4: and this is a democrat to be courted for.
3:01
Speaker 1: Yeah, I think this really changes the course of history
3:04
Speaker 1: for crypto lobbying. But also I think crypto innovation, blockchain
3:09
Speaker 1: in general, I think is winning big now and we
3:12
Speaker 1: may see some pretty cool things happening in the United States. Finally,
3:15
Speaker 1: I feel like we're on the right track, at least
3:17
Speaker 1: around the regulatory side of things. This is, of course,
3:20
Speaker 1: Kristen Smith, your boss, coming in and said crypto one
3:23
Speaker 1: on election day. Biggest takeaway here is zero electoral upside
3:27
Speaker 1: to your point of being anti crypto, Absolutely zero. I
3:31
Speaker 1: totally agree with Christen, which we've had on the show before.
3:34
Speaker 1: And I tell you the thing here right now is
3:37
Speaker 1: why did we even see candidates that came in? And
3:42
Speaker 1: I've got a whole list of them right here. Let
3:44
Speaker 1: me kind of go to stay with crypto here. Look
3:46
Speaker 1: at this. I was still surprised at that we saw
3:48
Speaker 1: one hundred and fifteen anti crypto candidates being elected, even
3:52
Speaker 1: though we did to have two hundred and fifty three
3:54
Speaker 1: in the House. That is to me an absolute wave
3:58
Speaker 1: for pro crypto. What do you think it's going to
4:01
Speaker 1: take to get those one hundred and fifteen at least
4:04
Speaker 1: educated and start moving our way. What's on the agenda
4:07
Speaker 1: right now?
4:09
Speaker 4: I mean, Paul, when I first started working on this
4:11
Speaker 4: back in twenty sixteen, when I was a Hill staffer,
4:13
Speaker 4: I think we the found cowns like ten members of Congress.
4:17
Speaker 4: You know, we have about four Democrats, six Republicans like
4:20
Speaker 4: at that time in twenty seventeen, twenty eighteen. So when
4:22
Speaker 4: I see one hundred fifteen plus, like, that's a huge number,
4:24
Speaker 4: and candidly, like I'm really excited by that. Now, a
4:27
Speaker 4: lot of folks will say, hey, it's the money that
4:29
Speaker 4: got involved here. It's the money that got involved in
4:31
Speaker 4: the packs, and that's why there's so many people who
4:34
Speaker 4: turned out support these candidates or got behind them and
4:36
Speaker 4: were funding them. But candidly, I think the thing is
4:38
Speaker 4: that this is more of a narrative shift. As a whole,
4:41
Speaker 4: the anti crypto Army narrative was a really bad political
4:45
Speaker 4: mistake that backfired tremendously. I think it also just more
4:48
Speaker 4: damages Warren's brand as a whole. But also the crypto
4:52
Speaker 4: lobby is a force now and so if you want
4:54
Speaker 4: to cross that force, I think it was very apparent
4:56
Speaker 4: you know center tester for example from Montana. He called
4:59
Speaker 4: crypto bulsh literally two years ago after the FTX fiasco,
5:03
Speaker 4: and that came back to hauntum and he lost his
5:05
Speaker 4: center race. And that's a very crucial race that you know,
5:08
Speaker 4: determined the Republican Senate. So I think it's very much
5:11
Speaker 4: to behave. If you want a cross crypto, be careful
5:13
Speaker 4: to give me the cross wires here. And that's just
5:15
Speaker 4: the next phase I think of just where we're at
5:17
Speaker 4: right now. I mean, folks, I know, all people one
5:19
Speaker 4: to think that it's all over from here on out.
5:20
Speaker 4: Everything's in a green light. We got the next stage
5:23
Speaker 4: of the lobbying fight. You know, we got a lot
5:25
Speaker 4: of the trat fi folks coming in. You know, this
5:27
Speaker 4: is the time that a lot of folks you try
5:28
Speaker 4: to get, you know, captured market share. We're trying to
5:31
Speaker 4: drown out a lot of startups. And so you know
5:32
Speaker 4: there's gonna be a lot of fights that be still
5:34
Speaker 4: happening on the AML front.
5:35
Speaker 2: Two.
5:35
Speaker 4: So you know, buckle up because by no means just
5:38
Speaker 4: because we have a pretty good Congress and a great,
5:40
Speaker 4: great administration, potentially there's a lot of hurdles to overcome
5:44
Speaker 4: to get what we need.
5:46
Speaker 1: Now, I totally agree with you is that this is
5:48
Speaker 1: just the beginning. But the fact that we actually have
5:50
Speaker 1: a starting point now, which I think is the real
5:54
Speaker 1: win here is going forward. You do look at some
5:57
Speaker 1: of the key races right here, Ohio. Of course was
5:59
Speaker 1: Bernie Moreno coming in over Sharrod Brown, which is pretty
6:02
Speaker 1: much the lieutenant of the anti crypto army out there,
6:06
Speaker 1: with of course Senator Warren. With losing Sharard Brown out
6:10
Speaker 1: of this particular faction within government right now that is
6:15
Speaker 1: anti crypto. What does this do to Senator Warren's position?
6:19
Speaker 1: And ironically, when I was looking at some of the
6:23
Speaker 1: debate material between John and Senator Warren, she acted a
6:28
Speaker 1: little bit like her her armor cracked a little bit. Now,
6:31
Speaker 1: I don't know, maybe it's just wishful thinking, but do
6:34
Speaker 1: you think there is a way that we can get
6:36
Speaker 1: Senator Warren to call off the dogs?
6:40
Speaker 4: No?
6:40
Speaker 2: I think you're one hundred percent right.
6:41
Speaker 4: And Candley, I think this election results are the wake
6:43
Speaker 4: up call for her that she pushed way too far.
6:46
Speaker 2: And again I'm not saying just crypto here.
6:47
Speaker 4: I think there's been a lot more than democratic circles
6:50
Speaker 4: I've been communicating with that her brand is a progressive
6:54
Speaker 4: overall is definitely starting to fade a little bit.
6:57
Speaker 3: You know.
6:57
Speaker 4: Again, there was that deal with the Biden administration where
6:59
Speaker 4: she was able to get a lot of her finance
7:01
Speaker 4: folks within those agencies as a way to endorse Biden
7:04
Speaker 4: and kind of shore up that progressive flank. But that
7:06
Speaker 4: has backfired tremendously as we've seen through the policies being
7:09
Speaker 4: very unpopular on both the right but also more the
7:12
Speaker 4: center left as well, and we've seen that trickle down
7:14
Speaker 4: at Crypto and several other issues. Now here's the thing
7:17
Speaker 4: that folks need to be aware of though, because Senator
7:19
Speaker 4: Warren did win her race against Johnde unfortunately, but that
7:22
Speaker 4: was largely expected share Brown being out. Now we have
7:26
Speaker 4: John Testers out. Those are two folks head to earn line,
7:29
Speaker 4: and then we have two other members Warrener from Virginia
7:31
Speaker 4: who he's going to be there for a while teams
7:34
Speaker 4: as well as Jack Reed from Rhode Island. And those
7:37
Speaker 4: two folks do chair other committees, and so technically right
7:40
Speaker 4: now center Warren could be the lead Democrat for Senate banking.
7:44
Speaker 4: Now they'll be in the minority but there is a world,
7:46
Speaker 4: and of a very likely world right now where she
7:48
Speaker 4: could be lean that committee.
7:50
Speaker 2: And the question is she.
7:51
Speaker 4: Going to use that time to more go after crypto
7:54
Speaker 4: or to go after the industry that has really taken
7:56
Speaker 4: down a lot of her colleagues who are anti crypto.
8:00
Speaker 2: We will see.
8:00
Speaker 4: But that's a really important dynamic to watch because also
8:04
Speaker 4: you have to look at the Democrats to say, we
8:05
Speaker 4: realized this is a losing message. Do we try to
8:08
Speaker 4: find someone else to replace her as that chair? Because
8:10
Speaker 4: if she becomes the head of all Democrats for finance policy,
8:14
Speaker 4: we've seen it doesn't really resonate with the American people.
8:16
Speaker 4: So that's a very difficult situation for the Democrats right now.
8:19
Speaker 1: I want to stay and make a statement on that.
8:22
Speaker 1: I do want to go to Senator Warren's speech and
8:25
Speaker 1: we'll listen in on that. Let's go to that clip.
8:28
Speaker 2: Hello Massachusetts, thank you, thank you, thank you.
8:35
Speaker 1: We demonstrated that we can make change, big change, and
8:41
Speaker 1: here is where early gets to be fun. So we've
8:46
Speaker 1: got her very excited there. But at the same time,
8:49
Speaker 1: I think she might have been a little bit concerned
8:51
Speaker 1: with what Deaton was able to do in a candidate
8:55
Speaker 1: who has never run before that almost comes in at
8:58
Speaker 1: forty percent of the vote there in Massachusetts, which was
9:01
Speaker 1: surprising when you look at some of the data that
9:04
Speaker 1: could have a position to your point is that maybe
9:08
Speaker 1: she's going to reposition her strategy kind of going forward
9:11
Speaker 1: from here. Do you think what would have to happen
9:14
Speaker 1: for that to occur? Would it be something within the
9:17
Speaker 1: committee structure, would it be something within some of the
9:19
Speaker 1: policy alignment? Where do you think this would go from
9:22
Speaker 1: a strategy standpoint there in DC?
9:25
Speaker 4: It takes a lot of routes here, and at least
9:27
Speaker 4: you know, we have a full majority here for the Republicans.
9:31
Speaker 4: The only need Democrats for a lot of things, and
9:32
Speaker 4: I think that's going to be the kind of the
9:33
Speaker 4: balance we got to make sure we strike here is that,
9:36
Speaker 4: you know, we worked really hard to get these Democrats
9:38
Speaker 4: along the ride with us and make sure that crypto
9:40
Speaker 4: is a non Parson issue. And that's why a lot
9:42
Speaker 4: of folks in the lobbying cybers saying even before the
9:44
Speaker 4: results are announced that this is gonna be the most
9:46
Speaker 4: pro cryptocongress because they did a lot of the works
9:48
Speaker 4: in the primaries where we got pro cryptocandates. Again, we
9:50
Speaker 4: had some instances of a pro crypto Democrat versus a
9:52
Speaker 4: pro crypto Republican yesterday, and so that's a great situation,
9:56
Speaker 4: Like we want more of those situations where that crypto
9:58
Speaker 4: doesn't even need to be a policy issue because it's
10:00
Speaker 4: understood that, yeah, it's like the Internet, it's gonna be
10:02
Speaker 4: here to stay and being anti Internet is a really
10:04
Speaker 4: dumb position to have. But I think that's kind of
10:07
Speaker 4: the next phase now, is that we got past that
10:09
Speaker 4: phase of crypto is here for to day and if
10:10
Speaker 4: you tried it up the trend, you're gonna probably find
10:13
Speaker 4: yourself out of a job in Congress here. And now
10:15
Speaker 4: it's gonna be moving forward to let's get some concrete policy,
10:18
Speaker 4: let's get the hard work done, and that's gonna be
10:21
Speaker 4: a whole slew of issues here. But when it comes
10:23
Speaker 4: to Center, Warren's brand and as well as the anti
10:24
Speaker 4: crypto Army brand as a whole, very significantly tarnished all across,
10:29
Speaker 4: and I think they have to look and say, you know,
10:30
Speaker 4: where is our party going on this issue? Because we
10:33
Speaker 4: had several people like Rokanna and Mark Cuban taking drastic
10:36
Speaker 4: steps to try to course correct on Crypto alone and
10:39
Speaker 4: having multiple conversation and dialogue both public and private with
10:42
Speaker 4: the Biden administration and the Harris folks, and we didn't
10:46
Speaker 4: see the hairs folks really budgetent it came to giving
10:48
Speaker 4: this industry really anything in terms of clear policy outlines.
10:50
Speaker 4: And again that's more the theme for the entire campaign
10:53
Speaker 4: as a whole. But that came to bite them. And
10:56
Speaker 4: so the question is now is a it's gonna be
10:59
Speaker 4: some animosity to Crypto here from some folks because they
11:01
Speaker 4: lost a race or they lost some key allies. And
11:04
Speaker 4: again that goes on the Republicans side too because Crypto
11:06
Speaker 4: played are a lot of Democrats as well. And then
11:08
Speaker 4: secondly you have to look at will the Republicans make
11:10
Speaker 4: this a Parson issue And that's the worst thing to
11:13
Speaker 4: happen here because there's only two years here and likely
11:15
Speaker 4: we will have a Democrat probably control the Senate. They
11:17
Speaker 4: have Republican's have a really tough seats defense next cycle.
11:22
Speaker 4: So I think it's just making sure they saved by Parson,
11:24
Speaker 4: because if it gets Parson, it could get really chilling
11:27
Speaker 4: for a while after these two years are up.
11:30
Speaker 1: Yeah, I think that's the key is the next twenty
11:32
Speaker 1: four months before the midterms is going to be a
11:34
Speaker 1: big scenario playing out because there are going to be
11:36
Speaker 1: some key races right there. I do want to flip
11:38
Speaker 1: over to Bernie Moreno's speech because I think this is
11:41
Speaker 1: a new face that we're going to see a lot
11:43
Speaker 1: more of. And I'm kind I want to get your
11:45
Speaker 1: take on this, but let's go ahead and play that clip.
11:47
Speaker 3: Talk without action is nothing. What we're going to do
11:52
Speaker 3: is massively reduced the size and scale the federal government.
11:55
Speaker 3: And we're going to do it from Congress, because it's
11:58
Speaker 3: Congress that has the power of the per Now that
12:01
Speaker 3: starts by getting rid of agencies that we don't need,
12:04
Speaker 3: relocating them out of Washington, d C.
12:06
Speaker 2: We're going to have a bold.
12:07
Speaker 3: And ambitious agenda for the Republican Party.
12:11
Speaker 1: All right, So a few things that he's going into
12:14
Speaker 1: is a lot of agencies, a lot of the Biera,
12:16
Speaker 1: Cretic you know, half of DC in general. First of all,
12:20
Speaker 1: what are your thoughts on Moreno? How do you think
12:24
Speaker 1: Have you had a chance to kind of talk with
12:26
Speaker 1: him or see his positions so far?
12:29
Speaker 4: Yeah, Actually, I've had the pleasure of knowing him for
12:31
Speaker 4: actually eight years now. So when I actually first got
12:34
Speaker 4: in a crypto policy, I worked for Ohio Member of
12:36
Speaker 4: Congress Warren Davidson, and actually I got connected to burning
12:39
Speaker 4: Mario through our efforts in crypto because Marino was working
12:41
Speaker 4: on putting car tiles on the blockchain. So I've actually
12:43
Speaker 4: known him quite some time, and so I'm really exciting
12:46
Speaker 4: to see that he had political ambitions to eventually run
12:48
Speaker 4: for Senate, and so that was really good. On the
12:51
Speaker 4: opposite side, Actually, when I was working for Warren Davidson
12:54
Speaker 4: back in twenty eighteen twenty nineteen, with Moreno having his conversations,
12:58
Speaker 4: I was also met with Sheriff Brown personally, and he
13:01
Speaker 4: was actually very very nice to me personally. We met
13:03
Speaker 4: the Capitol to talk about market structure legislation for crypto,
13:07
Speaker 4: and he obviously really did not know anything about crypto
13:09
Speaker 4: in twenty nineteen, and more passed it off. He's being
13:11
Speaker 4: very nice by at least in those conversations. It was
13:14
Speaker 4: very much clear night and day, even back then in
13:16
Speaker 4: twenty nineteen twenty eighteen, that Brown was definitely not really
13:20
Speaker 4: caring much about crypto, and Moreno was very much all
13:23
Speaker 4: in and was really ready to lead that even years
13:26
Speaker 4: ago in Canley too, maximum Waters, we met with her
13:29
Speaker 4: to talk about the same exact bill, a shrif Brown.
13:31
Speaker 2: We did it about two weeks before that.
13:33
Speaker 4: She was a lot more open there and she obviously
13:35
Speaker 4: voted against that architructure bill. But that's why we were saying,
13:37
Speaker 4: even before the election results came in, if the Democrats
13:40
Speaker 4: had the House, Republicans have the House, we're feeling pretty
13:43
Speaker 4: comptimistic that crypt legilation is gonna get across the finish
13:45
Speaker 4: line and some good stuff too, regardless who's control.
13:47
Speaker 2: And that's what we want.
13:49
Speaker 4: If there is a split Congress down the road, we
13:51
Speaker 4: want to make sure we can work with it.
13:52
Speaker 2: And that's what I think. This election really kind of
13:55
Speaker 2: set the.
13:55
Speaker 1: Deck for what do you think is going to happen
13:58
Speaker 1: now that we've potentially got a real challenge against the
14:02
Speaker 1: anti crypto army. You look at the potential that this
14:05
Speaker 1: will flow down into the SEC. Most likely Trump has
14:09
Speaker 1: come on and been on records saying he would get
14:11
Speaker 1: rid of Gessler. Whether that's going to happen, on what
14:14
Speaker 1: the structure is. First of all, what would be the
14:17
Speaker 1: possibility of an early potential side step or reassignment to
14:22
Speaker 1: the SEC? Chair. When do you think that could happen
14:25
Speaker 1: coming in? If Trump does hold his word.
14:29
Speaker 4: So if Gens wasn't resigned till when Trump takes office,
14:32
Speaker 4: which it's sometimes angy heads to do that. They do
14:35
Speaker 4: resign the day after the election. They wait till the
14:37
Speaker 4: last man. Sometimes I'm sure Ghenstler, knowing him, probably wait
14:40
Speaker 4: till the last second.
14:42
Speaker 2: But we'll see. But he'll be done when Trump is
14:44
Speaker 2: not a great and he'll put in his new people.
14:46
Speaker 4: Now they gotta go to the confirmation process, so we'll
14:48
Speaker 4: have a temporary chair. So I would imagine like Marky waita,
14:51
Speaker 4: who's the current commissioner on the pulp inside with Hesser purse.
14:55
Speaker 4: He's likely one, but hester could be one two. And
14:57
Speaker 4: then that's when we go to the full confirmation process
15:00
Speaker 4: for a new SEC chair and there's a Republican Senate.
15:03
Speaker 4: So it actually it's gonna be a lot faster likely, yeah,
15:06
Speaker 4: than it was when Trump had the administration last go around.
15:09
Speaker 4: So we'll see, you know who he nominates for that.
15:12
Speaker 4: That's the thing I'm telling folks here is like, well,
15:14
Speaker 4: Trump's policies are great, it's gonna be the personnel like
15:17
Speaker 4: those the people are gonna be driving everything because uh,
15:20
Speaker 4: you know cryptos really you know in the weeds. There's
15:21
Speaker 4: a lot of things going on obviously for the president,
15:23
Speaker 4: and that person that Trump picks is really important to
15:26
Speaker 4: determine what is going to be worked on in Congress
15:29
Speaker 4: as well as the regulators. So for example, in the
15:31
Speaker 4: hypotheticals case, like if we do like a more of
15:33
Speaker 4: a bitcoin maxic kind of type personality, maybe we could
15:36
Speaker 4: see a lot more focused on more than suchika reserve,
15:38
Speaker 4: but maybe less on things like market structure or stable points.
15:41
Speaker 4: Again that's just an eathetical situation, but that this is
15:43
Speaker 4: the next phase is really important is who is he
15:46
Speaker 4: going to put in those positions both at the Agency
15:48
Speaker 4: and the White House on crypto because he said he's
15:50
Speaker 4: gonna have crypto positions in the White House, which is
15:52
Speaker 4: a brand new thing.
15:54
Speaker 2: So we will see what happens.
15:56
Speaker 1: Hey, listen, other countries are doing that, So I don't
15:58
Speaker 1: anticipate the Trump was going to let that slide for
16:02
Speaker 1: him to get outed there in terms of some other
16:04
Speaker 1: country being able to get an angle on this, I
16:06
Speaker 1: just want to get your opinion. Do you think it
16:08
Speaker 1: could be Hester Parris, Dan Gallagher, there's a handful. Even
16:13
Speaker 1: you know, gian Carlo has been you know, thrown in there.
16:15
Speaker 1: There's many names that are coming in, anyone that you're
16:18
Speaker 1: thinking that could come in as the potential chair.
16:23
Speaker 4: There have been a couple of names that I've been
16:25
Speaker 4: hearing my circles, you know, on top of John car
16:27
Speaker 4: that you mentioned Persus, his name comes up, but she
16:30
Speaker 4: said publicly she's not really keen on it. Uada I
16:32
Speaker 4: would look at more probably outside Dallager as well. And
16:36
Speaker 4: Robin Hood he's mentioned it. We'll see on that front.
16:39
Speaker 4: Paul Adkins, I would look at him. He was a
16:40
Speaker 4: former SEC commissioner. His name's been coming up in circles
16:43
Speaker 4: as well. Heaths Harber's name that has been coming up.
16:46
Speaker 4: He was with the CFTC beforehand. He's at circle now,
16:49
Speaker 4: but his name has come up in my circles. And
16:51
Speaker 4: then lastly Dalia Bloss I think she's at Simon Cromwell.
16:54
Speaker 2: It's another name that I've been hearing.
16:55
Speaker 4: She's not more in the crypto space knowledge, but again
16:59
Speaker 4: it's it's the try world, and Trump does sometimes throw
17:02
Speaker 4: some curveballs at the last second. So just because these
17:04
Speaker 4: names being flowed out right now, yeah, we could see
17:07
Speaker 4: before you're.
17:07
Speaker 1: Not all right, well, guys, we're going to have to
17:10
Speaker 1: really work hard here, I think to get some names
17:12
Speaker 1: out there in front of Trump and his and his
17:14
Speaker 1: new cabinet and ministers to really kind of go in
17:16
Speaker 1: that direction, at least on a pro crypto position for
17:19
Speaker 1: the SEC. You look at the amount of regulations that
17:22
Speaker 1: we could see kind of unwrapping here. I was looking
17:25
Speaker 1: at some of the administration's movement over the past, you know,
17:29
Speaker 1: four years, and you look at Biden final rules about
17:32
Speaker 1: ten seventy almost one point eight trillion in final rule cost.
17:35
Speaker 1: Trump was eleven to eighty in his era three billion
17:39
Speaker 1: in costs. Even if you go back to obama fourteen
17:41
Speaker 1: hundred final rules, what regulations do you feel like could
17:45
Speaker 1: be right at the front without going through Congress and
17:50
Speaker 1: actually just executive orders, etc. That could start to unravel
17:54
Speaker 1: here for crypto.
17:57
Speaker 4: So my conversating with the Trump folks and those adjacent Towetts,
17:59
Speaker 4: it seems like, you know, again, a lot of this
18:02
Speaker 4: stuff has to go through Congress. There's not too much
18:03
Speaker 4: he can do besides a personnel change as a snap
18:05
Speaker 4: of finger. But I do think we will get a
18:07
Speaker 4: snap of the finger or or executive order something probably
18:10
Speaker 4: in the early first hundred days at the very least,
18:13
Speaker 4: which will probably be if I had imagined either stable
18:15
Speaker 4: coins or debanking and the debating stuff.
18:18
Speaker 2: There's been a lot of questions and rumors.
18:20
Speaker 4: I know Nick Carter had that posts Custodia and Katin
18:22
Speaker 4: Long really out on from that, and I think we're
18:25
Speaker 4: gonna see a little more from Congress on that front too.
18:27
Speaker 2: But in the meantime, I think.
18:29
Speaker 4: We're going to see more of an immediate action from
18:31
Speaker 4: Trump in the first hundred days on that front, on
18:35
Speaker 4: top of seeing where the personnel is. And you know,
18:38
Speaker 4: we've been I've been talking to this team. You know,
18:39
Speaker 4: it seems like they have a pretty happy list for
18:41
Speaker 4: each agency for the crypto side of who they want
18:43
Speaker 4: to put in. So we'll see again who makes it
18:45
Speaker 4: through the process. But the first hundred days for the
18:48
Speaker 4: tru administration, crypto's gonna be primed on a number of
18:51
Speaker 4: fronts to come up in policy, including tax. Taxing to
18:55
Speaker 4: be one of the big things that the Republicans are
18:57
Speaker 4: going to get to in the first hundred days when
18:59
Speaker 4: he's there, and crypto tax is prime in that time.
19:03
Speaker 4: For those who recall the broken rule, the big infrastructure
19:06
Speaker 4: bill that had that really controversial rule that captured minors
19:08
Speaker 4: and software developers in DeFi. That's supposed to get finalized
19:12
Speaker 4: sometime by the end of this year, So if it's
19:14
Speaker 4: good or bad, that's likely going to be addressed in
19:16
Speaker 4: the tax bill coming.
19:17
Speaker 2: Up in early twenty twenty five.
19:19
Speaker 4: We have a lot of other taxes us too, So
19:20
Speaker 4: I would stay on the lookout for those kind of
19:22
Speaker 4: regulations because those are be moving pretty fast. I think
19:26
Speaker 4: in the Yeah, I was telling folks earlier, I think
19:28
Speaker 4: the first six months for the trumdministration are going to
19:31
Speaker 4: be huge for crypto and kind of sending a tone
19:34
Speaker 4: of like, how far this administration is willing to go
19:36
Speaker 4: for a lot of REGs and legislation.
19:38
Speaker 1: What about the existing lawsuits? Do you think we'll see
19:41
Speaker 1: the sec back off of that or do you think
19:43
Speaker 1: those could potentially just go away? Or what do you
19:45
Speaker 1: think is going to be the execution side.
19:49
Speaker 4: I'm talking a couple of lawyers, you know, in house
19:52
Speaker 4: and a couple of other companies. It's hard to determine
19:54
Speaker 4: right now exactly what's the state of this. You know,
19:56
Speaker 4: we will probably see some get dropped but it's really
19:58
Speaker 4: hard to see at the current moment. And again there's
20:01
Speaker 4: been some even rumors of like potential pending investigations like
20:04
Speaker 4: the t'other one comes to mind for example, I know
20:06
Speaker 4: the CEO. That's fun, but like that's been you know,
20:10
Speaker 4: one thing circulating d C circles for quite some time.
20:12
Speaker 2: It's just you know, is there something on tether.
20:14
Speaker 4: So there's active investigations, there's active litigation. I think we'll
20:18
Speaker 4: see a lot of that stuff drop on the litigation front,
20:20
Speaker 4: but it's unclear. It's you know, you have to remember
20:22
Speaker 4: Jake Clayton I did prosecute ripples. So that's our Republican administration.
20:27
Speaker 4: So you have to say, like it's not guarantees because
20:29
Speaker 4: it's a Republican But I think it's pretty safe that uh,
20:32
Speaker 4: that crypto has got a lot more power now and
20:34
Speaker 4: it'd be hard to see a continuation of.
20:37
Speaker 2: A lot of those cases.
20:38
Speaker 1: Yeah, Ron, there was an unbelievable seismic shift in the
20:42
Speaker 1: polling data that came around, not only in some of
20:45
Speaker 1: the Senate races, but obviously within the presidential race. You
20:49
Speaker 1: have Shane Copeland here. Polymarket just got worried that the
20:52
Speaker 1: Trump campaign. HQ literally found out that they were winning
20:56
Speaker 1: from Polymarket. I put out a tweet last night based
21:00
Speaker 1: by saying, this serves notice pretty much that pollsters got
21:03
Speaker 1: it wrong again. While poly Market had the line on
21:06
Speaker 1: this for quite some time. What does this do to
21:08
Speaker 1: the poster community? The data that comes out of DC
21:12
Speaker 1: and what we've seen started to really evolve around innovation
21:17
Speaker 1: that is changing the way people are looking at a
21:21
Speaker 1: lot of these electoral maps as well as other things.
21:24
Speaker 1: We're going to start seeing this in all sorts of
21:26
Speaker 1: business class. I think as well, what is the what's
21:29
Speaker 1: the current temperature of DC about that.
21:32
Speaker 4: I used to do campaigns back in the day before
21:35
Speaker 4: I was in Congress, and I can tell you the
21:36
Speaker 4: whole game has changed completely. And I think the Trump
21:39
Speaker 4: campaign ran a really good campaign on this front. And
21:41
Speaker 4: that includes a lot leading to folks, you know, Polly
21:44
Speaker 4: Market and the betting markets, and a lot of folks,
21:47
Speaker 4: especially on the Democrats side, really pushing back on the
21:49
Speaker 4: betting Marketing improved. But when the Calcy case went more
21:53
Speaker 4: towards the industry, we saw a huge flurry and we
21:55
Speaker 4: did see a political reaction. Though we did see a
21:57
Speaker 4: lot of Democrats say I think think you know, the
22:00
Speaker 4: poly markets are having an influence on the vote tally.
22:03
Speaker 4: You know, some folks maybe be discouraged a vote, or
22:04
Speaker 4: some folks may be more encouraged to votes, and so
22:08
Speaker 4: that I think the political fallow of that is something
22:10
Speaker 4: worth monitoring because you know, the major theme for a
22:13
Speaker 4: lot of Democrats this go around was very much sticking
22:16
Speaker 4: to the script and going with the same campaign playbook
22:18
Speaker 4: that worked for them. But we saw Trump going things
22:20
Speaker 4: like you know on podcast on Joe Rogan and really
22:22
Speaker 4: taking a different approach and that did seem to benefit.
22:25
Speaker 4: And so the question is will the Democrats lean more
22:29
Speaker 4: into that, more the tech side of how the campaigns
22:31
Speaker 4: are evolving or a they're going to try to push
22:33
Speaker 4: that back again. That's a crossroads they're probably out right now.
22:37
Speaker 4: So we'll see how that plays out. But they start
22:38
Speaker 4: attacking poly market, I'm sure it'll you know, we'll continue
22:43
Speaker 4: for quite some time and that's a new CFTC battle.
22:46
Speaker 1: Yeah, that's that will be a very interesting scenario or strategy.
22:51
Speaker 1: I think that we may see the Democrats get into
22:54
Speaker 1: a position where they might embrace you know, the innovation
22:57
Speaker 1: and the technology side, because it started to prove itself
22:59
Speaker 1: out in the last two resolves, especially in some of these.
23:03
Speaker 1: I want to go to actually, I want to go
23:04
Speaker 1: to a clip here because this is talking about the pollsters,
23:07
Speaker 1: and you guys will get kind of a sense of this.
23:09
Speaker 1: Take a look so mentioned Iowa, Donald Trump fifty six
23:13
Speaker 1: percent Kamala Harris for that poll that an Seltzer poll
23:19
Speaker 1: was wrong, was wrong. This one, which was such an outlier,
23:26
Speaker 1: appears to be an outlier.
23:28
Speaker 4: It's really over with me.
23:29
Speaker 1: Will dig through and find out where the polls are
23:30
Speaker 1: wrong and where they were right.
23:32
Speaker 3: I just don't get it.
23:33
Speaker 1: I just don't get it.
23:35
Speaker 2: It's unfathomable. I'll have an explanation where we wrap up again. Yeah,
23:41
Speaker 2: get tired.
23:43
Speaker 4: All right, you can sign off that if you want.
23:46
Speaker 2: I'm going to sign off.
23:47
Speaker 1: Our time is running out.
23:50
Speaker 3: Uh.
23:50
Speaker 1: I do want to send a quick message to all
23:53
Speaker 1: the pollsters, the election pollsters blow me.
23:59
Speaker 3: I don't.
24:01
Speaker 1: Ever want to from you again.
24:04
Speaker 3: Ever. I don't ever want to hear we've collected to
24:07
Speaker 3: the only connection.
24:11
Speaker 4: We'd figure it out.
24:12
Speaker 3: Next game you pleasure might.
24:15
Speaker 2: Oh we were in the margin is blow me?
24:17
Speaker 1: Okay, you don't know shit about shit. Hey, listen, nobody's
24:25
Speaker 1: pulling punches right now. I think this is a part
24:27
Speaker 1: comedy there. But of course we had Alan or Lickman
24:30
Speaker 1: on there who was the keys guy who has been
24:33
Speaker 1: right pretty much all the time, and he of course
24:35
Speaker 1: got rebutted there. We saw all of the polsters coming in.
24:38
Speaker 1: This is a very interesting time I think for a
24:41
Speaker 1: lot of technology and innovation around. The funny thing here
24:45
Speaker 1: of course poly Market out there announcing this before the
24:49
Speaker 1: major the major networks again get the rug pulled out
24:54
Speaker 1: from underneath them for sure. Last couple of things I
24:56
Speaker 1: want to hit on is the three bills stable coin bill,
24:59
Speaker 1: the fit bill, and and also SAB one twenty one.
25:02
Speaker 1: What are your thoughts on how those resolve out. I
25:05
Speaker 1: know we have this session that's going to be very
25:08
Speaker 1: soft coming in November and December. Do you anticipate most
25:11
Speaker 1: of this is going to be done after the first
25:13
Speaker 1: of the year.
25:15
Speaker 4: It's hard map out for stable coins right now. But
25:17
Speaker 4: I the sacen area you have is a lot of
25:19
Speaker 4: Republicans are asking themselves do we take a deal at all?
25:22
Speaker 2: Like we're going to have the whole deck, Like why
25:24
Speaker 2: do we need to take a deal right now?
25:25
Speaker 4: So I think that's the question of is a stable
25:28
Speaker 4: coin Democrat or the Democrat's going to push at least
25:30
Speaker 4: on the admin side like they happened in the past
25:32
Speaker 4: two years. Are they going to keep pushing against you know,
25:35
Speaker 4: the states having a role regular stable coins or only
25:37
Speaker 4: banks and issue stable coins. If they're going to still
25:39
Speaker 4: hold those hard lines, the Republicans are going to prod
25:41
Speaker 4: just wait and then get to it next year. Now.
25:44
Speaker 4: Frenchchill from Markansas, he said that both stable coins and
25:47
Speaker 4: market structure should the Republicans win the House and should
25:50
Speaker 4: he be Fine Services chair, which he's running for it,
25:52
Speaker 4: and he's one of the main contenders. He said he
25:55
Speaker 4: wants those up to President Trump's tests in the first
25:57
Speaker 4: six months, which I think is at least it's very viable.
26:00
Speaker 2: March structure.
26:00
Speaker 4: I think it's gonna be a little more hard to
26:02
Speaker 4: move forward on that front that early, but like by
26:05
Speaker 4: the end of the year, I think we'll see significant
26:06
Speaker 4: development on the march structure front, where it's likely sitting
26:10
Speaker 4: in the Senate and trying to get a vote through
26:12
Speaker 4: or maybe attached to a final bill. But like I
26:14
Speaker 4: think those two bills in particular have a really good
26:17
Speaker 4: legway here, and again fit twenty one is a pretty
26:19
Speaker 4: big bill.
26:19
Speaker 2: You can throw a lot of things in there.
26:21
Speaker 4: NFTs, you can throw in a lot of stuff when
26:23
Speaker 4: it comes to the SAP one twenty one fix. So
26:25
Speaker 4: there's a lot of areas here. And let's not forget Finally,
26:29
Speaker 4: Senate ban Committee is gonna be led by Tim Scott
26:31
Speaker 4: from South Carolina who committed to have a or digital
26:34
Speaker 4: Asset subcommittee. So like this is gonna be the first
26:36
Speaker 4: subcommitee in the Senate that moves.
26:38
Speaker 2: And makes legislation.
26:40
Speaker 4: And it's always start in the House. So seeing in
26:41
Speaker 4: the Senate, it's gonna be a big move and that's
26:43
Speaker 4: not gonna be a roeblock. We're gonna have at least
26:46
Speaker 4: we've had the past two years. Here, we're gonnaw be
26:48
Speaker 4: able to move forward and the Senate so a lot
26:50
Speaker 4: of possibilities. But again also the last name, it's Trump's party.
26:55
Speaker 4: And so if the admin or those in the personnel
26:57
Speaker 4: who decide to you know, shift it more to like
27:00
Speaker 4: cheek reserve or to other you know, priorities within the administration,
27:03
Speaker 4: that can take away a lot from the other cryptos
27:05
Speaker 4: stuff because you only get a couple of bites of
27:06
Speaker 4: the apple because Trump made a lot of promises, and
27:09
Speaker 4: you can't have three or four weeks of voting for
27:11
Speaker 4: just crypto.
27:11
Speaker 2: You've got a lot of other issues here. So yeah,
27:13
Speaker 2: for sure, it's.
27:15
Speaker 1: It's gonna yeah, it's gonna need to move quickly, for sure.
27:17
Speaker 1: Last thing up here, I think you know good First
27:19
Speaker 1: of all, it is going to be I think good
27:20
Speaker 1: news for what you guys are doing in terms of
27:23
Speaker 1: your efforts. The policy is some of this coming up
27:26
Speaker 1: in December next month. What is the plan for that? Now?
27:29
Speaker 1: With pretty much we have the slate in place, how
27:34
Speaker 1: are you guys going to approach the summit?
27:36
Speaker 4: Now?
27:38
Speaker 2: Well, we got a great lineup.
27:39
Speaker 4: I mean we stacked it up with a lot of
27:40
Speaker 4: good Republicans and Democrats. And actually I'm pretty excited because
27:43
Speaker 4: so MARKEI Wada, for example, it's only the Republican side. Again,
27:45
Speaker 4: I'm mostly the Republicans, but we have a lot of
27:47
Speaker 4: good Democrats, but they have a lot of key power
27:49
Speaker 4: players are going to be there. So Markey Wade in
27:51
Speaker 4: the SEC, he's a big power player. Bill Hackerty, he's
27:54
Speaker 4: Center for Tennessee. He's in the shortlist.
27:56
Speaker 2: Become the Treasury secretary, a major player, so he's speaking.
28:00
Speaker 4: Excited to hear him speak. Friends Hill will be there.
28:02
Speaker 4: It's really exciting as well, Tim Scott. And then we
28:04
Speaker 4: have you know, a lot of folks in the ny
28:06
Speaker 4: dfs Adrian Harris. She's a major player in the stable
28:10
Speaker 4: Point and Build negotiations right now, so she the's a
28:12
Speaker 4: lot of great, you know, very senior, high level folks.
28:15
Speaker 4: And it will be a private setting so I'll have
28:17
Speaker 4: a lot more intimate conversations and hopefully we'll hear more.
28:20
Speaker 2: But I'm really excited. It's gonna be a lot.
28:24
Speaker 4: And you know, we didn't send a Hail Mary invite
28:26
Speaker 4: to President Trump. I don't think he'll be able to
28:29
Speaker 4: make it, but who knows, you know, Crypto, it was
28:32
Speaker 4: that voting base he reached out to a week before
28:35
Speaker 4: the election, so anything's possible. But overall, it's the vibes
28:39
Speaker 4: are really high, really exciting. But there's a lot of
28:41
Speaker 4: stuff that we're coming into the fold here. And the
28:43
Speaker 4: last name I was gonna say too, and this has
28:45
Speaker 4: been on the prespe for a while, but the amount
28:47
Speaker 4: of folks I met in New York two weeks ago
28:49
Speaker 4: and I was there, but also just been talking to
28:50
Speaker 4: within the Trump world but also those close by. It
28:53
Speaker 4: is the amount of tratify folks doing it, and like
28:55
Speaker 4: that's going to change a lot on the lobbying side,
28:57
Speaker 4: obviously the markets as well. But it seems very apparent
29:01
Speaker 4: that the Try five folks are going to be a
29:02
Speaker 4: major major theme next.
29:03
Speaker 2: Year, both in politics and new market.
29:06
Speaker 4: And how that is going to have an effect on
29:08
Speaker 4: how crypto looks in a year is going to be telling,
29:10
Speaker 4: So you know, something to watch out for. But you know,
29:13
Speaker 4: we're excited this is at least and the Verrizon.
29:17
Speaker 1: Yeah, this is definitely going to be timing up a
29:20
Speaker 1: lot of things within and maybe putting the US back
29:23
Speaker 1: on track here to become the global leader around blockchain
29:26
Speaker 1: and where this is going. This is just showing you
29:27
Speaker 1: guys' website on the policy summit that is happening over
29:31
Speaker 1: in December. I'll be there hopefully to check out things
29:34
Speaker 1: what you guys are up to. So hey, Ron, listen,
29:36
Speaker 1: it's been great having you on today. We definitely will
29:39
Speaker 1: be checking back with you as policy starts to make
29:41
Speaker 1: us way into DC and we'll get a chance to
29:44
Speaker 1: take a look at how that's going to be affecting
29:46
Speaker 1: the crypto and the blockchain industry. Thank you so much
29:48
Speaker 1: for coming in today.
29:48
Speaker 2: We appreciate it likewise, and I'll see you in a
29:51
Speaker 2: month in DC.
29:52
Speaker 1: All right, Thanks Ron. All Right, you guys make sure
29:55
Speaker 1: and tune in now and get in on the Diamond Circle.
29:58
Speaker 1: It's one of the great places to get additional from us.
30:01
Speaker 1: We do a podcast over there, a lot more content
30:03
Speaker 1: that you guys can get to. It's very easy to join.
30:05
Speaker 1: I have to use the link down below. Of course,
30:08
Speaker 1: you can follow me out there on x at Paul Baron.
30:11
Speaker 1: We'll catch you next time right here on tech Maath