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CLARITY One Week Countdown!?🚨Solana Accelerate Miami 2026 · The Paul Barron Crypto Show

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  Speaker 1: We were diving in deep on clarity today it is
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  Speaker 1: going to be a good one. And joining me now
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  Speaker 1: is Miller white House coming in from the Salona Policy Institute.
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  Speaker 2: How are you him doing well? Thank you for having me.
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  Speaker 1: All Right, So it's a busy day here at the
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  Speaker 1: Salona Accelerate event and you wouldn't know it, but there's
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  Speaker 1: some things happening in DC right now. There are a
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  Speaker 1: lot of things happening in DC, and so let's break
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  Speaker 1: it down. Sure, all right, so clarity we you know
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  Speaker 1: the new Markup language, I should say, the new language
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  Speaker 1: going to mark Up.
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  Speaker 3: We did a breakdown on this.
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  Speaker 1: Yesterday, Miller, and looks pretty promising. There's some opportunities here.
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  Speaker 1: What have you guys noticed in what we've seen come
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  Speaker 1: out of these two industries so far?
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  Speaker 4: Well, I think there's been, you know, a lot of
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  Speaker 4: positive developments since the early January speed bump. I think
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  Speaker 4: the yield rewards issue, which you've covered extensively and has
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  Speaker 4: been getting a lot of love, has been positively resolved.
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  Speaker 4: I think, you know, the core pieces of the bill
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  Speaker 4: that are most important to crypto developer protections clearly defining
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  Speaker 4: where which agency has authority over you remains at the
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  Speaker 4: center of the bill, so it you know, I think
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  Speaker 4: it's a bit at hour by hour, but I just
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  Speaker 4: interviewed Senator Bernie Moreno, who's a big crypto advocate, and
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  Speaker 4: he said that it's going to markup next Wednesday. So
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  Speaker 4: fingers crossed that that is true and we could get
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  Speaker 4: it to the floor in June and hopefully enacted before August.
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  Speaker 1: So, Miller, for a lot of our viewers and listeners,
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  Speaker 1: you know, they may not necessarily understand the cycle in
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  Speaker 1: which DC works. We're moving toward the summer break, yep,
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  Speaker 1: so it's very critical that this starts to get its
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  Speaker 1: legs through the Senate right now, yep, next week on markup.
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  Speaker 3: What would be the next step after that?
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  Speaker 4: Okay, So after it goes through committee, and a markup
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  Speaker 4: is essentially when you amend. Senators amend proposed legislation at
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  Speaker 4: the committee stage. This bill will be amend by the
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  Speaker 4: Senate Banking Committee, which has jurisdiction over these issues. So
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  Speaker 4: that's about twenty senators and they'll vote on whether to
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  Speaker 4: pass out the legislation as they amend it in markup
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  Speaker 4: to the full Senate. So once it goes from the
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  Speaker 4: Senate Banking Committee, they can positively refer it to the
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  Speaker 4: full Senate and then all one hundred Senators will be
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  Speaker 4: able to vote on it and get it done helpfully.
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  Speaker 1: With that being the case under markup right now, because
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  Speaker 1: even this morning I see a little bit of activity
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  Speaker 1: on social talking about that the banks are trying to
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  Speaker 1: maybe finagele in another move. Tom Tillis is coming in
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  Speaker 1: said no, no, no, we've got this in play. So
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  Speaker 1: is there any other risk that we'd have to worry
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  Speaker 1: prior to markup?
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  Speaker 3: Between now next Wednesday.
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  Speaker 4: It pays to be paranoid in this town, or at
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  Speaker 4: least the town of Washington. So certainly, yes, who knows,
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  Speaker 4: you know, anything in the world could happen, and if
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  Speaker 4: it affects national politics, it now affects the prospects of
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  Speaker 4: the bill. That's just the name sure of you know, legislating.
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  Speaker 4: I think it's that's actually a good sign that we're
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  Speaker 4: kind of at the whims of national politics because it
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  Speaker 4: means it's real.
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  Speaker 2: So yeah, I think, never say never.
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  Speaker 4: There will be new text released five days prior to
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  Speaker 4: the markup, so I think perhaps at the end of
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  Speaker 4: this week week that'll deserve a close read to see
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  Speaker 4: you know, what other provisions may or may not have changed.
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  Speaker 1: Do you anticipate from the Senate Banking Committee, because we
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  Speaker 1: have some advocates in there and some not so money
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  Speaker 1: that's right, advocates, do you anticipate some hard lines that
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  Speaker 1: they may put into this bill and including ethics other
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  Speaker 1: scenarios that we've talked about before.
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  Speaker 4: I think ethics will be the very last issue resolved,
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  Speaker 4: and it won't be resolved prior to markup next week.
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  Speaker 4: My expectation is that the Senate Banking Committee will pass
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  Speaker 4: it out next week and most of the issues will
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  Speaker 4: be addressed.
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  Speaker 2: If not all of them are other than ethics.
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  Speaker 4: I think from there, you know, it's it comes down
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  Speaker 4: to the White House and Senate Dems making a deal
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  Speaker 4: that Bull can live with to make the bill viable.
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  Speaker 3: Does that get done behind closed doors?
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  Speaker 4: Yes, for sure, that'll be you know, Office of Legal
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  Speaker 4: Counsel at the White House and Senate Democrats.
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  Speaker 1: Once we come out of the Senate, I guess the
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  Speaker 1: House just puts a pretty much a rubber stamp on it.
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  Speaker 3: Is that kind of a.
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  Speaker 4: Well, I think, you know, Luckily, the original product that
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  Speaker 4: the Senate is working on came out of the House.
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  Speaker 4: They passed it in July last year, the Clarity Act,
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  Speaker 4: and the Senate has been working off their product.
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  Speaker 2: It's also, I think been very encouraging.
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  Speaker 4: The Senate's been very communicative with the House and House
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  Speaker 4: members that were leaders or our leaders on this bill,
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  Speaker 4: like Chairman Hill and Representative Warren Davidson.
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  Speaker 2: So I think the Senate has done a.
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  Speaker 4: Good job of making sure that the changes they've made
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  Speaker 4: to the House's products are supported by the House such
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  Speaker 4: that whatever comes out of the Senate will in and
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  Speaker 4: of itself be a consensus product that the House is
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  Speaker 4: comfortable moving to the President's desk.
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  Speaker 1: Miller, is there anything in there right now that you
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  Speaker 1: guys feel get into the privacy issue of self custody
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  Speaker 1: or into DeFi protections for where we've been going, because
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  Speaker 1: it's you know, this is the first time we've really
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  Speaker 1: seen any language coming out.
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  Speaker 2: Ye of these two working groups. So what do you yeah?
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  Speaker 2: I mean?
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  Speaker 4: If the bill were enacted today, on both self custody
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  Speaker 4: issues and developer protection issues, this bill would be a
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  Speaker 4: massive improvement over current law. There is explicit protection for
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  Speaker 4: the right to self custody and the bill, and there's
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  Speaker 4: explicit protection for developers from money transmission being misclassified as
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  Speaker 4: money transmitters in the bill, which you know is the
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  Speaker 4: charge that Roman Storm was convicted of and keeps everyone
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  Speaker 4: up at night. So those two things alone, like in
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  Speaker 4: my view, make the bill extremely attractive because there's such
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  Speaker 4: fundamental issues like developers need to have the certainty that
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  Speaker 4: they're not going to jail for bilaeople need to know
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  Speaker 4: that they have the right to self gestate their own assets.
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  Speaker 4: Neither of those things you know, are explicitly in law today,
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  Speaker 4: So it would be a huge improvement to have us.
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  Speaker 1: For sure listen, that would be to me a big
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  Speaker 1: win of huge If anything, it would be almost.
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  Speaker 3: Worth it just to deal with that.
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  Speaker 1: Let's talk about the SEC and some of their exemptive orders,
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  Speaker 1: how this is going to work, what Paul Atkins is
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  Speaker 1: trying to do in structuring this new SEC to really
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  Speaker 1: accommodate a much of what we're seeing here at Accelerate,
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  Speaker 1: which is a lot of new developers, a lot of
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  Speaker 1: new projects being launched. What do you guys see now
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  Speaker 1: with what the SEC's plan and trajectory is around.
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  Speaker 4: Yeah, I think we've been having really once in a
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  Speaker 4: lifetime moment with the SEC. With Chairman Atkins and Hester
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  Speaker 4: purs leading the crypto effort like they are true believers
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  Speaker 4: in crypto, and it's very rare to have folks so
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  Speaker 4: in principle and ideologically aligned with what.
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  Speaker 2: We're trying to do.
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  Speaker 4: So everything they're doing is complementary to what Congress is doing. So,
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  Speaker 4: for example, they're working on an innovation exemption for on
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  Speaker 4: chain securities trading. The legislation that may pass would direct
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  Speaker 4: the SEC to do that kind of innovation exemption. So
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  Speaker 4: I think what the SEC is currently doing is they're
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  Speaker 4: looking at what Congress wants the agency to do under clarity.
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  Speaker 4: They're you know, using the time that it's taken to
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  Speaker 4: get the bill done to get ahead of that. And
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  Speaker 4: as soon as it's done, I think there will be
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  Speaker 4: you know, a mass, a deluge of action out of
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  Speaker 4: the SEC once they have clear single from Congress.
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  Speaker 1: Yeah, I think this is going to open up the
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  Speaker 1: lanes in which a lot of people have talked about
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  Speaker 1: here in the United States is the almost suppression of development. Yep,
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  Speaker 1: the suppression of innovation, especially around blockchain.
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  Speaker 3: And I'm not talking just about the financial markets.
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  Speaker 1: We're talking about all the innovations that blockchain in general
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  Speaker 1: are going to have.
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  Speaker 3: So I agree with you.
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  Speaker 1: Is there anything that we could run in terms of risk? Okay,
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  Speaker 1: let's let's put this past Trump's residency.
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  Speaker 3: In two years.
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  Speaker 1: We've got an SEC that's still favorable, we've got a
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  Speaker 1: FED chair that might be favorable, and you've got two
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  Speaker 1: new major regulatory humps done.
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  Speaker 3: What do I need to be worried about?
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  Speaker 4: You know, it's an excellent question because I think, you know,
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  Speaker 4: one of the most attractive things to me about getting
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  Speaker 4: legislation done is that it'll be nothing that you'll have
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  Speaker 4: to stay up worried about it, right, And I think
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  Speaker 4: without legislative certainty, without getting these things into statue for
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  Speaker 4: self custody and developer protections, we should be very worried about,
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  Speaker 4: you know, January twenty twenty nine, to the extent you
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  Speaker 4: know we have President Gary Gensler or something like that. Yeah,
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  Speaker 4: So I think, you know, a big part about legislation
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  Speaker 4: is narrowing the range that a pendulum, the policy pendulum
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  Speaker 4: can swing. Instead of going from you know, Gary all
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  Speaker 4: the way here to the Trump admin all the way
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  Speaker 4: over here, it'll be like this, And that's certainty is
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  Speaker 4: good for developers, good for.
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  Speaker 2: Businesses, good for investment.
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  Speaker 4: And ideally you know, there will be of course, within
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  Speaker 4: that tightened range policy debates, there's a ton of rule
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  Speaker 4: makings that'll be need to be done pursuant to the
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  Speaker 4: Clarity Act, but the range of outcomes will be significantly
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  Speaker 4: limited by statutory guardrails.
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  Speaker 1: What do you make of the language that we saw
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  Speaker 1: yesterday or the day before coming out, and it really
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  Speaker 1: dictated that the Secretary of Treasury might have like a
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  Speaker 1: final you know, alignment on some of the policy making
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  Speaker 1: around this.
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  Speaker 3: Is this a normal process that you've.
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  Speaker 2: Extremely normally yes? So how does that work?
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  Speaker 4: So Congress, you know, I think of legislation as being
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  Speaker 4: if you think about policy and regulation as being like
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  Speaker 4: an essay. The statute meaning the law sets the outline
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  Speaker 4: and gives the topics that the you know, policy is
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  Speaker 4: going to cover and all of that, all of the
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  Speaker 4: nitty gritty details they direct the federal agencies to figure out.
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  Speaker 4: So in Clarity there are over seventy rule makings that
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  Speaker 4: Congress will be directing the federal agencies to do, and
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  Speaker 4: within you know, the guardrails that the statute sets, there
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  Speaker 4: will be wiggle room for the Treasury Secretary for the SEC,
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  Speaker 4: for the CFTC, today's and future agencies to work within
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  Speaker 4: that statutory.
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  Speaker 1: Is is that a complimentary approach from a SEC that
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  Speaker 1: was led by Gensler that translates over to one led
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  Speaker 1: by Paul Atkins? Or does each SEC new you know,
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  Speaker 1: administration kind of reconstruct.
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  Speaker 3: How some of this policy is written out.
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  Speaker 4: Yeap, So it's it's very difficult. Well, certainly there's nothing
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  Speaker 4: as difficult. It's getting a bill done. So we've learned
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  Speaker 4: over the last eight years. But you know, those seventy
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  Speaker 4: rules will need to be implemented via a two plus
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  Speaker 4: year procedure that requires notice and comment. Everyone gets, everyone
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  Speaker 4: interested in the public or industry gets to put in
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  Speaker 4: their thoughts. There are multiple rounds of that. If the
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  Speaker 4: agency implements it and you think it's outside of their
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  Speaker 4: authority or something like that, you can sue, which the
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  Speaker 4: industry did with Gary Gensler several times. To undo those
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  Speaker 4: rules requires that same process. So it's the process and
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  Speaker 4: the input it takes, the resources it takes to get
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  Speaker 4: them done has to be expended to get them undone.
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  Speaker 4: So usually there's not a ton of back and forth
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  Speaker 4: between rules between administrations.
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  Speaker 2: Public versus private blockchains.
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  Speaker 1: Big battle going on in the industry right now we've
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  Speaker 1: seen emerge. When you look at that and maybe how
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  Speaker 1: this innovation is going to be going to the next level.
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  Speaker 1: What are your thoughts there at the policy institute of
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  Speaker 1: public versus private.
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  Speaker 2: I'm sure you could guess where we are on that spectrum.
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  Speaker 4: But I think the US has largely and certainly the
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  Speaker 4: Clarity Act has largely settled on public.
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  Speaker 2: Blockchains being the innovation here.
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  Speaker 4: You know, I think there's a general consensus in DC
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  Speaker 4: that private blockchains are very similar to the traditional financial
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  Speaker 4: system and you know, don't represent something fundamentally innovative that
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  Speaker 4: warrants a new legal regime. I don't think the rest
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  Speaker 4: of the world has come to that conclusion whatsoever. For example,
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  Speaker 4: you know, in the UK, the Central Bank there is
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  Speaker 4: talking about their stable cooin regulatory framework that they may implement,
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  Speaker 4: and they're definitely considering limiting it to private blockchains because
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  Speaker 4: private blockchain replicates the system that they're used to regulating
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  Speaker 4: and know it love So I think that, you know,
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  Speaker 4: I don't have anything against private blockchains. I think they
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  Speaker 4: can operate and should operate as traditional financial institutions do.
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  Speaker 2: And my hope.
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  Speaker 4: Is that if we get the Clarity Act on the
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  Speaker 4: rest of the world come along with Yeah.
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  Speaker 3: They'll come.
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  Speaker 1: Biller, thanks for coming in today. Thanks for appreciate it,
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  Speaker 1: all right, said it? Okay, you guys know what to do.
• 13:10
  Speaker 1: Make sure and like and subscribe. You have done that already.
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