Latest / The Paul Barron Crypto Show / Crypto Bill Passes U.S. House With Majority Vote! FIT21 Major Win!!

Transcript

Crypto Bill Passes U.S. House With Majority Vote! FIT21 Major Win!! · The Paul Barron Crypto Show

0:07
All right, so today is the day of Fit twenty one. It made
0:10
it through the house, and of course this changes I think the dynamics of
0:13
where crypto is going. We're going to break it all down for you.
0:16
My name is Paul Barreon. Welcome back in the tech path. Before we
0:18
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little bit of a discount. Let's get into a few clips because after a
0:57
Fit twenty one went through in I think a very unique fashion. We've got
1:03
some clips here. I think that'll makes sense. Let's go to the first
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one. Today we have the opportunity to answer the calls of consumers, digital
1:10
asset innovators, and the Biden administration on this day. The SEC and the
1:15
CFTC still contradict each other of in court about whether a digital asset like ethereum
1:21
should be treated as a security or a commodity. So the courts won't have
1:26
any questions. Mister Gensler can't say, well, I'm not sure they did
1:30
this or are they sure? Really must have meant that? No, we
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are the only G seven country that hasn't figured this out yet. The EU,
1:38
the UK, Hong Kong, and the list goes on have established or
1:45
are in the process of establishing a regulatory framework through innovative design approaches. Blockchains,
1:51
can you be using all kinds of applications like tracking products through supply chains
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or facilitating the tokenization of financial assets, I would argue, mister Speaker.
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Fit twenty one is responsive to President Biden's own executive order and the Financial Stability
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Oversight Council report calling on Congress to enact a framework for digital assets that are
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not securities. And that's what we've done. So there's a line list of
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everybody's support, and this of course right before the vote, we of course
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have to listen to Maxine Waters and her position on this Fit twenty one bill.
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Listening the gentleman reserves the general woman is recognized, missus share myself such
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time as such time as I may good sue. The general Lady is recognized
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not fit for purpose act in what I have called a regulatory no man's land.
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The right of an investor to sue gone, protections against conflicts of interest
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gone, the right to critical disclosures gone. This is perhaps the worst,
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most harmful propose so I have seen in a long time. So I er
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to my colleagues, just stand up, don't be afread a big crypto.
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Don't be afraid of big crypto. It's just so huge here, Maxine.
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I think the big opportunity here is the one that begins to make the Democrats
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look a little bit out of space when it comes to supporting business innovation and
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where the United States is going. The good thing is is that we saw
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a lot of Democrats crossing the aisle and going into much more by to bipartisan
3:30
position, so definitely a good one. I want to go to this next
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clip because this gets into, of course, the continuation of many of the
3:38
clown show participants listening and now you if I've minished to the gentleman from California,
3:44
Missus Sherman. Last week we had police Week. This week the Republicans
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detic show us that they support crime in the suites because the bad guys love
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crypto, half of North Korea's new nuclear program, a mos Palestine and Islamic
4:01
jihad ISIS and al Qaeda for for fentanyl trafficking and for those who buy and
4:05
sell child pornography get rich quick schemes. This will cause havoc, cause it
4:12
a potential market crash and recession. Child and the traffickers, drug dealers,
4:20
and those who violate our sanctions. That's enough to kill eight point six billion
4:25
people if you're counting. The crypto bros have a lot of money. They
4:29
make money by literally making money. Does it prohibit self secret wallets, self
4:38
custody wallets. No, If it's successful in that you'll second third additional second,
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I have to understand how important it is we should have made provisions to
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ban anonymous actors. To prevent you from saying I want to move crypto from
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my account to yours, I would encourage you to go to your bank and
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try to deposit ten thousand dollars in cash at your bank. Your bank will
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tell you you have to tell me where that money came from. I'm gonna
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take you back behind the counter. We're gonna have to take your picture,
5:06
we're gonna have to get fingerprints. So, as you notice in that clip,
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mainly what they were going after was self custody. This is one of
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the biggest, you know, opportunities of crypto, but it's also one of
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the biggest challenges I think for governments, and this is what they were really
5:19
kind of honing in on. Here's another clip that goes into this. This
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is greg sayzar our Ksar, who is from Texas listening. Americans who invested
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in the SSP index received about a sixty one percent return on their investment,
5:35
but Americans who invested in one of the top twelve cryptocurrencies that existed during that
5:41
five year period did not make money. On average, they lost about half
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of their money. Three out of every four bitcoin traders during that time period
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also lost money. You look at just you know, right there, that's
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a bitcoin. Of course, you can't really deny where it's come front in
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terms of growth, So this doesn't necessarily, i think, put a position
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that is any different than they've been trying to make for quite some time.
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I think they're just now trying to grasp at straws versus what we're dealing with.
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Now. We still got to get through the Senate, so that's the
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biggest next step. There's a couple of other things that they talk about that
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are the worst investments of all time. Well, many of them were and
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have been some of the worst performing stocks in the S and P five hundred
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and some of those. You're probably going to recognize many of the names.
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I mean, this is kind of crazy. We're looking at AES, You've
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got the FMC Corp, First Solar, We've seen Carnival, which we understand,
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Norwegian. I mean, you just see these are all huge. There's
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Humanity, Tesla, etc. These are all huge companies, all of which
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have uptimes down times, just like any other market. So I don't think
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it makes any sense for that. I think this is still a control factor
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that much of the Democrats have been trying to push into play. He goes
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further into this around the amendment that they were trying to pass through. Listen
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to this clip. My amendment focuses on one key area, and the existing
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bill before us, someone could crowdfund up to seventy five million dollars from everyday
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Americans. We would never allow that in the non crypto finance world. So
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my amendment changes the exemption cap to five million dollars, and I urge everyone
7:28
to support it. What we do in this act is provide certain disclosures for
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investors in digital assets, such as source code, token supply, governance mechanisms,
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and other aspects unique to crypto. What the gentleman is rising to do
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is limit that aperture from seventy five million dollars to five million dollars. Of
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those folks that can invest, No, you're not smart enough to invest your
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own money. I think that goes way too far, restricting the opportunity for
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average, everyday investors to get options like high wealth investors get today. When
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you make it to five million dollars, it makes it impossible for you to
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actually scale up, especially with these inflationary times. So what they're getting at
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right there, Of course, is in the fibill is the whole idea of
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you know, every day investors being able to go in and invest in these
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early stage startups. Now five million bucks, that's not going to do anything
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in terms of a startup. I think anybody that's out there understands growth of
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a business is going to take a lot more than that. This is all
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about restricting the small guy, keeping the big guys and the top five percent,
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top one percent in the driver's seat. I think this is a huge
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step in the right direction of being able to continue to do things like this
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in terms of innovation, because this is going to create more jobs, It's
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going to create more companies that want to start up in the United States.
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All of this is very positive. You start putting these kind of restrictive natures
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on this, and this has been around for quite some time. The reg
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D, which is like a million dollars the SEC has already kind of gone
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this direction, which has held down the average investor from being able to invest
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in all. All that's about to change if this gets through the Senate.
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All right, So this next clip will go into a little bit of how
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well people looked at his amendment and whether or not they agreed with it.
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Take a look. The gentleman's arguments against this exemption have nothing to do with
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the exemption, but have everything to do with opposition to the bill. We've
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constructed this provision with a lot of Democrat input and Republican input, and that's
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how we came to the number of seventy five million dollars. It is already
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a compromise. Maxine Waters is my co sponsor on regulation crowdfunding this very exemption.
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I'd like to thank the gentleman from Texas for attempting this amendment. The
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question is on the amendment offered by the gentleman from Texas. Those in favorites
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AI, those are posts say no, the penning of the chair, the
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nose habit all right, pretty much, no one was in support of that.
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The other thing that is starting to happen within DC is there seems to
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be a tide that is shifting. And I think this is the more important
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thing because as we see a lot more innovation, a lot more technology that's
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going to be coming to the forefront, you're going to need to have a
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framework that addresses those advancements as they come. Take a look at this clip,
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but I do need to especially recognize my colleagues on the Democratic side of
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the aisle, particularly mister Nickel and Ms Caraveo. My state New Jersey ranks
10:30
second nationwide and crypto ownership by proportion. For that to happen, we need
10:33
rules of the road. There is clearly a gap in oversight over our digital
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asset cash markets, and I believe the status quo is unacceptable. I am
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excited about the innovation these technologies have to offer. They have been joined by
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Hmes, Crockett, Torres, Soto, Gotttheimer Davis. This success would not
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be possible without their good faith efforts, and I thank them all right one,
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Democrats across the came into a bipartisan agreement with the Republicans, most of
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which Now, sure there was some mainstays that have been around there, but
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there's a lot more youth coming into this, especially from the Democratic side,
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which is a very good sign. So if you even look at just the
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history of this, you have to of course wonder, well where did Pelosi
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fall? Well, here she is just in Nancy Pelosi voted in favor of
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the FIT twenty one bill. Again, I think she's somewhat pro business or
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maybe she understands the writing on the wall when it comes to votes, winning
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votes in a lot of what's going to be coming up in these elections.
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I want to go further into this because this gets into the whole situation of
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what we were dealing with today in Congress, and that is just I won't
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say it in a bad way, but it's really just the aging out of
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many of these representatives that now we're starting to see a lot more of the
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youth come in, which is good. These are cycles that are normal,
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and I think this is something that is admittedly do look at this next clip.
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The SCC are the experts. It is ninety years old, and it
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is ninety years old, respect it. All over the world. This SEC
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goes into the courts and they fight tough battles. These battles are long,
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these battles are hard. We have an SCC that expert is expert. There
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is no way that the members of this Congress can allow that to happen.
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They will not accept any amendments. They don't think that the bill can be
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made better, and unfortunately the bill is so bad. I don't think it
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can be made better either. This is unbelievable. How can this happen general?
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These times expired on this vote. The Ya's are two seventy nine and
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the na's are one thirty six. The bill is passed, all right,
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So there you have it, guys. That's a big step in the right
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direction, and I think it only verifies what most likely will happen in the
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Senate. The other thing, you have to remember the Senate, there's been
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only a handful of pushback that we've seen, so now is going to be
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the first time we'll actually get a chance to see what the rest of the
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Democrats do in the Senate to get this bill through. And if they do,
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this will reform innovation, it'll reform finance, and it will really I
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think, settle and level the playing field around potential investment opportunities in the future.
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So pretty big deal. Global economy built on chain America will be at
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the forefront of its creation. It will be accessible to everyone. This came
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in from Jesse Pollock over at coinbase. I will be accessible for everyone everywhere
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onwards to the Senate. I think this is going to go through. I
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don't think that Biden is going to come in and do any kind of veto
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on this either. So I think we're going to be perfect. Here's a
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clip from CNBC talking about that. Take a look where do things stand right
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now? What happened? Well, this should serve as a wake up call.
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We had two thirds of the House representatives vote in favor of clarity for
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Crypto. You know, this was a vote that included seventy one Democrats across
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the ideological spectrum. That should be the wake up call. I see a
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generational issue here where younger Democrats catch on to what's going on here. We've
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had Richie Torres and some of his colleagues, Wiley Nicol of North Carolina,
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Jim Hemes of Connecticut talk to their fellow Democratic Caucus members saying, this is
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a good bill, It's a bipartisan bill. What are the odds of anything
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getting picked up in the Senate. What are the odds of this passing in
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the Senate? Well, look, last week we passed a Congressional Review Act
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repeal. Really on how you hold crypto. We got twenty one Democrats in
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the House. Yesterday we got seventy one. Then went to the Senate and
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we had over ten Democrats in the Senate, including Majority Leader Schumer, vote
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in favor of repealing a Biden administration rule on crypto. Don't count the Senate
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out. I think they have a huge opportunity here. I think you have
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a lot of interest with the bipartisan Senate. I think it certainly should have
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a chance in the Senate as it had strong bipartisan support. We commented that
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even Nancy Pelosi voted for the bill yesterday. I think that should indicate that
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it is an important bill that should receive consideration and move through the Senate,
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and hopefully we'll get the president's support. And finally President Biden himself, he
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said affirmatively he will not veto this bill, that there's some things that he
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would do differently, and he hoped to work with the Senate on those.
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But that was very encouraging, and I think that will be a green light.
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So there you have it, green light on through the Senate. This
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will, as I said, make things quite a bit different in terms of
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opportunities, and it is going to open up Wall Street, is going to
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open up bank opportunities as well. We're going to see a different financial system
15:46
in about three years. So get ready. This is going to be a
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wild ride, all right, So everybody remembers Prometheum. We did a couple
15:54
of videos on it. Right here. This was Prometheum, which is what
15:58
was considered as one of the only places to get digital asset securities. This,
16:02
of course was a handpicked Oh okay, she'll say shill, but that's
16:06
pretty much what it was by the SEC. There was some interesting movement here
16:10
on this. Take a look at this next clip. My amendment is pretty
16:12
simple. It requires the Treasury Secretary, in consultation with the CFTC and the
16:18
SEC, to complete a study and submit a report to Congress. Aaron Kaplan,
16:23
the CEO of Prometheum, and its CCP partners, entered into a joint
16:29
agreement to develop a blockchain trading system, where the Chinese partner took a twenty
16:34
percent stake in Prometheum. In case anyone has any doubts about the CEE,
16:38
CP tize, Prometheum's Chinese partners company was founded by a former senior CCP official.
16:47
Prometheum, while I was approved as a special purpose broker dealer for digital
16:51
assets, has not accomplished anything. It has no business. I followed up
16:55
on it this letter In September twenty twenty three, hearing with the SEC's Geary
17:00
Gensler, where he dodged my question all a while. Gary Gensler attacks American
17:06
public companies who have tried to work with the SEC and come in and register
17:11
General Lady from California to claim time and opposition. Although I'm not a post,
17:15
those in favorites AI those posts say no. Depending share of the eyes
17:22
have it. As you can see within that, this call out for Prometheum,
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I pretty much think puts a nail in their coffin, and rightly so.
17:30
I think this has been one of those that has been very questioned for
17:33
quite some time, and I think finally it's come around and we'll see where
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it goes from here. All right, we'll cover more of this, of
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course, obviously we'll get to the Senate vote as that starts to transfer.
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I'm not sure when that's going to happen, but I think it's within the
17:47
next few weeks. But one thing to think about right now, guys,
17:51
is still keeping the pressure on. This is not necessarily a win. So
17:55
you still need to go out there, contact your representatives, get a hold
17:57
of your senators, let them know your position. All it takes is a
18:00
phone call or an email. That's it. That's all you gotta do.
18:03
Find yours in your own local area and that will be a huge help.
18:07
And I think this is the thing that kind of has separated the fact that
18:11
we've seen such movement in a short period of time, is now they realize
18:14
this does matter to a lot of the voters. If you guys are not
18:18
in the diamond circle, get in now. It's a great place to get
18:19
additional content. Follow me on x at Paul Baron. We'll catch you next
18:22
time. Right here on tech Bath