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Dirty Trick to KILL DeFi🔥Uniswap's Lawyer Exposes Bank Tactics🦄 · The Paul Barron Crypto Show

• 0:00
  Speaker 1: Dirty tricks are happening now and the banks are pulling
• 0:02
  Speaker 1: out all the stops. We're going to be targeting DeFi
• 0:05
  Speaker 1: today and how Clarity plays into this you guys. Of course,
• 0:08
  Speaker 1: we will get started. I do want to thank our sponsor,
• 0:10
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• 0:12
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• 0:28
  Speaker 1: So use the link down below. We're going to bring
• 0:31
  Speaker 1: our guest here shortly before we jump into that, I've
• 0:34
  Speaker 1: got a clip here. But what it boils down to
• 0:36
  Speaker 1: right now, guys, is Clarity is now on a clock.
• 0:40
  Speaker 1: The shot clock is in. We are at seven days
• 0:43
  Speaker 1: and five hours. This of course rolls into the end
• 0:45
  Speaker 1: of the Senate session that brews into next week, but
• 0:49
  Speaker 1: critical is today and tomorrow for potentially a vote and
• 0:55
  Speaker 1: also not losing certain senators. And that's in reference to
• 0:59
  Speaker 1: being able to get this they vote across the line.
• 1:01
  Speaker 1: I want to go to a clip here because this
• 1:03
  Speaker 1: is Senator of Lummus breaking this down of where the
• 1:06
  Speaker 1: risks are.
• 1:06
  Speaker 2: Take a look when it comes to the Republicans. One
• 1:12
  Speaker 2: of the things that's happening behind the scenes is the
• 1:15
  Speaker 2: banks that promise to oppose this and their efforts are
• 1:20
  Speaker 2: trying to cry Republicans away from this bill. So the
• 1:25
  Speaker 2: longer that this delays, the more opportunity the banks have
• 1:30
  Speaker 2: to try to undo the compromise that they agreed to
• 1:35
  Speaker 2: during the Winner. Now what happened there was it was
• 1:39
  Speaker 2: agreed to, after which the banks fired their lobbyists, and
• 1:43
  Speaker 2: now they want to do over. And quite frankly, I'm there.
• 1:47
  Speaker 2: I'm just tired of being played and I feel like
• 1:51
  Speaker 2: I'm being played. It's super, super frustrating for me, Absolutely
• 1:55
  Speaker 2: no doubt about it. There are people who don't want
• 1:58
  Speaker 2: this bill to go through. We know because they've come
• 2:02
  Speaker 2: in the office and told us they are using this
• 2:04
  Speaker 2: time to build the back room functions necessary to perform
• 2:09
  Speaker 2: the same activities with digital assets that they want to
• 2:14
  Speaker 2: prohibit other providers in the industry from using. But it's
• 2:19
  Speaker 2: time to put people on the record.
• 2:22
  Speaker 1: Listen, I totally agree with Senator Lummas there, and that
• 2:26
  Speaker 1: is put people on the record. I wanted to bring
• 2:28
  Speaker 1: in Brian Nister, who's they had a policy and associate
• 2:30
  Speaker 1: General counsel over at UNISWAP Foundation.
• 2:34
  Speaker 3: Brian, how are you good, pil How are you all right?
• 2:37
  Speaker 1: So a lot that Senator Lummas was getting into. I
• 2:39
  Speaker 1: think she's kind of exhausted in the sense of the
• 2:42
  Speaker 1: political battles that are being fought in DC right now
• 2:45
  Speaker 1: around Clarity. One of the key areas though that has
• 2:49
  Speaker 1: been kind of a cornerstone that I think most of
• 2:53
  Speaker 1: the industry felt was somewhat untouchable was the DeFi section
• 2:57
  Speaker 1: of Clarity. We've had a man on from amount of
• 3:01
  Speaker 1: huminality we've talked about the DeFi council out there and
• 3:06
  Speaker 1: the security of it in general. If you look at
• 3:09
  Speaker 1: the current percentage or at least opportunity here, we are
• 3:12
  Speaker 1: at the lowest ever in terms of the possibility on this.
• 3:16
  Speaker 1: What happened to cause this recent dump in probability for Clarity?
• 3:23
  Speaker 3: Yeah, Well, Senator Lumas has always been a massive champion
• 3:26
  Speaker 3: for the industry and I think you know she is exhausted,
• 3:28
  Speaker 3: as are many others in this space and trying to
• 3:31
  Speaker 3: get this over the line. I think what you are
• 3:33
  Speaker 3: seeing is the real politique of getting a very large
• 3:37
  Speaker 3: piece of legislation through. The Clarity Act in total, with
• 3:41
  Speaker 3: the banking and the ag sections together is over six
• 3:45
  Speaker 3: hundred and sixteen pages, and that's a lot of paper
• 3:48
  Speaker 3: for the staffers and for the senators to move through.
• 3:51
  Speaker 3: As to the odds, I think we are we'll run
• 3:54
  Speaker 3: up against a cloth, Paul like, there is only so
• 3:56
  Speaker 3: much working days in the US Senate calendar that we
• 4:00
  Speaker 3: have to bring this to the floor and to actually vote.
• 4:05
  Speaker 3: I think Senator Lummas is correct. We need to call
• 4:07
  Speaker 3: the question, and we need to bring us to the
• 4:09
  Speaker 3: floor and see where people are on these issues, because
• 4:11
  Speaker 3: ultimately this back and forth is not going to be
• 4:13
  Speaker 3: tenable much longer.
• 4:15
  Speaker 1: Yeah, for sure. I was looking at a tweet you
• 4:18
  Speaker 1: put out and it was referenced to the BRCA and
• 4:22
  Speaker 1: some of the things that Cortes Mastow had done. First
• 4:25
  Speaker 1: of all, walk me through what you were responding to here,
• 4:29
  Speaker 1: how does this play into protection in DeFi and what
• 4:34
  Speaker 1: was the attempt here going forward?
• 4:36
  Speaker 3: Yeah? Absolutely, what we're referencing here is a Politico journalist
• 4:42
  Speaker 3: had a scoop later on that earlier that night in
• 4:47
  Speaker 3: which basically said that Senator Cortes Mastow had reached a
• 4:52
  Speaker 3: compromise agreement with the White House, with Treasury, with Senator
• 4:58
  Speaker 3: Lummis on change is made to the BRCA, which is
• 5:01
  Speaker 3: the Blockchain Rytory Certainty Act. She put out this statement
• 5:06
  Speaker 3: along and it was along with other AUSA organizations, lobbying
• 5:11
  Speaker 3: groups as well. This was not true. The Treasury, Patrick Witt,
• 5:17
  Speaker 3: Senator Lumbus all pushed back against Senator Cortez Mastow's statements
• 5:23
  Speaker 3: that they had reached a compromise. We think it was
• 5:26
  Speaker 3: just a it was a leak. It was a means
• 5:29
  Speaker 3: to kind of move the ball and to have a
• 5:31
  Speaker 3: different position on where BRC stood. And ultimately us and
• 5:35
  Speaker 3: others strongly pushed back against that. We and others have
• 5:38
  Speaker 3: made our position abundantly clear to Treasury, to White House,
• 5:43
  Speaker 3: to Central Cortez Mastow, to others. The BRCA is a
• 5:47
  Speaker 3: pivotal component of clarity. I would call it the heart
• 5:51
  Speaker 3: and soul of clarity.
• 5:52
  Speaker 1: Actually, who would be behind this that would push that
• 5:55
  Speaker 1: kind of narrative because this was a press release.
• 5:58
  Speaker 3: Yeah, I think we know who it was, because they
• 6:00
  Speaker 3: said who it was. It was the Senator had a
• 6:03
  Speaker 3: statement to Politico about the compromise, and it was primarily
• 6:09
  Speaker 3: law enforcement agencies, primarily prosecutor lobby groups. We've also seen, Paul,
• 6:15
  Speaker 3: over this past week a large number of law enforcement agencies,
• 6:19
  Speaker 3: Paternal Order of Police, Noble, even one just earlier today,
• 6:23
  Speaker 3: who have come out in support of Clarity, or at
• 6:26
  Speaker 3: least were previously against it and are now neutral. Law
• 6:30
  Speaker 3: enforcement concerns have been largely addressed in the new version
• 6:34
  Speaker 3: of the Clarity. There's a whole new title related to
• 6:37
  Speaker 3: information sharing, related to grants and funding, so that these
• 6:41
  Speaker 3: law enforcement agencies can get smart on these issues and
• 6:45
  Speaker 3: do the jobs they need to do. However, you do
• 6:48
  Speaker 3: not need to restrict the developers from deploying non custodial,
• 6:53
  Speaker 3: non controlling software in order for this law enforcement agencies
• 6:57
  Speaker 3: to do their job, for sure.
• 7:00
  Speaker 1: Okay, So Patrick, what he came out, You know, he
• 7:03
  Speaker 1: was kind of responding to all this, and he was
• 7:05
  Speaker 1: pretty hard on this. This is a pretty brash statement
• 7:09
  Speaker 1: here in terms of what he was talking about. To
• 7:11
  Speaker 1: your point is that the White House and the administration said, hey,
• 7:13
  Speaker 1: this was not the agreement.
• 7:15
  Speaker 3: Uh.
• 7:16
  Speaker 1: You know, it's like saying Maduro's removal. You know it
• 7:18
  Speaker 1: was a culmination of negotiations, not the case. Did this
• 7:23
  Speaker 1: Do you think this spat ruptured any current possible negotiations
• 7:29
  Speaker 1: or how do you think it's played out?
• 7:32
  Speaker 3: I think, you know, I've had the opportunity to meet
• 7:35
  Speaker 3: Patrick a few times, and I think that he is
• 7:37
  Speaker 3: doing so much effort and so much work to bring
• 7:40
  Speaker 3: this bill to be in the best place possible. From
• 7:43
  Speaker 3: the admin's perspective, I think you're seeing frustration. I think
• 7:47
  Speaker 3: that so many people have worked countless months, even like
• 7:51
  Speaker 3: a year now at this point to bring clarity to
• 7:53
  Speaker 3: the floor, and in this kind of fraught time, tensions
• 7:56
  Speaker 3: are going to flare up. Ultimately. I know Patrick has
• 8:00
  Speaker 3: to continue to negotiate in good faith, and I would
• 8:02
  Speaker 3: encourage everyone else on the other side of that negotiation
• 8:06
  Speaker 3: to continue to negotiate in good faith and not to
• 8:09
  Speaker 3: play these games. Let's bring clarity to the floor, Let's
• 8:12
  Speaker 3: get the best possible bill. Let's do the service to
• 8:15
  Speaker 3: Americans that need the rules of the road for this
• 8:18
  Speaker 3: asset class. Let's not forget Paul. This is a big
• 8:21
  Speaker 3: consumer Protection Bill. There are so many things, in so
• 8:25
  Speaker 3: many issues addressed in this bill that protect the average
• 8:28
  Speaker 3: holder of crypto, not just the companies, not just the entities,
• 8:32
  Speaker 3: but the average American who holds Sure.
• 8:36
  Speaker 1: Yeah, and I just questioned the timing, you know, because
• 8:38
  Speaker 1: you look at the timing of when this was put out,
• 8:41
  Speaker 1: why the White House had such a knee jerk reaction,
• 8:44
  Speaker 1: you know through w I mean you would think I
• 8:48
  Speaker 1: would think that, you know, they would have had these
• 8:51
  Speaker 1: qualms months weeks before, but this was two days before
• 8:56
  Speaker 1: really drawing it down. It just seems very calculated and
• 9:00
  Speaker 1: a little bit dirty trick to me.
• 9:04
  Speaker 3: Yeah, I think these conversations have been ongoing. The BRCA
• 9:09
  Speaker 3: is a known quantity on the Hill. It was introduced
• 9:13
  Speaker 3: by Lummis Widen and others I think now years ago
• 9:16
  Speaker 3: at this time. Yeah, this is not a new idea,
• 9:20
  Speaker 3: new component. Even the aftery the Treasury had a tweet
• 9:24
  Speaker 3: out today that said the BRCA is simply codifying Treasury's
• 9:29
  Speaker 3: previous guidance on this issue. It is not an actually
• 9:34
  Speaker 3: new or novel idea or component. It has been since
• 9:37
  Speaker 3: twenty nineteen. Vincent guidance has matched to what is in
• 9:41
  Speaker 3: the b RCA. I think now there is a moment,
• 9:45
  Speaker 3: there is an inflection point, there is a time, and
• 9:47
  Speaker 3: people have their different views on these issues. But the
• 9:51
  Speaker 3: BRCA should be non controversial, all right.
• 9:55
  Speaker 1: So within the situation of the BRCA, if you you know,
• 9:59
  Speaker 1: for our in terms of understanding this, some of this,
• 10:03
  Speaker 1: you could look at, you know, this tweet here. This
• 10:05
  Speaker 1: is talking about prosecutors wanting to kind of get access
• 10:08
  Speaker 1: to you know, dealing away from illicit finance and so on,
• 10:11
  Speaker 1: making a job their jobs somewhat easier. But we still
• 10:15
  Speaker 1: have the Constitution, you know, so we still have certain
• 10:18
  Speaker 1: protections that would kind of go around this anyway. But
• 10:23
  Speaker 1: what did the bad guys really want here? I mean,
• 10:25
  Speaker 1: what are they trying to do if they're trying to
• 10:27
  Speaker 1: attack this in itself, which starts to move at the
• 10:30
  Speaker 1: core of privacy and rights of Americans via the Constitution.
• 10:36
  Speaker 3: Yeah, I think men'srea is a huge component of our
• 10:39
  Speaker 3: criminal Code. One has to have intent in order to
• 10:42
  Speaker 3: commit a crime nineteen sixty. I mean we're saying nineteen sixty.
• 10:45
  Speaker 3: We're talking about the Criminal Code nineteen sixty, particularly a
• 10:48
  Speaker 3: subsection B one C, which basically says facilitation of money
• 10:52
  Speaker 3: transmission shall be considered a crime without any intent component
• 10:56
  Speaker 3: to it. This is the actual law of the BRCA
• 11:00
  Speaker 3: addresses in that you cannot just charge someone with the
• 11:04
  Speaker 3: money transmission criminal violation if you're a non controlling developer,
• 11:09
  Speaker 3: which I think goes to a larger point of Whenever
• 11:11
  Speaker 3: we are building these technologies and we want to have
• 11:13
  Speaker 3: this future of decentralized finance, of owning your own data privacy,
• 11:18
  Speaker 3: you need to have protection for base layer protocols and
• 11:22
  Speaker 3: for the develop and for the developers that actually create
• 11:25
  Speaker 3: them and deploy them.
• 11:26
  Speaker 1: And I want to play this clip because this makes
• 11:29
  Speaker 1: you think, are we becoming Russia without the BRCA? So
• 11:32
  Speaker 1: let me let me apply this for you guys. Take
• 11:34
  Speaker 1: a look.
• 11:35
  Speaker 4: Telegram is popular with independent media outlets and journalists in
• 11:39
  Speaker 4: part because it has so many users, but Russia state agencies,
• 11:44
  Speaker 4: some officials, and pro Hoole military bloggers have also developed
• 11:48
  Speaker 4: their own channels on the app, So the creminin both
• 11:51
  Speaker 4: relies on it as a public forum and tries to
• 11:54
  Speaker 4: restrict it, instead pushing a state controlled messenger called Max
• 12:00
  Speaker 4: Buttonlike Max, Telegram offers encryption and privacy features, and some
• 12:05
  Speaker 4: people on the streets of Moscow say they still prefer
• 12:07
  Speaker 4: to use the app with the help of a VPN.
• 12:10
  Speaker 4: It's a shame because people are being deprived of the
• 12:13
  Speaker 4: right to choose.
• 12:14
  Speaker 5: Restricting people's freedoms only makes them angry.
• 12:17
  Speaker 4: Now, the Russian security services have accused Telegram founder Pavel
• 12:21
  Speaker 4: Durov of aiding terrorism, and it's issued an international warrant
• 12:25
  Speaker 4: for his arrest.
• 12:27
  Speaker 1: All right, So there you have the point of what
• 12:29
  Speaker 1: could be at stake here in terms of the VRCA
• 12:32
  Speaker 1: and really kind of crypto in general. For what's happening
• 12:36
  Speaker 1: right now in DC. Do you think most of our
• 12:39
  Speaker 1: lawmakers really understand that this is really starting to challenge
• 12:43
  Speaker 1: personal privacies, the idea of personal property, all that playing
• 12:48
  Speaker 1: into what's happening in clarity right now. Do they understand this?
• 12:51
  Speaker 3: Yeah, it's funny you asked that, Paul. I've actually had
• 12:54
  Speaker 3: three or four conversations this past week related to the
• 12:58
  Speaker 3: BRCA and privacy and the need for it, And to
• 13:01
  Speaker 3: be honest with you, most people at the staff level
• 13:04
  Speaker 3: understand the need to preserve privacy. I think that oftentimes
• 13:08
  Speaker 3: though we don't understand the need in the moment to
• 13:11
  Speaker 3: preserve it, and we etch away at our privacy for
• 13:15
  Speaker 3: convenience purposes, for different subpoena purposes, and the name of
• 13:21
  Speaker 3: national security. And then when we look up from this
• 13:24
  Speaker 3: etching away, we have a far less view and far
• 13:27
  Speaker 3: less remittive aspect of privacy in this country. I think ultimately,
• 13:31
  Speaker 3: especially with crypto, with blockchain and transparent nature, it forces
• 13:36
  Speaker 3: us to realize and look at the need for privacy
• 13:39
  Speaker 3: as well too. And I think the telegram. The telegram
• 13:41
  Speaker 3: example is great because Americans need to have the choice,
• 13:46
  Speaker 3: need to have the ability, need to have the wherewithal
• 13:49
  Speaker 3: to choose a how they communicate with their loved ones,
• 13:52
  Speaker 3: their friends, and b how they transact. We have seen
• 13:56
  Speaker 3: both sides of the party, both the Republicans and Democrats
• 14:00
  Speaker 3: in d banking activities for actions businesses and others that
• 14:05
  Speaker 3: are a mathema to them and the political order. We
• 14:08
  Speaker 3: need to preserve the right to transact. We need to
• 14:11
  Speaker 3: preserve the right to communicate.
• 14:15
  Speaker 1: I was watching Hayden. He was kind of talking about
• 14:17
  Speaker 1: the issue on yields. Do you think the banks care
• 14:21
  Speaker 1: more about, you know, just regular yields right now or
• 14:25
  Speaker 1: DeFi yields? What would you say is their most concern?
• 14:29
  Speaker 3: I think they care about what's immediately in front of them, Paul,
• 14:32
  Speaker 3: and what's immediately in them is going to be the
• 14:35
  Speaker 3: actual yield. We have heard and there have been actually
• 14:38
  Speaker 3: conferences where bankers have alluded to DeFi and they said
• 14:43
  Speaker 3: they want to stop hinder do other types of things
• 14:46
  Speaker 3: with regards to DeFi. The ABA came out with some
• 14:50
  Speaker 3: recent redlines on section four oh four, which is the
• 14:53
  Speaker 3: yield provision. You know, we are not surprised that they're
• 14:56
  Speaker 3: still trying to re litigate this, just as Senator Alms
• 14:59
  Speaker 3: set at the start of this. We also think that
• 15:02
  Speaker 3: they're going to try to the bitter end to protect
• 15:05
  Speaker 3: their modes. But it's unfortunate all because ultimately we are
• 15:09
  Speaker 3: having conversations with financial institutions that are adopting UNISWAP tech
• 15:14
  Speaker 3: as well too. On the back end, these banks should
• 15:17
  Speaker 3: not be fighting us. We should be working together to
• 15:20
  Speaker 3: build a better tech stack for the future.
• 15:23
  Speaker 1: Well, you think they would be prepared for this. I
• 15:25
  Speaker 1: think we're going to We're already starting to see movement
• 15:27
  Speaker 1: outside the US, which is a concern to my mine
• 15:31
  Speaker 1: in terms of thwarting innovation. And it brings me to
• 15:34
  Speaker 1: a clip here because we're talking about boarding innovation. This
• 15:38
  Speaker 1: is on Bloomberg and they're talking about the DTCC and
• 15:42
  Speaker 1: the comparison to DeFi take a look at.
• 15:44
  Speaker 3: This, Who's who's making this transformation the best and who's
• 15:47
  Speaker 3: making it the worst?
• 15:49
  Speaker 5: So who's making it the best? Right now?
• 15:51
  Speaker 6: I mean I would say DTCC GDCC is on the ball.
• 15:55
  Speaker 6: GDCC has just put entire infrastructure on a pilot project
• 16:00
  Speaker 6: till October on chain potentially clear and settled trades, not
• 16:05
  Speaker 6: in one day, but instantaneously.
• 16:07
  Speaker 5: That's nuts.
• 16:08
  Speaker 3: How can we not talk about this company?
• 16:11
  Speaker 5: It's the plumbing. It's not exciting enough. Caryl Crypto showed
• 16:15
  Speaker 5: that as that that's value. But does then crypto let's
• 16:19
  Speaker 5: just go there.
• 16:20
  Speaker 3: Does that happen?
• 16:22
  Speaker 5: Yeah? Does it have a future. Look, I'm not a
• 16:26
  Speaker 5: I'm not a crypto analyst or a crypto zalot by
• 16:28
  Speaker 5: any means.
• 16:29
  Speaker 6: Any any interraction directly with the tokens is pillar one
• 16:33
  Speaker 6: of that infrastructure, right.
• 16:34
  Speaker 5: Pillar two is nothing to do with the tokens.
• 16:37
  Speaker 6: It's doue with blockchain technology taking traditional financial activities. He's
• 16:40
  Speaker 6: doing it on faster rails. That's pillar two. Pillar three
• 16:44
  Speaker 6: is the wild West, which is what decentralized finance is
• 16:47
  Speaker 6: about that is only in the fringes right now, that's
• 16:50
  Speaker 6: a utopian world. I don't think regulators in the public
• 16:53
  Speaker 6: going to allow that. That is no intermediary everything intermediated
• 16:57
  Speaker 6: purely by software.
• 16:58
  Speaker 5: Science fiction stuff completely getd.
• 17:00
  Speaker 6: A lot of people didn't think about all this stuff,
• 17:02
  Speaker 6: say but what about bitcoin?
• 17:04
  Speaker 1: I'm not a fan's people who watch No there you go, Brian,
• 17:10
  Speaker 1: did you know that we were working in the science
• 17:12
  Speaker 1: fiction field. I didn't realize that.
• 17:14
  Speaker 3: You know, what did you do about it?
• 17:16
  Speaker 1: As analysis?
• 17:17
  Speaker 5: There?
• 17:18
  Speaker 3: Well, Paul, as you know, I think a lot of
• 17:20
  Speaker 3: the crypto belief comes from science fiction about the possible
• 17:26
  Speaker 3: and about the future, and I do believe that we
• 17:28
  Speaker 3: are building our future. I believe that. You know, T
• 17:33
  Speaker 3: zero settlement doesn't really excite me. We've had that ever
• 17:37
  Speaker 3: since you swap V one was launched years ago. So
• 17:40
  Speaker 3: I commend the DTCC on reaching T zero settlement. You
• 17:45
  Speaker 3: may also know that we actually this week launched permission pools,
• 17:49
  Speaker 3: which is a V four and it's a standard for
• 17:52
  Speaker 3: trading really any RWA subject to compliance standards. So the
• 17:57
  Speaker 3: DTCC can call me whenever they actually do that, and
• 18:01
  Speaker 3: I'm happy to explain it to Bloomberg different when they
• 18:04
  Speaker 3: ever want me to.
• 18:05
  Speaker 1: Come on explain it, explain permission pools and how that
• 18:08
  Speaker 1: would work with DeFi. So this is this is Hayden's
• 18:11
  Speaker 1: tweet right here in reference to that.
• 18:13
  Speaker 3: Yeah, I'll even say we're seeing really permission pools is
• 18:17
  Speaker 3: really an implementation of V four hooks, right, which is
• 18:20
  Speaker 3: custom modular logic on V four. Permission pools is open
• 18:25
  Speaker 3: source hook that's available to any builder developer. It's basically,
• 18:29
  Speaker 3: you know software that you can build upon the V
• 18:32
  Speaker 3: four hook that you can then add in custom logic
• 18:36
  Speaker 3: such as ky C a m L restriction on tradings
• 18:39
  Speaker 3: and we understand that different asset classes, securities, derivatives, commodities
• 18:45
  Speaker 3: the like have different restrictions, requirements or credit investors trading,
• 18:50
  Speaker 3: and we understand that there while the base protocol is
• 18:53
  Speaker 3: always decentralized, always permissionless, that's a core of what we
• 18:57
  Speaker 3: believe that there are different asset classes that have different rules,
• 19:01
  Speaker 3: and for us to be the universal exchange, you need
• 19:04
  Speaker 3: to have the ability to have this modular logit to
• 19:06
  Speaker 3: trade those assets, and permission simply allows you to create
• 19:10
  Speaker 3: and insert and really are just the parameters of that
• 19:13
  Speaker 3: logic regardless of what jurisdiction you are in, or where
• 19:17
  Speaker 3: you live, or what rules you sit under. And ultimately
• 19:21
  Speaker 3: that's how we see the future of this going not
• 19:24
  Speaker 3: for DTCC and continued clearing and settlement through intermediaries, through
• 19:31
  Speaker 3: on chain finance, where ultimately the user is in control,
• 19:35
  Speaker 3: they have their assets, they control it, they don't have
• 19:38
  Speaker 3: to trust an intermediary, a bank or another broker, because
• 19:42
  Speaker 3: ultimately the regulations we have today are why we have intermediaries.
• 19:48
  Speaker 3: We regulate intermediaries because they have discretion over assets. Removing
• 19:54
  Speaker 3: that discretion. Having an open source code that is audible, verifiable, checkable,
• 20:00
  Speaker 3: performs the same time every time off the skates the
• 20:03
  Speaker 3: need for in the media areas. Yeah.
• 20:05
  Speaker 1: Well, and I think the point you get at here,
• 20:08
  Speaker 1: and I'm concerned about it, is that if we don't
• 20:10
  Speaker 1: get this going through at least some sort of frame
• 20:14
  Speaker 1: of regulation, all of this technology is going to continue
• 20:18
  Speaker 1: to just vacate off shore and we're going to see
• 20:21
  Speaker 1: all sorts of you know, new countries and maybe new
• 20:24
  Speaker 1: innovation zones being built around this, because this is definitely
• 20:28
  Speaker 1: the future of finance. And I'm surprised that we have
• 20:31
  Speaker 1: not maybe this is just a stall tactic, you know,
• 20:33
  Speaker 1: from the old guard is trying to get prepared for it.
• 20:36
  Speaker 1: They didn't realize it was going to come this fast,
• 20:38
  Speaker 1: and the Bell curve of adoption has just maybe opened
• 20:41
  Speaker 1: up their eyes. But man, everybody else seems to be
• 20:44
  Speaker 1: on board with it. You look at Asia, you look
• 20:46
  Speaker 1: at even what's going on in Europe with Mika. So
• 20:48
  Speaker 1: I'm very surprised that we haven't continued to see embracement
• 20:52
  Speaker 1: coming in from the finance markets.
• 20:55
  Speaker 3: Yeah, that's very truthful, and I kind of to wrap
• 20:57
  Speaker 3: it up to your first point too as well. Not
• 20:59
  Speaker 3: only is innovation going offshore, with our security capacities would
• 21:04
  Speaker 3: be going offshore as well. If we are concerned about
• 21:07
  Speaker 3: law enforcement, if we are concerned about national security, we
• 21:10
  Speaker 3: need to have these developers and these builders in these
• 21:13
  Speaker 3: companies building to US security standards. The standards in NIST
• 21:18
  Speaker 3: and Clarity has those provisions in it. There is public
• 21:21
  Speaker 3: private partnerships to study ilicit finance and digital assets to
• 21:25
  Speaker 3: ensure that we are building the best security that we
• 21:28
  Speaker 3: can in these assets as well. Too. We've seen the
• 21:31
  Speaker 3: proliferation of AI and its ability to hack in recent
• 21:35
  Speaker 3: weeks as well, and we need to build these protocols,
• 21:39
  Speaker 3: these securities to the highest level of confidence, and that
• 21:42
  Speaker 3: is in the US and that's why we need clarity poll.
• 21:45
  Speaker 1: Yeah, for sure. I'm looking at this uniswap protocol fees
• 21:48
  Speaker 1: activated and burning unit across three governance votes right now,
• 21:52
  Speaker 1: So that seems to.
• 21:53
  Speaker 3: Be a move.
• 21:54
  Speaker 1: If you look at just the example of what has
• 21:57
  Speaker 1: happened in terms of revenue for uniswap, what does all
• 22:00
  Speaker 1: this mean for UNI swap in general? And I was
• 22:03
  Speaker 1: looking at the chart on just unicewap in general. I'll
• 22:06
  Speaker 1: pull up the chart real quick. This thing has been
• 22:09
  Speaker 1: flying here recently. What does this mean for UNI if
• 22:11
  Speaker 1: Clarity does go through.
• 22:14
  Speaker 3: Look, I think what you are seeing is a reality
• 22:17
  Speaker 3: of a protocol giving value back to the token. You know,
• 22:20
  Speaker 3: we spend a lot of time thinking about unification, thinking
• 22:24
  Speaker 3: about the protocol burn and digging into how we can
• 22:28
  Speaker 3: actually build the best network token idea that is based
• 22:32
  Speaker 3: on the protocol. With or without Clarity, the protocol will
• 22:37
  Speaker 3: continue to burn, UNI, people will continue to trade on
• 22:41
  Speaker 3: the unit swap around the world. The protocol cannot be stopped.
• 22:46
  Speaker 3: I cannot stop it. Hayden cannot stop it. We all
• 22:49
  Speaker 3: know it's immutable. There are four versions. Even if we
• 22:53
  Speaker 3: wanted to, we cannot stop it. Ultimately, the protocol will continue,
• 22:57
  Speaker 3: people will continue to swap, people will continue to trade.
• 23:00
  Speaker 3: UNI will burn, and that happens whatever happens in Washington,
• 23:05
  Speaker 3: d C. And it really is the on chain finance,
• 23:08
  Speaker 3: immutable nature of UNISWAP.
• 23:10
  Speaker 1: You know, I look at this, it's very similar when
• 23:13
  Speaker 1: the US was at the epicenter on the birth of
• 23:16
  Speaker 1: the Internet and we saw so many countries kind of
• 23:19
  Speaker 1: pushing back against it in the use case. Maybe that
• 23:23
  Speaker 1: is on the reverse end of this. Now we have
• 23:25
  Speaker 1: so many countries that are that are expanding upon this,
• 23:28
  Speaker 1: and the US is of course kind of the stick
• 23:31
  Speaker 1: of the mont here. So anyway, we're gonna be watching
• 23:33
  Speaker 1: this very closely, Brian, So thanks for coming in. We'll
• 23:35
  Speaker 1: probably get you back on after hopefully clarity is through,
• 23:38
  Speaker 1: but thanks for stopping in.
• 23:40
  Speaker 3: Thank you.
• 23:47
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• 23:50
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• 23:54
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