Latest / The Paul Barron Crypto Show / Congress Rugpulls CLARITY Again?🏛️Blockchain Association INTERVIEW

Transcript

Congress Rugpulls CLARITY Again?🏛️Blockchain Association INTERVIEW · The Paul Barron Crypto Show

• 0:00
  Speaker 1: Today, let's dive into what happened on Friday with the
• 0:03
  Speaker 1: Clarity Act. Did we get rug pulled? Well, we've got
• 0:05
  Speaker 1: a special guest that's going to break it all down
• 0:08
  Speaker 1: for you, guys. You do not want to miss this show.
• 0:11
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• 0:14
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• 0:38
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• 0:42
  Speaker 1: just get right into it. I want to bring on
• 0:44
  Speaker 1: Lindsay Fraser, who is the chief policy officer over at
• 0:47
  Speaker 1: the Blockchain Association. Lindsay, how are you?
• 0:50
  Speaker 2: I'm great, how are you doing?
• 0:51
  Speaker 1: First of all, kudos to the work you guys are doing.
• 0:54
  Speaker 1: Glad to see, of course, the efforts when it comes
• 0:57
  Speaker 1: to lobbying for this industry. Right now, Lindsay, I want
• 1:00
  Speaker 1: to go to something here real quick, because we're going
• 1:03
  Speaker 1: to ask a lot of questions about Friday and get
• 1:05
  Speaker 1: into that, but right now we have a clarity final
• 1:08
  Speaker 1: deadline that is looming. Now, this looks like it's a
• 1:13
  Speaker 1: long time, guys, but this is not. When you really
• 1:15
  Speaker 1: look at the calendar, the congressional calendar, you're knocking off
• 1:20
  Speaker 1: day after day because of weekends. They don't work on
• 1:22
  Speaker 1: a Monday, and then before you know it, we're down
• 1:24
  Speaker 1: to like less than ten days. So this is a
• 1:28
  Speaker 1: very critical week this week. What are your odds right
• 1:31
  Speaker 1: now of this potentially passing?
• 1:34
  Speaker 2: That's a great question. I mean, I'm continuing to stay optimistic.
• 1:38
  Speaker 2: I think there's been a lot of progress in the
• 1:42
  Speaker 2: last couple days. Even so, you know, I'm going to
• 1:46
  Speaker 2: put it at sixty percent, which is far beyond what
• 1:50
  Speaker 2: poly Market has it at.
• 1:51
  Speaker 1: I'm just looking at poly Market. It's thirty one. I
• 1:55
  Speaker 1: like your number. But now you got to back that up.
• 1:57
  Speaker 2: Why, Yeah, So I think, and I know we'll get
• 2:01
  Speaker 2: into it a little bit more, but we were expecting
• 2:03
  Speaker 2: the text to be released on Friday. I actually think
• 2:06
  Speaker 2: that if the text had been released on Friday, it
• 2:09
  Speaker 2: would have been a version of the text that would
• 2:12
  Speaker 2: have only had Republican support, And I know right now
• 2:17
  Speaker 2: as up to date as during the day's day, there
• 2:19
  Speaker 2: are continued meetings going on around the Ethics provision, which
• 2:23
  Speaker 2: is abtoually a gating issue to get any Democratic support.
• 2:27
  Speaker 2: So I actually think the longer we wait until text release,
• 2:30
  Speaker 2: although obviously not too long, it increases the chances of
• 2:33
  Speaker 2: the text that's released being bipartisan in manner, which obviously
• 2:37
  Speaker 2: makes them the path to the actual floor vote all
• 2:40
  Speaker 2: the easier.
• 2:41
  Speaker 1: Yeah, all right, so let me get this straight. You
• 2:43
  Speaker 1: think them missing the Friday intended release might be a
• 2:48
  Speaker 1: good thing.
• 2:49
  Speaker 2: Yeah, I think that if so, you know, the meeting
• 2:52
  Speaker 2: that happened last Thursday at the White House only had
• 2:55
  Speaker 2: Republicans in the meeting, and so you know, regardless of
• 3:00
  Speaker 2: outcome of that meeting, there that solution needed to be
• 3:03
  Speaker 2: socialized with Democrats, and I don't think it was gonna
• 3:06
  Speaker 2: happen by midday Friday, and so I know that there
• 3:10
  Speaker 2: has been some back and forth over the weekend. There's
• 3:12
  Speaker 2: a few meetings today, and I also think, you know,
• 3:15
  Speaker 2: the Friday deadline was always aspirational, and obviously Legislative Council
• 3:21
  Speaker 2: needs to get involved in dotting the eyes and crossing
• 3:25
  Speaker 2: the t's when it comes to adding in those last provisions.
• 3:28
  Speaker 2: So yeah, I actually think if we see the text,
• 3:31
  Speaker 2: you know, tomorrow, Wednesday, I think honestly, it'll probably be
• 3:34
  Speaker 2: in a better place than it would have been had
• 3:36
  Speaker 2: it been released on Friday.
• 3:37
  Speaker 1: So Tomorrow Wednesday potentially for the text, would that still
• 3:42
  Speaker 1: put this in the purview of operational vote this week?
• 3:48
  Speaker 2: I think if it comes, if the text is released tomorrow,
• 3:51
  Speaker 2: we could potentially see a vote this week. I think
• 3:55
  Speaker 2: likely if it's released Wednesday or beyond, it would probably
• 3:59
  Speaker 2: slid until early next week. I'm also not going to
• 4:02
  Speaker 2: completely write off that it could be released this evening.
• 4:05
  Speaker 2: I do think that there are still kind of some
• 4:07
  Speaker 2: meetings going on later this afternoon, so I would be surprised,
• 4:10
  Speaker 2: But never say never. You know, they love to do
• 4:13
  Speaker 2: a midnight text release, So yeah, still see it later tonight.
• 4:16
  Speaker 1: Do they ever?
• 4:17
  Speaker 2: Do they?
• 4:18
  Speaker 1: But usually when they do those midnight releases, it's usually
• 4:21
  Speaker 1: because there's something in there they don't want to talk about.
• 4:23
  Speaker 1: That's always my fear.
• 4:25
  Speaker 2: Yeah, I think sometimes, but also it is just like
• 4:27
  Speaker 2: the nature of what's going to be like a seven
• 4:29
  Speaker 2: hundred page bill is that I think it always takes
• 4:32
  Speaker 2: them longer than they think to actually get it out publicly.
• 4:36
  Speaker 2: And so even with positive drafts we've seen over the
• 4:38
  Speaker 2: past year, we've seen the midnight one am release, you know,
• 4:42
  Speaker 2: much to our our show.
• 4:44
  Speaker 1: Yeah, potential text release. How far do you think we
• 4:47
  Speaker 1: are from getting sixty votes? I think we're at around
• 4:50
  Speaker 1: fifty three right now, and that's if McConnell can still
• 4:54
  Speaker 1: stay in the game here. I mean, he's been hospitalized.
• 4:56
  Speaker 1: We've taught there's been kind of an MIA situation with him.
• 5:00
  Speaker 1: He's an important vote, a very strategic important vote. How
• 5:04
  Speaker 1: close are we to sixty?
• 5:06
  Speaker 2: Yeah, So I think in the most recent statement that
• 5:09
  Speaker 2: we saw from his staff, he said that he's still
• 5:11
  Speaker 2: taking time to recover, so, you know, and we ideally
• 5:15
  Speaker 2: would like to see a vote later this week at
• 5:18
  Speaker 2: the latest, I think early next week. So I think
• 5:21
  Speaker 2: we're trying to do the math as if he won't
• 5:23
  Speaker 2: be back to for a vote. And I also think,
• 5:26
  Speaker 2: you know, there are some Republicans who didn't vote for
• 5:28
  Speaker 2: the Genius Act that we all need to spend some
• 5:31
  Speaker 2: more time on. So we are ideally looking for I
• 5:35
  Speaker 2: think around ten Democrats at the least to feel comfortable
• 5:39
  Speaker 2: about hitting that sixty vote threshold. Obviously, ethics is the
• 5:43
  Speaker 2: gating issue here, but I think, you know, like, let's
• 5:46
  Speaker 2: say that the ethics solution is reached and it gets
• 5:49
  Speaker 2: to a place where Democrats feel comfortable supporting the bill.
• 5:55
  Speaker 2: I think we're actually very close. We've had very positive
• 5:57
  Speaker 2: meetings with you know, Democrat offices over the past week.
• 6:01
  Speaker 2: I think people are becoming more comfortable with the DeFi
• 6:04
  Speaker 2: related provisions, and so it really is going to end
• 6:07
  Speaker 2: up kind of landing on where this ethics deal exactly.
• 6:12
  Speaker 1: Yeah. Yeah, well, okay, so you had Trump supposedly having
• 6:16
  Speaker 1: a meeting last week around this very topic, and that
• 6:19
  Speaker 1: was ethics. I thought maybe there was going to be
• 6:22
  Speaker 1: some sort of provision or some sort of compromise between
• 6:27
  Speaker 1: the president and the administration and what's happening with the Democrats.
• 6:31
  Speaker 1: Do you think that's still a possibility that that is happening.
• 6:34
  Speaker 2: Yeah, I think it's still a possibility. I think last Thursday,
• 6:40
  Speaker 2: you know, there's been a lot of meetings going around
• 6:43
  Speaker 2: around the ethics provision with White House Council, with other
• 6:46
  Speaker 2: people who have been working on these issues at the
• 6:48
  Speaker 2: White House and obviously on the Hill. I think last
• 6:51
  Speaker 2: Thursday was really kind of one of the first opportunities
• 6:54
  Speaker 2: to brief the president directly itself, and so I imagine
• 6:57
  Speaker 2: there will be follow on conversations as the Democrats get
• 7:02
  Speaker 2: more and more involved in the discussions. But I really
• 7:05
  Speaker 2: think we're getting close to the end finding a solution here,
• 7:11
  Speaker 2: and I think we'll hear in the next couple of
• 7:13
  Speaker 2: days exactly what the contours of that deal will look like.
• 7:16
  Speaker 1: So we've been kind of pointing to the issue of
• 7:19
  Speaker 1: the banks throwing these last minute hurdles in. It's their game,
• 7:25
  Speaker 1: it's the playbook they've been running. What are you guys
• 7:28
  Speaker 1: anticipating this week, because I'm expecting something to drop today
• 7:32
  Speaker 1: or tomorrow from the banks. What do you guys think?
• 7:35
  Speaker 2: Yeah, well, we definitely have seen their continued involvement, whether
• 7:40
  Speaker 2: it be directly through talking about Section four o four
• 7:43
  Speaker 2: so the stable coins reward section, or through I think
• 7:46
  Speaker 2: getting some other groups activated. It was I believe it
• 7:50
  Speaker 2: was either early last week or or late the week before,
• 7:53
  Speaker 2: but the American Bankers Association put out another letter referencing
• 7:58
  Speaker 2: their requested change is on Section four oh four, and
• 8:02
  Speaker 2: we hear in our hill meetings that offices are still
• 8:05
  Speaker 2: continuing to hear from all of the relevant being trade
• 8:08
  Speaker 2: associations here in d C trying to reopen four oh four.
• 8:12
  Speaker 2: But I mean I also think they have you know,
• 8:16
  Speaker 2: decades and decades of lobbying experience and political capital, you
• 8:23
  Speaker 2: know over the crypto industry who's still relatively new, and
• 8:26
  Speaker 2: so I think, like we when we expect that when
• 8:29
  Speaker 2: the bill gets put up to a floor vote, uh,
• 8:33
  Speaker 2: to continue to hear from them even more intensely as
• 8:36
  Speaker 2: well from other interest groups that I think are are
• 8:39
  Speaker 2: getting getting increasingly aligned with them, you know, per their pushing.
• 8:44
  Speaker 1: Do you think people are really supporting this on the
• 8:47
  Speaker 1: banker's side of things, because you've got in the beginning
• 8:51
  Speaker 1: it was kind of like, hey, uh, this is going
• 8:53
  Speaker 1: to be a lot of flave of capital. You know,
• 8:55
  Speaker 1: there's been many things reports, including research the regional banks
• 8:59
  Speaker 1: actually end up better off because they might be able
• 9:01
  Speaker 1: to compete now with the big guys. Do you think
• 9:05
  Speaker 1: they have anybody left to really support them through this
• 9:09
  Speaker 1: final leg I think.
• 9:11
  Speaker 2: They'll continue to try to find those people. I mean,
• 9:14
  Speaker 2: like you said, the community banks, the regional banks have
• 9:18
  Speaker 2: you know, been kind of inspired to speak up on
• 9:22
  Speaker 2: this issue against kind of the research we've seen, like
• 9:25
  Speaker 2: you noted, the Council of Economic Advisors from the White House, Yeah,
• 9:29
  Speaker 2: found that the impact on deposits at banks is going
• 9:33
  Speaker 2: to be very, very minimal. So you know, we have
• 9:37
  Speaker 2: tons of research that support that this is not a true,
• 9:40
  Speaker 2: you know, fear. And at the same time, we see
• 9:43
  Speaker 2: these big banks announcing every other day new partnerships.
• 9:47
  Speaker 1: With different innovation.
• 9:48
  Speaker 2: Yeah, exactly, and so like to us, like this feels
• 9:52
  Speaker 2: more like a stall stall tactic than anything else, because
• 9:56
  Speaker 2: you know, they understand, I think that this is the
• 9:58
  Speaker 2: future of where finance is wedding, and they want time
• 10:01
  Speaker 2: to get you know, their internal infrastructure up to be
• 10:05
  Speaker 2: able to compete. But yeah, well, I'm sure they will
• 10:09
  Speaker 2: continue to interact and inspire the community banks and regional
• 10:12
  Speaker 2: banks to to uh, to be loud about this, but
• 10:15
  Speaker 2: I think to your point, this actually benefits both of
• 10:17
  Speaker 2: those constituencies.
• 10:19
  Speaker 1: That's a big one. One other area that we see
• 10:21
  Speaker 1: a lot well, specifically to what happened in the Genius Act,
• 10:26
  Speaker 1: was the barrage of amendments that came in on the
• 10:30
  Speaker 1: floor from none other than Senator Warren You know she's
• 10:35
  Speaker 1: going to do this. It's gonna happen. You've got to
• 10:38
  Speaker 1: have everybody prepared in the industry to fight against god
• 10:41
  Speaker 1: knows what. Are we ready for that?
• 10:46
  Speaker 2: Yeah? I mean I think that the industry, as well
• 10:50
  Speaker 2: as all of the Democrats who have been working on
• 10:53
  Speaker 2: this issue in an incredibly bipartisan manner, are prepared for
• 10:58
  Speaker 2: those types of amendments. I think that it's always interesting
• 11:02
  Speaker 2: to me because for someone who is, you know, skeptical
• 11:05
  Speaker 2: of the industry, like Senator Warren is, you would think
• 11:08
  Speaker 2: that that would make them very supportive of the bill
• 11:11
  Speaker 2: because it puts guarbraels in place versus the continued status
• 11:14
  Speaker 2: quo of having unclear regulations. And so I do think
• 11:18
  Speaker 2: we are we're prepared, and like, this is the culmination
• 11:22
  Speaker 2: of years and years of education on Capitol Hill, and
• 11:26
  Speaker 2: so I do think the offices who have really earnestly
• 11:28
  Speaker 2: come to the table to put together this amazingly bipartisan
• 11:33
  Speaker 2: product will understand, you know, when we have amendments come
• 11:37
  Speaker 2: into play that you know, we've spent the better half
• 11:41
  Speaker 2: of a year specifically in this iteration of the bill.
• 11:43
  Speaker 2: But this is years and years of work, and I
• 11:47
  Speaker 2: think they would understand why a lot of the amendments
• 11:49
  Speaker 2: that we assumed to be proposed by Senator Warren would
• 11:54
  Speaker 2: unravel that and in fact not make the industry, you know, safer,
• 11:58
  Speaker 2: more competitive. So I I think we are prepared for that.
• 12:02
  Speaker 1: I'm beginning to think that this has all been a
• 12:05
  Speaker 1: tactic to essentially elicit more campaign funding. And this is
• 12:10
  Speaker 1: a concern that I have about DC is they continue
• 12:14
  Speaker 1: to press and press and press if they don't get
• 12:18
  Speaker 1: it done before we see midterms. How much of an
• 12:22
  Speaker 1: impact do you think that's going to have on a
• 12:25
  Speaker 1: lot of these lobbies supporting many of these Republicans.
• 12:29
  Speaker 2: Yeah, I mean, it'll be interesting if we don't have
• 12:32
  Speaker 2: at least the Senate product put up to a vote
• 12:35
  Speaker 2: on the floor. I think, as I know you all know,
• 12:40
  Speaker 2: and I'm sure the audience knows, I think it's unlikely
• 12:43
  Speaker 2: that Clearity or any other kind of meaningful digital asset
• 12:48
  Speaker 2: legislation would pass in a lame duck period, and then,
• 12:50
  Speaker 2: depending on the outcome of the election, right likely we'll
• 12:54
  Speaker 2: have to wait at least what another Congress, potentially even longer.
• 12:59
  Speaker 2: And so you know, I think message has been to
• 13:01
  Speaker 2: Republicans and you know, to both sides of the aisle,
• 13:04
  Speaker 2: like get this bill to the floor. This has been
• 13:07
  Speaker 2: the product of years of work. The House did an
• 13:10
  Speaker 2: amazing job. It was an incredibly bipartisan vote. Let's get
• 13:14
  Speaker 2: the bill to the floor to you know, like push
• 13:18
  Speaker 2: this forward and see where people really land on this issue.
• 13:22
  Speaker 2: And then, you know, I'll defer to my colleagues who
• 13:24
  Speaker 2: work on the political side in terms of the impact
• 13:27
  Speaker 2: on elections and campaign spending, but I do think it's
• 13:30
  Speaker 2: really important to in order to move this forward and
• 13:35
  Speaker 2: kind of understand where we are in the issue. We
• 13:37
  Speaker 2: do need a vote to happen.
• 13:39
  Speaker 1: Now we're seeing Genius Act a year later in terms
• 13:43
  Speaker 1: of these deadlines for stable coin rules, and if you
• 13:46
  Speaker 1: look at that, and a couple of things in this
• 13:48
  Speaker 1: article that I thought was interesting, this one this was
• 13:50
  Speaker 1: talking about the Federal Reserve, OCC, FDIC and the Treasury
• 13:54
  Speaker 1: had all had a seat at the table, but none
• 13:56
  Speaker 1: of them delivered a finished product. So with all that
• 14:01
  Speaker 1: being done, it's a year later. Does that mean that
• 14:04
  Speaker 1: you are completely sure that if it does make it
• 14:07
  Speaker 1: the centate floor, that it could even go through. No.
• 14:11
  Speaker 2: I feel confident that if the bill makes it through
• 14:15
  Speaker 2: the Senate floor. We will. I think it'll be able
• 14:19
  Speaker 2: to get through the House relatively quickly into the President's desk.
• 14:22
  Speaker 2: I think that's really the gating issue here is getting
• 14:26
  Speaker 2: to that sixty on the floor, And it's just a
• 14:28
  Speaker 2: question of, you know, will there be an agreement in
• 14:32
  Speaker 2: principle to have sixty votes before it gets scheduled to
• 14:35
  Speaker 2: get on the floor or do they just put it
• 14:37
  Speaker 2: on the floor and kind of see what happens?
• 14:39
  Speaker 1: Man, this is getting really close. What about you know,
• 14:42
  Speaker 1: there's a couple other things that are happening right now.
• 14:44
  Speaker 1: One is, of course the Federal Reserve. They're rolling out
• 14:46
  Speaker 1: their their rule making here for stable coin issues. This
• 14:50
  Speaker 1: is concerning to me because now these are rule making
• 14:53
  Speaker 1: elements that could happen. And first thing is as they're
• 14:56
  Speaker 1: talking about customer identification. That's right, guys, you're seeing this
• 15:01
  Speaker 1: article correctly. This is Kevin moorsh He abstained on this situation.
• 15:05
  Speaker 1: So then you have Michael Barr, who supported the proposal
• 15:09
  Speaker 1: but said he had already had concerns about where Genius
• 15:11
  Speaker 1: Act goes from that it wasn't going far enough. So
• 15:14
  Speaker 1: what do you guys think about this now that we're
• 15:16
  Speaker 1: seeing actual rulemaking coming out.
• 15:19
  Speaker 2: Yeah, so we have responded, i think to every single
• 15:24
  Speaker 2: Genius Act implementation notice of proposed rulemaking. We are working
• 15:27
  Speaker 2: on a response to this proposed rule now obviously it's
• 15:31
  Speaker 2: super important to the Box Chain Association and to our members, yes,
• 15:36
  Speaker 2: that we are not you know, blanket applying BSA reporting
• 15:40
  Speaker 2: obligations to technology where there's a lack of intermediaries. So
• 15:48
  Speaker 2: you know, we've been working hard on our responses to
• 15:52
  Speaker 2: these proposed rulemakings. And do find it concerning and are
• 15:56
  Speaker 2: you know, worried about when we're talking about a list
• 15:59
  Speaker 2: of finance and secondary market transactions. We are worried about
• 16:04
  Speaker 2: how that works with digitalized finance protocols, and we spend
• 16:09
  Speaker 2: a lot of time in our responses talking about that.
• 16:11
  Speaker 2: But we have been working closely with our members to
• 16:14
  Speaker 2: help put together responses to ensure that you know, the
• 16:18
  Speaker 2: Genius Act talks about digital asset service providers, those are
• 16:22
  Speaker 2: treated as financial institutions where we have these obligations right
• 16:26
  Speaker 2: sure that some of these obligations that include the collection
• 16:30
  Speaker 2: and a personally identifiable information do not stretch beyond that
• 16:34
  Speaker 2: definition into different parts of the crypto ecosystem that could
• 16:37
  Speaker 2: include defive.
• 16:38
  Speaker 1: Well, it should only be if the court has issued
• 16:42
  Speaker 1: some sort of order when there's a question if there's
• 16:45
  Speaker 1: a listed finance going on. I mean, this is just
• 16:47
  Speaker 1: like anything else that is AML and what we're dealing
• 16:50
  Speaker 1: with right now on the bank secrecy side of things.
• 16:52
  Speaker 1: Why is there more stringency when it comes into something
• 16:57
  Speaker 1: like this, which is basically just a new way to
• 16:59
  Speaker 1: do the same thing we've always done.
• 17:02
  Speaker 2: Yeah. No, And like our question is, like the deeper
• 17:04
  Speaker 2: question which we're always pushing back on, is you know,
• 17:09
  Speaker 2: the default is just to apply these BSA reporting obligations
• 17:13
  Speaker 2: onto these intermediaries. And I feel like we still yet
• 17:16
  Speaker 2: haven't taken a step back to look at like does
• 17:19
  Speaker 2: that information collection actually work when it comes to combating
• 17:22
  Speaker 2: listed activity? And actually, with this technology, are there ways
• 17:25
  Speaker 2: to combat listed activities in a way that's actually better
• 17:29
  Speaker 2: and more efficient and also requires less personally identifiable information.
• 17:34
  Speaker 2: I think yes. So that's always part of our argument
• 17:36
  Speaker 2: as well.
• 17:37
  Speaker 1: All right, So there's another thing that's starting to concern me,
• 17:41
  Speaker 1: and that is Trump's most recent pick or nominee, I
• 17:44
  Speaker 1: should say, to serve as director of the Concern of
• 17:47
  Speaker 1: Financial Protection Bureau. This is Brian Johnson. This is when
• 17:52
  Speaker 1: we dive in to him a very pro bank support.
• 17:57
  Speaker 1: I don't know is this a good thing? Because this
• 18:00
  Speaker 1: looks to me like Trump knows this guy is pro
• 18:03
  Speaker 1: bank and this is going directly at the core of
• 18:06
  Speaker 1: what everybody is wanting, and that is financial freedom away
• 18:10
  Speaker 1: from the big banks. So we've got the opportunity to
• 18:12
  Speaker 1: do something else. What do you think about this?
• 18:15
  Speaker 2: Yeah, I think honestly my biggest fear with these recent
• 18:19
  Speaker 2: nominations across the board is the fact that it is
• 18:23
  Speaker 2: going to start eating into floor time on the Senate floor. Yes,
• 18:26
  Speaker 2: so we have Jay Clayton, now we have Brian Johnson,
• 18:29
  Speaker 2: we have the interview General. I think across the board,
• 18:33
  Speaker 2: those all need to go to a vote at some
• 18:36
  Speaker 2: point soon. And so how does that impact the sequencing
• 18:40
  Speaker 2: of the Clarity Act? That is really like I think,
• 18:43
  Speaker 2: on top of the substance, and in terms of you know,
• 18:48
  Speaker 2: mister Johnson being the potential director of the CFPB, I
• 18:51
  Speaker 2: think in the near term, I'm honestly more nervous about
• 18:54
  Speaker 2: how these various nominations play into eating up the very
• 18:58
  Speaker 2: little available Senate floor time.
• 19:00
  Speaker 1: Let me ask you this just as a scenario, because
• 19:02
  Speaker 1: I I don't know enough about policy when it comes
• 19:04
  Speaker 1: to getting these things through. Let's just say that, you know,
• 19:08
  Speaker 1: the text comes in and there's it's workable okay, and
• 19:13
  Speaker 1: it gets to the House. The House says, yeah, okay,
• 19:15
  Speaker 1: we can workable, but we run out of time. We
• 19:17
  Speaker 1: just literally run out of time on workable days in
• 19:21
  Speaker 1: which the Senate could actually vote on it. What is
• 19:24
  Speaker 1: the process on that? When you have a House that's
• 19:26
  Speaker 1: actually said yeah, and a Senate that seems to have
• 19:29
  Speaker 1: agreed to something in principle, what happens then?
• 19:34
  Speaker 2: Yeah? So I do think like we have. The Senate
• 19:37
  Speaker 2: is still in session for a few more weeks. The
• 19:40
  Speaker 2: issue now is that the House leaves for August recess,
• 19:44
  Speaker 2: actually the end of this week. Yeah, so if the
• 19:46
  Speaker 2: Senate passed it this week or next week, it won't
• 19:48
  Speaker 2: get to the House until September. Unless Mike Johnson decides to.
• 19:52
  Speaker 1: Keep people one extra Yeah, that's what I was seeing.
• 19:54
  Speaker 1: They just hold them over.
• 19:56
  Speaker 2: They could. I think that there's a lot of like
• 19:59
  Speaker 2: in district events, people are campaigning, they're still hotels. I
• 20:02
  Speaker 2: think it's unlikely he would keep them. So if if
• 20:06
  Speaker 2: we pass, that's also the danger now that we're we're
• 20:08
  Speaker 2: likely not going to get it done in time for
• 20:10
  Speaker 2: it to get immediately sent over to the House and
• 20:14
  Speaker 2: put forward. Is that then you know, if the Senate
• 20:17
  Speaker 2: passes it off the floor, let's say later this week,
• 20:21
  Speaker 2: early next week, it's just going to be sitting out
• 20:23
  Speaker 2: there before the House can take it up. And that's
• 20:26
  Speaker 2: obviously scary for Bill to be out there for that long.
• 20:29
  Speaker 1: Not good. That's when you know, yeah long, thank wrong,
• 20:32
  Speaker 1: tch care Yeah no good.
• 20:34
  Speaker 2: Well, that's why it's so important that it gets to
• 20:36
  Speaker 2: the Senate floor before the August recess, because then it's
• 20:38
  Speaker 2: through the Senate, so when the House comes back, they
• 20:41
  Speaker 2: just need to green stamp it and then it'll go
• 20:43
  Speaker 2: to the President. I think the biggest fear is that
• 20:46
  Speaker 2: if we let it, if we don't have the vote
• 20:48
  Speaker 2: on the Senate floor ahead of August, then to your point,
• 20:51
  Speaker 2: all these senators, who I think are in a good
• 20:54
  Speaker 2: place right now, they go home to their districts, they're
• 20:57
  Speaker 2: hearing from their people, they're hearing from the banks, et cetera.
• 21:00
  Speaker 2: I think that leaves us in a really really hard
• 21:02
  Speaker 2: spot on the Senate September, which is why we've said
• 21:05
  Speaker 2: we think it's necessary for the bill to get a
• 21:08
  Speaker 2: vote on the Centate floor before the August reesays. Otherwise, honestly,
• 21:11
  Speaker 2: my percentage goes from sixty down very close to zero.
• 21:16
  Speaker 1: Ooh, did you hear that, guys, Very close to zero
• 21:20
  Speaker 1: coming from the Blockchain Association. That's the kind of concern,
• 21:23
  Speaker 1: that's the urgency that we've got out there. So hopefully
• 21:26
  Speaker 1: you are talking to your lawmakers out there in your
• 21:30
  Speaker 1: own districts to kind of continue to push at least
• 21:32
  Speaker 1: from the consumer side, that we want to get something
• 21:34
  Speaker 1: done here. Listen, this has been great, Lindsay. We're going
• 21:37
  Speaker 1: to have you back on, hopefully in better times where
• 21:41
  Speaker 1: we're actually dealing with new policy going going forward, and
• 21:44
  Speaker 1: we got all kinds of good things to talk about.
• 21:46
  Speaker 1: But thanks for coming in today. We appreciate it.
• 21:48
  Speaker 2: Awesome. Thank you so much.
• 21:57
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• 21:59
  Speaker 1: comment down below, and also join our free private member
• 22:02
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