Latest / The Paul Barron Crypto Show / CLARITY Bill Released🚨Banks Immediately Attack Senate!🔥

Transcript

CLARITY Bill Released🚨Banks Immediately Attack Senate!🔥 · The Paul Barron Crypto Show

• 0:00
  Speaker 1: The bank's attack Clarity today and we're going to be
• 0:02
  Speaker 1: breaking it down for you because there is a lot
• 0:03
  Speaker 1: happening in DC that may start to give us some
• 0:06
  Speaker 1: insight on where this is headed. For you guys, to
• 0:09
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  Speaker 1: give you a little bit of a discount to get going.
• 0:27
  Speaker 1: A couple of things happening within Clarity, actually a lot
• 0:30
  Speaker 1: of things happening, But the biggest news for today was
• 0:34
  Speaker 1: this right here, and that is the drop of the
• 0:36
  Speaker 1: text of how this is going to go into the Senate.
• 0:40
  Speaker 1: Note here, guys, six hundred and sixteen pages are in
• 0:44
  Speaker 1: this document. This is up two hundred to three hundred pages.
• 0:48
  Speaker 1: All of this has been centered around ethics. As we
• 0:51
  Speaker 1: start to boil down to the final few days that
• 0:54
  Speaker 1: are coming, and that is fourteen days away from Senator
• 0:58
  Speaker 1: course going into their recess. Remember the houses out this week,
• 1:02
  Speaker 1: but the Senate still has a few more days to
• 1:04
  Speaker 1: be able to line this up and possibly get a
• 1:06
  Speaker 1: position going into it. Now, there's a lot of people
• 1:09
  Speaker 1: looking at something that is going on right now. If
• 1:13
  Speaker 1: you just take a look at the poly market, it
• 1:14
  Speaker 1: has been a whipsaw where we've seen the low coming
• 1:18
  Speaker 1: in around thirty percent, and now of course the reversal
• 1:21
  Speaker 1: after what people thought would be a little bit of
• 1:24
  Speaker 1: a pushback from the Trump administration around ethics, that of
• 1:28
  Speaker 1: course is starting to shift in terms of the tide.
• 1:31
  Speaker 1: And there's a few reasons why. One thing to know
• 1:34
  Speaker 1: right here is this whole point that Tom tillisent or
• 1:37
  Speaker 1: Tom Tillis might throw the banks of bone with circuit
• 1:40
  Speaker 1: breaker language. That was not the case, and of course
• 1:43
  Speaker 1: with that one of the things that they will use
• 1:46
  Speaker 1: as an attack vector will They kind of revealed it
• 1:49
  Speaker 1: right here. This is the US Hispanic Chamber of Commerce.
• 1:53
  Speaker 1: This is the area they're going into. And the point
• 1:56
  Speaker 1: they get at is again this BS around accelerating deposit flight.
• 2:02
  Speaker 1: You guys know, we've talked about this. It's been proven
• 2:04
  Speaker 1: against over and over again with report after report, economic study,
• 2:10
  Speaker 1: all of this has been disproved, and of course the
• 2:12
  Speaker 1: banks continue to hook on that. All right, So who
• 2:15
  Speaker 1: is the US Hispanic Chamber Commerce? How do they set
• 2:19
  Speaker 1: up there? So who's behind them? Well, if I look
• 2:21
  Speaker 1: at their sponsorship opportunities, you can start to see some
• 2:26
  Speaker 1: of their big ones. Their National conference is coming up.
• 2:29
  Speaker 1: They break it down. There's the national conference co chair
• 2:32
  Speaker 1: two hundred and fifty grand you can get for that.
• 2:34
  Speaker 1: Then you get into the corporate signature around one hundred grand,
• 2:37
  Speaker 1: another fifty for Court Corporate, Platinum, Gold Corporate at twenty five.
• 2:42
  Speaker 1: So they have some good deals here. Now if you
• 2:44
  Speaker 1: go over to their event, well, look at what we
• 2:47
  Speaker 1: find out the corporate co chair Bank of America, and
• 2:52
  Speaker 1: then who is as a signature sponsor. That's one hundred
• 2:55
  Speaker 1: k from JP Morgan Chase. And then you have, of
• 2:58
  Speaker 1: course what is wells fark, what's the deal? Are they
• 3:00
  Speaker 1: being cheap here or what? But that's the fact you've
• 3:03
  Speaker 1: got all these banks supporting this, and of course it
• 3:05
  Speaker 1: is one of those last ditch efforts that they're trying
• 3:09
  Speaker 1: to get across the line. We talked about it earlier
• 3:12
  Speaker 1: this week. What would they do? What kind of strategy
• 3:15
  Speaker 1: would they use? Well, this is one of the strategies
• 3:17
  Speaker 1: they've tried to use. Another one is what's happening right
• 3:21
  Speaker 1: now with the Democrats? And this is interesting because the
• 3:24
  Speaker 1: Democrats came together and put together this statement, and one
• 3:28
  Speaker 1: of the statements, this of course, came from Senator also Brooks.
• 3:31
  Speaker 1: You also had qrtes Mast. Remember these names, Gego, We've
• 3:34
  Speaker 1: talked about these over and over. Hicken Looper was another
• 3:37
  Speaker 1: one we just talked about the other day. Warner, the
• 3:40
  Speaker 1: Democrat out of Virginia. All right, so one of the
• 3:42
  Speaker 1: things I want you guys to note is this right here,
• 3:44
  Speaker 1: and I'll read this. It's the Republican proposed text of
• 3:47
  Speaker 1: the Clarity Act as it currently stands fall short key provisions,
• 3:52
  Speaker 1: including those addressing ethics for elected officials, consumer protection, elictit, finance,
• 3:58
  Speaker 1: conflicts of interest, and of course, market integrity must be strengthened.
• 4:03
  Speaker 1: We have been working in good faith with our Republican
• 4:06
  Speaker 1: colleagues for the past year, and we'll continue to do
• 4:09
  Speaker 1: so to get this What is going on here. These
• 4:12
  Speaker 1: were the people that supposedly were against it. This is
• 4:15
  Speaker 1: a very soft spoken term, and I think this showcases
• 4:20
  Speaker 1: some very interesting issues ahead. Now I want to go
• 4:23
  Speaker 1: to a clip here. This is Senator Lummis, And this
• 4:27
  Speaker 1: goes back to the banks, which I think are continuing
• 4:30
  Speaker 1: to hammer and put pressure on these senators, and I
• 4:34
  Speaker 1: think it's starting to show. Take a look.
• 4:37
  Speaker 2: Understand though, and I understand do you that the banks
• 4:40
  Speaker 2: had their concerns, and you've spoken with Jamie Dimond about
• 4:43
  Speaker 2: those concerns.
• 4:45
  Speaker 3: We haven't seen any evidence of that that people are
• 4:47
  Speaker 3: taking money out of deposit accounts, by the way. In fact,
• 4:49
  Speaker 3: the last couple of banks that we reported on, which
• 4:52
  Speaker 3: are on earnings last week, their deposits were up.
• 4:57
  Speaker 4: So we're facing some headwinds.
• 5:00
  Speaker 3: It seems like you're going to have to even make
• 5:03
  Speaker 3: more concessions.
• 5:04
  Speaker 4: We've been working on it for eleven months, and maybe
• 5:08
  Speaker 4: the last six of those months have been seven days
• 5:10
  Speaker 4: a week. So there's a point at which we just
• 5:14
  Speaker 4: have to vote, Maria, We just have to vote. So
• 5:18
  Speaker 4: the problem is not the president. The problem seems to
• 5:23
  Speaker 4: lie in the US Senate. Banks are putting on a
• 5:26
  Speaker 4: full court press that's scaring some senators. The ethics part
• 5:32
  Speaker 4: with the Democrats is still a sticking point, I believe.
• 5:35
  Speaker 3: So you think you're still going to try to get
• 5:38
  Speaker 3: it over the finish line by the time you leave
• 5:40
  Speaker 3: for the August recess.
• 5:42
  Speaker 5: What do you think?
• 5:44
  Speaker 4: You know that's still my goal because I even personally
• 5:51
  Speaker 4: am losing the ability to muster the enthusiasm after eleven
• 5:58
  Speaker 4: months of negotiating to try to find an answer that
• 6:03
  Speaker 4: pleases everyone.
• 6:05
  Speaker 1: Definitely a little bit deflated. And I think the point
• 6:08
  Speaker 1: is that this is all about trying to get this
• 6:11
  Speaker 1: across the line for the American people, not for trying
• 6:13
  Speaker 1: to please everyone. Is in terms of maybe every senator
• 6:16
  Speaker 1: or is it other in special interest groups. That's the
• 6:19
  Speaker 1: pressure right now that continues to face this and this
• 6:22
  Speaker 1: is really the Bank's last attempt to try to thwart
• 6:26
  Speaker 1: this and kind of hold up the whole navigation of
• 6:30
  Speaker 1: how Clarity is going to go forward. Here's a clip
• 6:32
  Speaker 1: on Elizabeth Warren and also Brian Armstrong now bringing their
• 6:36
  Speaker 1: fight out to Twitter. Take a look.
• 6:39
  Speaker 2: Senate Republicans just released their updated version of the Clarity
• 6:43
  Speaker 2: Act and it's going to a vote on the floor.
• 6:46
  Speaker 2: This latest draft bill would make it easier for criminals,
• 6:49
  Speaker 2: oh and cartels and terrors to move money and finance
• 6:54
  Speaker 2: their operations. This bill should be dead on arrival.
• 7:00
  Speaker 6: You have to remember that the status quo is not
• 7:02
  Speaker 6: serving anyone in the US right now, there's no federal laws.
• 7:04
  Speaker 6: We've seen bad actors like FTX harm customers. So thank
• 7:08
  Speaker 6: you to all the stame with crypto members who've contacted
• 7:10
  Speaker 6: their representatives. I think over eight hundred thousand contacts have
• 7:13
  Speaker 6: gone out now.
• 7:14
  Speaker 1: All right, here's another point I want to get to. This,
• 7:16
  Speaker 1: of course, is a senator of Jillibrand facing tremendous backlash
• 7:20
  Speaker 1: from progressives over the ethics clauses within this. And this
• 7:25
  Speaker 1: is what I'm getting at right here, is that even
• 7:27
  Speaker 1: the Democrats, they don't really care about this. If you
• 7:30
  Speaker 1: look at Jillibrand's track record, her son, very young son
• 7:34
  Speaker 1: is now being invested in around crypto exchanges. This is
• 7:39
  Speaker 1: all about a money grab that and I think it
• 7:41
  Speaker 1: will be from here on out. There is no way
• 7:43
  Speaker 1: that this ethics is going to have any real teeth
• 7:46
  Speaker 1: in it. And if you look at the way it
• 7:47
  Speaker 1: plays out, I think this starts to put the market
• 7:51
  Speaker 1: into a position where maybe this does go through. Let's
• 7:54
  Speaker 1: take a look at what Patrick Witt had to say
• 7:56
  Speaker 1: about this, because this is kind of the issue around
• 7:59
  Speaker 1: everyone's understand of what an enormous concession this is, so
• 8:03
  Speaker 1: any other complaints. This is just them, you know, virtue signaling.
• 8:07
  Speaker 1: I think this is where we are right now. It
• 8:09
  Speaker 1: may move this ball forward, take a look at.
• 8:11
  Speaker 5: This clip, but I can tell you that that is
• 8:13
  Speaker 5: no small feat and that should not be understated. Just
• 8:18
  Speaker 5: how important of a concession that is. How many other
• 8:22
  Speaker 5: ethics provisions applied to the president of the United States zero.
• 8:26
  Speaker 5: I mean, if you're making the argument that this provision
• 8:28
  Speaker 5: is insufficient because it doesn't have state attorneys general enforcing it,
• 8:32
  Speaker 5: then you're basically making the argument that every ethics provision
• 8:35
  Speaker 5: that is on the books for federal officials is insufficient
• 8:38
  Speaker 5: because it also doesn't have state attorneys general enforcing it.
• 8:41
  Speaker 5: So we need to have a much bigger conversation if
• 8:45
  Speaker 5: that is the position of the Democrat Party. Let people
• 8:47
  Speaker 5: judge for themselves, and I think what they'll see is
• 8:49
  Speaker 5: that this White House has made an enormous concession here, all.
• 8:54
  Speaker 1: Right, So two points, and I think a lot of
• 8:56
  Speaker 1: people are missing this is this is the first ethics
• 8:58
  Speaker 1: provision that has target a single administration. And remember this
• 9:03
  Speaker 1: new copy starts to sunset in twenty twenty nine, when
• 9:07
  Speaker 1: basically Trump leaves office. The other thing he hits on
• 9:10
  Speaker 1: is the Attorney's General at the state level versus the
• 9:14
  Speaker 1: Department of Justice that usually is going to be going
• 9:17
  Speaker 1: in this direction in terms of enforcement, and it's never
• 9:19
  Speaker 1: been done before. So I think to that point, you
• 9:22
  Speaker 1: are just going to get posturing from here out. Now,
• 9:24
  Speaker 1: where does this leave this in terms of potentially getting through.
• 9:29
  Speaker 1: One other point I want to go to is another
• 9:31
  Speaker 1: clip of Patrick McHenry, and we've talked to him before
• 9:35
  Speaker 1: about this issue, and that is the definition of digital assets.
• 9:41
  Speaker 1: Listen to this.
• 9:42
  Speaker 7: What they fail to realize, and the debate right now
• 9:46
  Speaker 7: Capitol Hill fails to realize, is that we don't have
• 9:48
  Speaker 7: any federal law dictating what is a digital asset, what
• 9:51
  Speaker 7: does a means of exchange in the legal parameters around
• 9:54
  Speaker 7: those things. So there is currently no law on this.
• 9:57
  Speaker 7: The best ethics language we have is actually passing the
• 10:00
  Speaker 7: Clarity Act, so you have a clear definition. So the
• 10:04
  Speaker 7: big thing here is to get the bill done.
• 10:06
  Speaker 3: Your point is well taken, mister Chairman, that you actually
• 10:08
  Speaker 3: need the market structure portion of this to be able
• 10:11
  Speaker 3: to define what it is that you want to restrict
• 10:13
  Speaker 3: the president's family from doing.
• 10:15
  Speaker 5: Well.
• 10:15
  Speaker 1: This is the part of the interview where you feel
• 10:18
  Speaker 1: happy to not be in Congress anymore.
• 10:21
  Speaker 8: Patrick McHenry, what's about to thank you? What's about to happen?
• 10:26
  Speaker 6: All right?
• 10:26
  Speaker 1: So what's about to happen here, I think is I
• 10:29
  Speaker 1: think the Democrats are going to finally cave. One thing though,
• 10:33
  Speaker 1: that did happen was what came out of the US House.
• 10:36
  Speaker 1: They officially passed a Stop Insider Trading Act. Guys, this
• 10:41
  Speaker 1: is all bs. There's no way this ever gets through.
• 10:45
  Speaker 1: And this of course went through the House knowing that
• 10:48
  Speaker 1: the Senate will never push this through. And of course
• 10:50
  Speaker 1: the whole point is this insider trading issue that has
• 10:53
  Speaker 1: been rampant in DC and I think is going to continue.
• 10:56
  Speaker 1: It's pillaging of the markets in the future. Part another
• 11:00
  Speaker 1: thing that was kind of up against Clarity was the
• 11:03
  Speaker 1: current budget, so that of course gets greenlit House past
• 11:08
  Speaker 1: that now and what we're talking about is the traditional
• 11:11
  Speaker 1: budget for the US government that of course is now
• 11:13
  Speaker 1: passed till after the midterm. That's out of the way.
• 11:17
  Speaker 1: All of this lining up, and here is something that
• 11:20
  Speaker 1: you have to be ready for. John Thune plans to
• 11:22
  Speaker 1: hold a vote next week on Clarity as soon as
• 11:25
  Speaker 1: next week, even without a deal with the Democrats, So
• 11:28
  Speaker 1: be ready for that. Guys. This could change things up. Now.
• 11:31
  Speaker 1: I've got a clip here that gets into Dana Love
• 11:34
  Speaker 1: talking about this is kind of the barest side of
• 11:37
  Speaker 1: it because when you look at where these votes are
• 11:40
  Speaker 1: going to come from. Just take a look.
• 11:43
  Speaker 8: My current odds of success are fifteen percent. Almost every
• 11:47
  Speaker 8: outlet is printing the Clarity needs seven Democrats. That number
• 11:51
  Speaker 8: is wrong. Senator Mitch McConnell has not cast a floor
• 11:54
  Speaker 8: vote since June eleventh. Senator and Paul and Senator Josh
• 11:58
  Speaker 8: Hawley both voted against the Genius Act Galaxy Research, and
• 12:02
  Speaker 8: I expect both of them to oppose Clarity. That's fifty
• 12:07
  Speaker 8: sixty minus fifty is ten. Coin Desk published the same
• 12:11
  Speaker 8: logic this morning. Their words, the Senator is expected to
• 12:15
  Speaker 8: need at least ten Democrats. Count the Democrats who have
• 12:17
  Speaker 8: publicly endorsed the Ethics Provision, zero count the ones on
• 12:21
  Speaker 8: record against it or conditional unchanges. Gallego also Brooks, Jillibrand,
• 12:26
  Speaker 8: Warren Murphy, Van Holland Murkley. That's seven named senators, and
• 12:31
  Speaker 8: the first two are the only two who ever voted
• 12:34
  Speaker 8: for this bill in committee. There is one more variable,
• 12:38
  Speaker 8: Senator Lindsey Graham died on July eleventh of an aortic dissection.
• 12:41
  Speaker 8: Governor Henry McMaster appointed his sister. She has no voting
• 12:45
  Speaker 8: record on Crypto. As far as I can tell, no
• 12:48
  Speaker 8: one has asked her where she sits on this.
• 12:51
  Speaker 1: Yeah, yeah, yeah, all right, so yeah, yeah, exactly. You're
• 12:56
  Speaker 1: going to get I think a standard rubber stamp coming
• 13:00
  Speaker 1: out of Lindsey Graham's sister. So that's a vote. And
• 13:03
  Speaker 1: then you look at the roll call and where this
• 13:06
  Speaker 1: has been in the past, the Republicans have been overly
• 13:10
  Speaker 1: prominent around supporting crypto. I don't think that changes. Clarity
• 13:14
  Speaker 1: went through the House a year ago, guys, And if
• 13:17
  Speaker 1: you break it down by post by party, post by party,
• 13:20
  Speaker 1: you can pretty much see the Republicans are not going
• 13:22
  Speaker 1: to bend on this. They're going to pass it through.
• 13:25
  Speaker 1: That's going to be the case in the Senate. The
• 13:28
  Speaker 1: real question is where is this going to come out
• 13:30
  Speaker 1: of the Democratic Party. There's a lot of Democratic senators
• 13:33
  Speaker 1: that are already posturing, I think, for a potential vote,
• 13:37
  Speaker 1: even though they have said that they may not. You
• 13:40
  Speaker 1: remember Angela Alsobrooks, this is one of them, right there.
• 13:42
  Speaker 1: Genius Act voted, she's got an a rating over on
• 13:46
  Speaker 1: Stand with Crypto, the closure votes, etc. All of this
• 13:51
  Speaker 1: all posturing, guys, all posturing. When you look something that
• 13:54
  Speaker 1: was dropped over on punch Bowl News, this is all
• 13:57
  Speaker 1: again virtue signaling. This was John Curse and John Corn
• 14:00
  Speaker 1: talking about Wednesday night they were going to share concerns
• 14:03
  Speaker 1: with the banking sector about the impact of stable coin
• 14:07
  Speaker 1: yield on the community bank deposits. Crypto is not going
• 14:10
  Speaker 1: to be loaning money for small businesses. That was Korn
• 14:13
  Speaker 1: saying that. So you look at what Corn has done
• 14:16
  Speaker 1: and you can got to see it right here. Here's
• 14:18
  Speaker 1: Korn close cloture vote on the Genius Act. Yes, yes, yes,
• 14:22
  Speaker 1: and even on if you guys will remember, if you've
• 14:24
  Speaker 1: covered this much on our channel, it was SAB one
• 14:28
  Speaker 1: twenty one, that House joint resolution that was also voted
• 14:31
  Speaker 1: pro via John Krn. So when all of that was done,
• 14:35
  Speaker 1: then of course, figure this is a DeFi lending platform.
• 14:40
  Speaker 1: They said, bank lending is going nowhere. Small businesses are
• 14:43
  Speaker 1: essentially going to be opting in for DeFi in the future.
• 14:47
  Speaker 1: That's the kind of issue that we are dealing with
• 14:50
  Speaker 1: right now. All right, So if you look at the market.
• 14:53
  Speaker 1: The last time we saw major candle movements was especially
• 14:57
  Speaker 1: on eth was during the Pector upgrade that I was
• 15:00
  Speaker 1: back in May of twenty five. If this goes through,
• 15:03
  Speaker 1: look for possibly God candles that would be outpacing even
• 15:08
  Speaker 1: this kind of movement right here. Nothing is going to
• 15:12
  Speaker 1: stop this train, as lenn Alden always says, And of
• 15:14
  Speaker 1: course this is pointing at some of the assets that
• 15:16
  Speaker 1: might be ahead of that. And I think this proves
• 15:20
  Speaker 1: it because one of the things that happened just yesterday
• 15:23
  Speaker 1: was Samsung dropped a major bomb in the industry, and
• 15:28
  Speaker 1: I think in any other day this would have been
• 15:30
  Speaker 1: probably front page news. They're launching stable coins, take a look.
• 15:35
  Speaker 9: And today we're bringing Samsung Galaxy Card launching in the
• 15:40
  Speaker 9: US in partnership with Barclay's and Visa and looking ahead,
• 15:44
  Speaker 9: Samsung Wallet will expand beyond cash and savings. It will
• 15:47
  Speaker 9: embrace new forms of digital value, including stable coins. This
• 15:53
  Speaker 9: will make Samsung one of the first major mobile brands
• 15:55
  Speaker 9: to bring native stable coins to a smartphone, enabling fast
• 15:59
  Speaker 9: and trust digital value transfers, bringing payments, rewards, and digital
• 16:05
  Speaker 9: assets together in one unified experience.
• 16:08
  Speaker 1: All Right, So guys that is such huge news. It
• 16:11
  Speaker 1: is one of the first and we've talked about this
• 16:13
  Speaker 1: on the show a lot is what major retail or
• 16:16
  Speaker 1: retail facing company would make the move first. Well, clearly
• 16:20
  Speaker 1: it looks like it's going to be Samsung, but if
• 16:23
  Speaker 1: you look at the market in general, they must have
• 16:26
  Speaker 1: been looking at this, and that is stable cooin transactions
• 16:29
  Speaker 1: right there, three hundred and sixty point four trillion dollars
• 16:34
  Speaker 1: that since the beginning of where we have been tracking this.
• 16:37
  Speaker 1: This is of course showing up on visa. If you
• 16:39
  Speaker 1: look at some of the transaction level stablecoin transactions by blockchain,
• 16:44
  Speaker 1: you can start to see some major movements here, the
• 16:46
  Speaker 1: ones that are coming down Tron. You see that Solana
• 16:50
  Speaker 1: starting to climb up. So when you look at the
• 16:53
  Speaker 1: dominant players here, it is mostly going to be eth
• 16:57
  Speaker 1: and Solana stablecoin transaction count by blockchain. A'll zoom in
• 17:01
  Speaker 1: on that so you guys can see this and where
• 17:03
  Speaker 1: this growth is happening. There's Ethereum right there in the blue,
• 17:08
  Speaker 1: there's Solana right there in the purple, and even you
• 17:11
  Speaker 1: can kind of take a look at B and B
• 17:13
  Speaker 1: chain starting to flatten, if not starting to climb down.
• 17:16
  Speaker 1: So point being guys. Two big winners here once Clarity
• 17:20
  Speaker 1: goes through is going to be Ethereum and of course
• 17:23
  Speaker 1: what could potentially happen with Solana along with some other
• 17:27
  Speaker 1: major projects out there that will benefit from this. So
• 17:31
  Speaker 1: get ready, guys, we are in for a big, big week.
• 17:41
  Speaker 1: If you like this video, like and subscribe, drop a
• 17:43
  Speaker 1: comment down below, and also join our free private member group.
• 17:47
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