Latest / The Paul Barron Crypto Show / Biden Crypto Bill Veto Deadline Today | Elizabeth Warren Done?

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Biden Crypto Bill Veto Deadline Today | Elizabeth Warren Done? · The Paul Barron Crypto Show

0:07
All right, so we have a deadline approaching. It is with mister Biden,
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and of course all of this is relating to SAB one twenty one.
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I'll break it down for you guys and what it might mean for crypto in
0:16
the next few days. So make sure and stay tuned. Right here.
0:19
My name is Paul Bara. Welcome back into tech Path. I want to
0:21
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All right, let's get into it. A lot is happening right now.
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We'll break down some of the SAB one twenty one news and why this
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is such an important next really forty eight hours as we go through the weekend
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and on Monday, we're going to see a very interesting, I think,
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decision. But before that breaking April PCEE inflation now is holding steady right now,
1:18
in line with expectations at two point seven, which is good. Core
1:21
PCEE inflation was two point eight, in line with expectations at two point eight,
1:25
so that at least is holding. So the key I think, of
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course with the FED is that we needed a little bit more on the downside
1:34
to be able to see some potential. So I think we're still in for
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the narrative of no cuts now. Question whether or not we get cuts later
1:41
in the fall still yet to see once we see the true inflation data start
1:46
to come out over the summer months. Another thing I want to hit on
1:49
right here, of course is coinbased coinbase platform APIs just launched, so the
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ETHTF is going to launch in the middle of on chain summer, so expect
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some pretty big movement there, I don't think, and I would agree with
2:00
that you're probably not bullish enough because there's going to be a lot of movement
2:04
I think through on chain summer base and everything that's happening within the eth ecosystem.
2:08
Make sure and check that out. All right. One thing I want
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to do is get to a clip here, because this gets into a little
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bit about what's happened in the month of May, because a lot happened here.
2:19
Take a look. Let's go back through the month of May. May
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eighth, the administration comes out says we're going to veto a relatively benign bipartisan
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bill working its way through Congress. President Trump sees that on May eleventh and
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says, there's a place for crypto in my administration. The eighty five ninety
2:38
million Americans that own crypto look at that and say, well, that seems
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reasonable that the administration the Democratic Party realizes, oh geez, maybe we're on
2:45
the wrong side of politics. They then say we won't veto an additional bill
2:50
that's working its way through the House and ultimately passes the House. President Trump
2:54
then doubles down says, not only is there a home for crypto, I
2:57
want to support it. I wanted to develop here in America because I want
3:01
to support interesting new technologies in this country. Then the administration looks at it
3:07
and said, well, we have to do something. The ethereum ETF gets
3:12
approved also in May, so you basically have both parties realizing you have a
3:16
large elector, mostly male, many non white, disproportionately non white. We're
3:23
interested in digital assetsting and interested in seeing developed, and so both parties are
3:28
saying, what can we do to be helpful. It certainly all started with
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May eleventh at mar A Lago, President Trump saying, hey, there's a
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place here in my administration. All right, so I would agree to a
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certain extent. A lot of these kinds of situations did coil up, but
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there was a lot of work that was done, I think in the lobbying
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infrastructure in DC that put a lot of this in place. And I'll explain
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this in a second, because that really is the support. When you look
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at any kind of political support, it usually comes with money. Now,
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the validating stamp. Sure, I think that started with President Trump, former
4:00
President Trump, and where that's going. In course, now we're seeing a
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complete almost pivot and about face from even the Biden Mighte House. So a
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lot of that queuing into this one thing, and that is SAB one twenty
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one. All right, So here's a quick tweet, right, here probably
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forgot, but I think a lot of people understand SAB one twenty one.
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This is essentially in the president's hands right now, and he can either veto
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this and it would basically approve what the sec was trying to do, which
4:28
was keeping the banks from holding crypto custding crypto, or he can veto it.
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If he vetos it, then that would occur, and of course that
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changes everything. If he lets this go through, or even if he doesn't
4:40
do anything, it would automatically go into LASS, So that in itself is
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a huge step in the right direction. We'll know all of this on Tuesday
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next week, so next few days very very important for what's happening. Here's
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Ryan sharn Adams from bank Lists talking about this. If he lets the SAB
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one twenty one repeal pass without a veto, then maybe I'll take his crypto
5:01
pivot more seriously. And he's looking at the point of is the White House
5:05
just positioning right now positively because of the potential vote swing that the pro crypto
5:13
voters could be. Will know a little bit more early next week. Another
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thing that's happening though, which I thought was kind of interesting, is that
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Cynthia Lummis and Patrick McHenry are pressing Biden not to repeal this, So they
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actually did a letter. This is here recently too. A couple of points
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they noted out. This was a letter on Thursday yesterday to President Biden citing
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the bipartisan votes that supported this and the overwhelming vipartisan we urge you to sign
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out the HJA Res one nine into law and work with the SEC to send
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the staff guidance, which was the SAB one. So why would they send
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this letter if there's not some potential possibility of him actually vetoing. That will
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be something to watch. So there's a lot happening right now. DC politics
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are going to be politics, and I think we're going to see a very
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interesting next week, especially around Ethereum and I think some of the other projects
6:12
that we're going to see more activity on, especially as we get through more
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regulatory alignment. Here. Another thing here coming in from uniswap right here to
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a little too late. This is pantern to the crowd is missing the point.
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The dem establishment is finally realizing that being anti crypto by letting Senator Warren
6:30
run financial policy will lose elections. I think that is true because we have
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seen so many Democrats starting to cross the lines when it comes to supporting these
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crypto bills and also the legislation that's out there. So this I think is
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true. Whether they really change the Democratic Party, I think that still is
6:49
up for debate. Remember, a lot of the Dems are in a position
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right now where they could lose the Senate. So I think this is becoming
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much more important over the summer. If you look at kind of where the
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support has come from, and this is in reference to lobbying. This is
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data coming back from twenty twenty two and crypto is here, big tech,
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pharma, defense, and then investment. I want you to note the investment
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category because when you go over to Open Secrets and you look at where the
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money is coming for from right now about a billion. That's These are the
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current data data points right here. Let me kind of zoom out on this
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for you guys, so you kind of know what's happening. But these are
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the interest groups. This is twenty twenty four right here, and you see
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right there on the top group finance, insurance, real estate. You drop
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into that to take a look at the sector and you start looking at the
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companies that are involved in all of this is either Wall Street or Big Crypto.
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Let me kind of zoom in on that. So you have Susquehanna,
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an Exchange, Citadel, Coinbase, Ripple, gray Lock, Andresen that's a
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sixteen Z and so on. So a lot coming in from the I would
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call it the staple financial support of the crypto side of things. And this
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is the biggest area of support, all right. So when you further look
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at where the money's coming from, you can kind of see the outside spending
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by super packs and you've got make America great again. This of course supporting
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Trump. You look in the size of that total race right there, one
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hundred and nine mil. Then you go in and look further down here,
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guess what fair Shake right there underneath it? And of course fair Shake is
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supporting a lot of what's happening in the crypto markets with mostly the finance side
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of the support. I want to go to another clip here real quick,
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and this is RFK talking a little bit more about Gensler and Trump's position on
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crypto listening and what's your message in the context of the fact that Trump has
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now come out and said he's broad crypto. I think it list the more
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politicians and you know, Gary Gensler, I'm also came out, you know,
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recently to do thet for Ethereum, and I think those are are promising.
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Are they politically driven? You know, probably, but I'm not going
9:03
to look into their motivations. I'm just happy they're doing it. We need
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to go a lot further. We need to make sure that we can get
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capital flowing into cryptos in this country. And there have been twelve hundred new
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cryptocurrencies registered in Switzerland. The collective value of those companies is three hundred and
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sixty billion dollars. All of those are registered there. Because of the hostility
9:31
of this administration, the war that they mounted on cryptocurrencies. The only way
9:37
that we're going to resolve the dead crisis is with the new industry. And
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the obvious industries for doing that are blockchain and AI, and we need to
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make sure not to drive them out of this country. So totally agree with
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RFK on this one. You look at the size and he is mentioning that
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the and with this is something we've talked about over and over again as innovation
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as been moving offshore for quite some time. It's pretty much been kind of
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our mantra of you know, backing what's happening within the blockchain industry. Just
10:07
look at the blockchain developer jobs. This was back in twenty two. Look
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at that growing, growing, growing, I mean, this is exponential growth
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from twenty twenty up to twenty two. And imagine had we had policy in
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place where this would be now, you could be seeing ten thousand jobs out
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there now in twenty twenty three, very little activity. Of course, this
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means jobs, this means money and GDP, it means innovation. All of
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that potential starting to come back to the United States. But at the end
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of the day, we have to be able to really show it and not
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just do lip service to the industry, which is really just you know,
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taking the money from the lobbies and not actually getting things done. The good
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thing is we have a lot of movement in the right direction. Now it's
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not done yet. All right, Let's go to another clip here. This
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is just RFK talking about his chances, and he talks a little bit about,
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you know, kind of his position against the two other candidates. Take
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a look, let's you and I do a poll in October of you against
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President Trump and me against President Trump will joint finance the poll, big group
11:11
of people, and whoever does worse against President Trump will drop out of the
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race. And I'm happy to do that if he takes that deal. But
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I have five months in five days, and I'm beating I'm beating President Trump
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and President Biden among people under thirty five years mayor all Americans under thirty five.
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I'm beating them in independence, and I beat them in a lot of
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other courts. The one group that I don't do well in is with baby
11:39
bloomers. The group that I don't do well with this group that never sees
11:45
me. And so my job really over the next five months is to convince
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Americans to vote out of hope rather than vote out of fear. Eighty percent
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of Americans say they don't want to have to choose between President Trump and President
11:56
Biden. And all right, so you guys can kind of see the landscape
12:01
is shaping up, kind of interesting. We are going to have an electrically
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charged summer for sure with these candidates. And remember Trump gets convicted yesterday thirty
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four counts. This could change a lot of the polls going forward. It
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also could shift some of the center, because that's one of the things I
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look at is who controls the center? Is that Biden? I feel like
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he leans a little bit more to the hard left. Trump I feel like
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leans a little bit more to the hard right. You have, you know,
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RFK kind of in the middle here, But who picks up more in
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the center? Is the question? After those convictions yesterday was with Trump,
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many people would look, all right, we'll see how he's doing now.
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Currently, campaign says it's raised another thirty four point eight million. Remember the
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website. I don't know if you guys saw this, but his website for
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his site in terms of they're raising money went down because of traffic. So
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that was right after the event. And of course you've got other things happening
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out here, and that is meme coins political meme coins now starting to heat
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up after the jury found Trump guilty. You look at what's happening with one
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of the meme coins is to write out there, which is just Trump.
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This of course is the seven day. You can see it just taking off
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right here. So again, what's the real state of the United States in
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terms of how people are looking at the candidates, especially when you're thinking pro
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crypto and who are you going to vote for? You know, let me
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know down in the comments. I always love to get you guys feedback.
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I want to go to another clip here. This gets into mister Deaton,
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John Daton going head to head with Senator Warren. This is something that may
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actually change the face of the race. Take a look. So, assuming
13:43
you do, can you realistically beat Senator Warren on that turf? Sixty four
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percent of voters in Massachusetts are independent. She has a forty one percent approval
13:52
rating. She came in third in the Democratic primary. She couldn't even take
13:58
second place in her state, in the state, which proves with the right
14:01
candidate, she will be beat. And I am the right candidate. But
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Warren had at that point seventeen million. How do you compete? Well,
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actually, right now, I outraised her in the first quarter, even though
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I only had half of the time. She has four point two million in
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the bank last reported and I had one point three. So I'm behind her,
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but not behind her as many would think. But she just issued another
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letter specifically at Crypto, tied to the Fennyl trades. She is staying in
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the crypto headline a curarently Crypto is the blame for everything, and her focus
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on crypto proves that she is now the number one lobbyist for the banking industry
14:43
in America. The White House today pivoted on crypto, said, now of
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a sudden, they want to work with the crypto industry. So the good
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news is she's losing. It's going to be her and Gary Gensler is going
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to be the entire anti crypto army. But as I mentioned, you also
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have a a primary coming up. What's your prediction for how you doing?
15:03
I September third? Is that right? Yes? And I can tell you
15:07
I'm very confident that I'm going to be the Republican nominee. And you want
15:11
to know who else is confident I'll be the Republican nominee. Elizabeth Warren.
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She also called me a threat to democracy and all this other kind of nonsense.
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But I got her attention. She got up, uttered my name,
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started making jokes with her friends about me. So I have her attention.
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I will be the nominee, and I'm telling you we're going to shock the
15:31
world. I'm gonna retire Elizabeth Warren. I'd feel it in my core.
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I love John. He's been on our show many times. I'm a big
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fan of Deaton and what he's doing and what he stands for really is just
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freedom. I think that's the whole concept. If you guys are not behind
15:46
him right now, and they're not, you know, the campaign is not
15:50
paying us to insert this at all. This is just us looking at the
15:54
landscape. If you understand what's happening in crypto, you understand that Senator Warren
15:58
is most likely the arch nemesis and this is one that we have to displace.
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Deeton is right now the number one potential opportunity. So get out there,
16:07
donate help them out, because even if you're not moving in Massachusetts,
16:12
I think this is one of those times in our chance where we get to
16:17
actually make a difference out there. So if you're not part of the Diamond
16:21
Circle, get in right now. It's a great place to get additional content.
16:23
We do an email daily. It goes out with additional materials. Sometimes
16:27
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16:30
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16:34
on x at Paul Baron. We'll catch you next time. Right here on tech Maath