Latest / The Paul Barron Crypto Show / CRYPTO VOTE INCOMING!🚨Emergency Ron Hammond INTERVIEW🔥

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CRYPTO VOTE INCOMING!🚨Emergency Ron Hammond INTERVIEW🔥 · The Paul Barron Crypto Show

• 0:06
  Speaker 1: A historic vote could be hitting Congress, and today we're
• 0:08
  Speaker 1: going to break it down for you because this will
• 0:10
  Speaker 1: have a lot to do with Crypto Week. My name
• 0:12
  Speaker 1: is Paul Barrea. Welcome back to the show. Let's get
• 0:14
  Speaker 1: into it. I want, of course, reveal a little bit
• 0:17
  Speaker 1: of what's happened up here on Congress kind of chaos
• 0:20
  Speaker 1: right now. Three major bills failed to get advanced. This,
• 0:24
  Speaker 1: of course, I think put a lot of people on
• 0:26
  Speaker 1: their heels in terms of how this is going to
• 0:28
  Speaker 1: play out in Crypto Week and according to what's going
• 0:31
  Speaker 1: on in the House right now, if you look at this,
• 0:34
  Speaker 1: most of it was being held up because of this
• 0:36
  Speaker 1: cbdc idea. So Marjorie Taylor Green was one of the
• 0:40
  Speaker 1: ones that actually started this concern, and let me play
• 0:45
  Speaker 1: a clip for her, and then we'll bring in Ron
• 0:47
  Speaker 1: Hammond to kind of break this all down. Take a look.
• 0:49
  Speaker 2: I will vote for the Genius Act when they banned
• 0:53
  Speaker 2: central bank digital currency and the Genius Acts.
• 0:56
  Speaker 3: So some conservatives want the stable cooind legislation and to be.
• 1:00
  Speaker 4: Married to the Clarity Act.
• 1:02
  Speaker 5: How much difficulty would that create in.
• 1:05
  Speaker 6: The Senate if they're married. Yeah, marriage is a good thing.
• 1:08
  Speaker 6: I just did it out a year ago. But one
• 1:10
  Speaker 6: of the things we don't want to do is have
• 1:11
  Speaker 6: a marriage in the Senate, have a marriage and the
• 1:13
  Speaker 6: scent between the Clarity Act and the Genius Act, because
• 1:16
  Speaker 6: the person presiding over that wedding would be Elizabeth Warren.
• 1:20
  Speaker 6: I can't imagine a worse situation in all of politics
• 1:24
  Speaker 6: than having Elizabeth Warren be the person presiding over the
• 1:29
  Speaker 6: Clarity I and the Genius that coming together.
• 1:31
  Speaker 1: All right, so this is a big deal. I want
• 1:33
  Speaker 1: to bring on Ron Hammond, who's been a contributor. Ron,
• 1:36
  Speaker 1: obviously you continue your lobbying efforts there in DC.
• 1:39
  Speaker 4: What does this mean right.
• 1:40
  Speaker 1: Now that we actually are getting revoted and now it
• 1:43
  Speaker 1: has just as of a few minutes ago actually went
• 1:46
  Speaker 1: through to advancing. Where does this stand right now in
• 1:50
  Speaker 1: terms of all these bills?
• 1:51
  Speaker 3: Yeah, sure, think Paul and Gladdie back on tend to
• 1:54
  Speaker 3: be so short of time, but there's no short of
• 1:56
  Speaker 3: drama in politics here. So for those who are not
• 1:58
  Speaker 3: aware of kind of what's happening right now, it's Wednesday
• 2:01
  Speaker 3: right now, and we are seeing the procedural votes. These
• 2:03
  Speaker 3: are the kind of the pre votes to the big
• 2:05
  Speaker 3: votes that happened later on, and these are these are
• 2:07
  Speaker 3: very party line actions here, but these are getting the
• 2:10
  Speaker 3: pre votes to the big things. And we've already seen
• 2:12
  Speaker 3: some drama play out, as you mentioned, largely around the
• 2:16
  Speaker 3: c DC bill. That's the Tom Emmer Bill, And as
• 2:19
  Speaker 3: we've seen in the past, this bill has come in
• 2:21
  Speaker 3: front in Congress before, actually came in front in twenty
• 2:23
  Speaker 3: twenty four.
• 2:24
  Speaker 4: And came for a vote. All Republicans voted and support
• 2:27
  Speaker 4: that bill.
• 2:27
  Speaker 3: Three Democrats actually voted and supported that bill as well,
• 2:30
  Speaker 3: But largely it's a pretty parson.
• 2:32
  Speaker 4: Bill and grand scheme of things.
• 2:35
  Speaker 3: Actually, And in other context for awareness is that we're
• 2:38
  Speaker 3: seeing a lot of the Republicans, many of those the
• 2:41
  Speaker 3: majority here, really feel like being slided in the House.
• 2:45
  Speaker 3: For those who are not flying politics as much, we
• 2:47
  Speaker 3: had a big, beautiful bill that was a Senate led effort.
• 2:49
  Speaker 3: We're seeing now recisions, which is more of the cuts
• 2:51
  Speaker 3: that are going to be appropriate, having likely this week,
• 2:54
  Speaker 3: that's a Senate led effort as well. So the House
• 2:56
  Speaker 3: has been getting in many sense rolled and the Senate
• 2:59
  Speaker 3: has been taking the leave here. But mind you again,
• 3:01
  Speaker 3: the Senate does have narrow margins when it comes to
• 3:04
  Speaker 3: having past certain bills, I think that sixty vote threshold.
• 3:07
  Speaker 3: But overall, what we're seeing is that we're seeing the
• 3:09
  Speaker 3: Freedom Caucus, which has been a pretty h some of
• 3:13
  Speaker 3: your terrorizers. At least it comes the legislation of the
• 3:15
  Speaker 3: folks called more of the true believers here wherever your
• 3:18
  Speaker 3: your purview is of them, they're really putting their foot
• 3:20
  Speaker 3: down here and saying, hey, this is something that the
• 3:23
  Speaker 3: President talked about with cebdc's and being opposed to it.
• 3:25
  Speaker 3: It hit mainstreams or the campaign during the Joe Rogan
• 3:27
  Speaker 3: podcast and several other podcasts down the road that really
• 3:30
  Speaker 3: elevates to the campaign status, and they're seeing this as
• 3:34
  Speaker 3: a venue to maybe put their foot down. Unfortunately, that
• 3:37
  Speaker 3: means that it's really hampering Crypto's ability to get legislation done.
• 3:41
  Speaker 4: You know the Genius Act that's under close.
• 3:43
  Speaker 3: Rules right now, that bill, if that does not get
• 3:46
  Speaker 3: changed at all, that goes right to the President's desk
• 3:48
  Speaker 3: and sable coin bill is signed a law. If it's
• 3:50
  Speaker 3: any change to that has to go back to the Senate,
• 3:52
  Speaker 3: and then for clarity that has not hit the Senate yet,
• 3:54
  Speaker 3: so regardless, it's going to have to go to the
• 3:57
  Speaker 3: Senate next and Tim Scott, as you put it on
• 3:59
  Speaker 3: that clip pretty much say don't combine the bills because
• 4:01
  Speaker 3: it's not gonna look pretty and you probably won't get
• 4:03
  Speaker 3: anything done.
• 4:04
  Speaker 1: So okay, So is Marjorie Taylor Green correct in saying
• 4:08
  Speaker 1: there is a back door in this?
• 4:10
  Speaker 3: So the bills that come out of these committees are
• 4:12
  Speaker 3: very very rare. So when members of Congress see and
• 4:15
  Speaker 3: abilding to move a finance services build, they try to
• 4:17
  Speaker 3: load it up with their own personal priorities. So Marjorie
• 4:19
  Speaker 3: Taylor Green, for example, she's not on Final Services. She
• 4:22
  Speaker 3: has not sat in these hearings that we've been seeing
• 4:24
  Speaker 3: multiple times and multiple years over and so this is
• 4:27
  Speaker 3: kind of her first engagement for crypto besides the votes
• 4:30
  Speaker 3: happened in two years ago, and so she's seeing this
• 4:33
  Speaker 3: as a way to more get political leverage for her
• 4:35
  Speaker 3: own personal priorities.
• 4:37
  Speaker 4: You know.
• 4:37
  Speaker 3: Again, the narrative is more of their building is that hey,
• 4:40
  Speaker 3: this is a back door for a CBDC because it
• 4:43
  Speaker 3: doesn't explicitly ban cbdc's in the Genius Act. However, that's
• 4:46
  Speaker 3: why the Anti CBDC Act is also included in this
• 4:49
  Speaker 3: vote series because they're saying, well, we're going to try
• 4:51
  Speaker 3: to mitigate your concerns here. But for many folks in
• 4:55
  Speaker 3: the margor Taylor Green camp, they're seeing this as an
• 4:58
  Speaker 3: ability to really push for the conservative causes, but also
• 5:01
  Speaker 3: to see the House have a little power over the Senate,
• 5:04
  Speaker 3: which is pretty rare sometimes for them to exercise that
• 5:07
  Speaker 3: and usually doesn't work out for the House that usually
• 5:09
  Speaker 3: is a Senate within control given their tire margins. But
• 5:13
  Speaker 3: they're using political power here and so it has unfortunately
• 5:16
  Speaker 3: just installed the process, even just for a day or two.
• 5:19
  Speaker 3: But the major concern, and I think for all folks
• 5:21
  Speaker 3: awareness who are in crypto to be aware of, is
• 5:23
  Speaker 3: that the latest push is now to have the CBDC
• 5:27
  Speaker 3: bill not with a stable coin bill, but with the
• 5:29
  Speaker 3: Clarity Act the Martin Structure Bill, and that bill is
• 5:32
  Speaker 3: on pretty.
• 5:33
  Speaker 4: Thin eye when it comes to odds in the Senate.
• 5:35
  Speaker 3: We've already seen a lot of centers on the Democrats
• 5:38
  Speaker 3: side really hole in their powder dry seeing how this
• 5:40
  Speaker 3: develops in the House, because they understand that the Clarity
• 5:43
  Speaker 3: Act is the probably the highest priority for a crypto
• 5:45
  Speaker 3: industry as a whole. Now you add ec to it,
• 5:49
  Speaker 3: which is a more of a Trump campaign promise situation,
• 5:53
  Speaker 3: it gives them all the more reason to walk away.
• 5:55
  Speaker 3: And we've been seeing that reiterate very heavily through Tennis,
• 5:58
  Speaker 3: Scott french Hill and several of the other members of
• 6:00
  Speaker 3: Congress who've been heavily involved in this legislation for years now.
• 6:04
  Speaker 1: Okay, so ron I just saw, I'm clear, is there
• 6:07
  Speaker 1: a back door in this bill right now in terms
• 6:10
  Speaker 1: of the Genius Act? Is there anything that would potentially
• 6:13
  Speaker 1: have a CBDC element to it?
• 6:17
  Speaker 3: Nothing in there mentioned central being digital currencies to my knowledge,
• 6:21
  Speaker 3: and I've not seen anything of that, and that argument.
• 6:23
  Speaker 4: Really has only come up this week on the Republican side.
• 6:26
  Speaker 3: And again mentioned this went through committee and several hearings,
• 6:29
  Speaker 3: but to my knowledge no, And then then again, this
• 6:30
  Speaker 3: is more in narrative building and trusting up or substance,
• 6:34
  Speaker 3: less substance, and more politics versus policy.
• 6:36
  Speaker 1: When you look at other things that are happening right now,
• 6:39
  Speaker 1: the defense mechanism that is happening there within the House.
• 6:42
  Speaker 1: Of course, we've played clips with Brad Sherman before, and
• 6:45
  Speaker 1: this may play out in the Senate as well. I
• 6:47
  Speaker 1: want to cut a clip for you, and then mister
• 6:50
  Speaker 1: Caston as well. So let's take a look.
• 6:52
  Speaker 6: A gentleman from California is recognized for two minutes.
• 6:57
  Speaker 5: Mister speaker, I worked hard in school. But there I'm
• 7:00
  Speaker 5: proudest of is the getting the first f ever issued
• 7:04
  Speaker 5: by the crypto industry. This bill will say that the
• 7:08
  Speaker 5: dollar must use George Washington technology, while China can have
• 7:12
  Speaker 5: a digital yan and the crypto bros can have digital
• 7:16
  Speaker 5: hidden money. This is Crypto Week. It's also tax e
• 7:20
  Speaker 5: Eaighters Month, National Drug Dealer's Day, and Human Traffickers Tuesday.
• 7:25
  Speaker 1: All right, So that's you know, the typical Brad Sherman grandstanding.
• 7:29
  Speaker 1: Shawncasting kind of goes against him.
• 7:31
  Speaker 3: Here.
• 7:31
  Speaker 1: Let me play this clip for it and then I'll
• 7:32
  Speaker 1: get your opinion.
• 7:33
  Speaker 7: And you can ignore anyone who says this is a
• 7:35
  Speaker 7: tool for legitimate finance, because the tool is overwhelmingly used
• 7:39
  Speaker 7: for crime. All one percent of ransomware tacks in the
• 7:43
  Speaker 7: United States get paid in crypto. The Genius Act is
• 7:45
  Speaker 7: for so called stable coins. I say so called because
• 7:48
  Speaker 7: they are neither stable, nor are their coins. They are
• 7:50
  Speaker 7: bits of computer code. Six percent of them are used
• 7:54
  Speaker 7: to buy things. Nearly ninety percent are used to provide
• 7:57
  Speaker 7: a liquidity bridge between much shadier crypto currencies, you know,
• 8:00
  Speaker 7: the ones contemplated by the Clarity Act. No one will
• 8:03
  Speaker 7: sell you a gallon of milk for a trump coin,
• 8:06
  Speaker 7: So criminals need stable coins so they can make crypto
• 8:09
  Speaker 7: crime pay or shall we say laundered blockchain. And finally,
• 8:13
  Speaker 7: it would allow anyone to create a self hosted wallet
• 8:16
  Speaker 7: basically like an online account where you can transfer assets
• 8:19
  Speaker 7: between anonymous users with absolutely no regulatory supervision.
• 8:24
  Speaker 1: Imagine that freedom. Imagine that freedom on what we're going
• 8:28
  Speaker 1: to see around this, And of course that is two
• 8:29
  Speaker 1: of the biggest proponents against stable coins. Do you think
• 8:33
  Speaker 1: that Congress in general are shall I say, just that dumb?
• 8:39
  Speaker 4: Well, this is a fairly complicated issue.
• 8:41
  Speaker 3: I mean, I remember I had to do healthcare policy
• 8:43
  Speaker 3: as well as like cryptop policy back in twenty seventeen,
• 8:46
  Speaker 3: and that health care is a whole nother animal itself.
• 8:48
  Speaker 3: But as we're realizing now, and for those who've been
• 8:50
  Speaker 3: following crypto policy for a while, they'll probably recognize a
• 8:52
  Speaker 3: Brad Sherman and Sean Cassen. But for the large majority
• 8:55
  Speaker 3: of American well as the larger jority of Congress, they
• 8:57
  Speaker 3: have not dealt these issues. They've not had five years
• 8:59
  Speaker 3: where they're hearing on this matter, and so this is
• 9:01
  Speaker 3: where we're kind of in the dressing phase of like
• 9:03
  Speaker 3: in the narrative building of what each camp is going forward,
• 9:05
  Speaker 3: and so that's where we see the Seawan Castens and
• 9:07
  Speaker 3: the Brad Sherman's on.
• 9:08
  Speaker 4: The more opposite end.
• 9:09
  Speaker 3: But we've also seen some weird, strange bedfellows with the
• 9:12
  Speaker 3: anti genius of the anti clarity camp, like the AFL
• 9:16
  Speaker 3: CIO came out today against both bills and they said
• 9:19
  Speaker 3: they're going to keys scoring, which I'm not sure why
• 9:21
  Speaker 3: Labor Group is getting involved in finance policy.
• 9:23
  Speaker 4: It was weird to a lot of reporters too.
• 9:25
  Speaker 3: But we're starting to see the coalition of more the
• 9:27
  Speaker 3: anti crypto crowd coming up for air here because for
• 9:31
  Speaker 3: the longest time they hid behind Gary Gensler.
• 9:33
  Speaker 4: And the MIND administration.
• 9:35
  Speaker 3: So that's the narrative building right now and the wars
• 9:38
  Speaker 3: are seeing. But I would pay attention to the camps
• 9:39
  Speaker 3: to come out for either side too, so especially for
• 9:42
  Speaker 3: genius and clarity from the industry, for the crypto industry
• 9:44
  Speaker 3: as well as like where the banks are, where the
• 9:45
  Speaker 3: FinTechs are, but also look at you know, see you've
• 9:48
  Speaker 3: got to see some consumer groups coming out of the
• 9:50
  Speaker 3: woodwork saying this provides no consumer protection or not enough
• 9:53
  Speaker 3: consumer protection, which is kind of ironical because there is
• 9:56
  Speaker 3: technically not to begin with by that argument. Now, so
• 10:00
  Speaker 3: this actually puts some regulations and consider protections in place, exactly.
• 10:03
  Speaker 1: So yeah, I think though Elizabeth Warren her kind of
• 10:07
  Speaker 1: playbook around that as these labor groups, and that maybe
• 10:09
  Speaker 1: that's part of it, you know, that's starting to play
• 10:12
  Speaker 1: into this. So very interesting things as far as timing here, Ron,
• 10:16
  Speaker 1: You've got the Clarity Act being voted on first, and
• 10:19
  Speaker 1: then tomorrow we at the Genius Is there is there
• 10:22
  Speaker 1: an issue where if the Clarity Act doesn't go through,
• 10:25
  Speaker 1: could it drag through some Democrats and maybe even some
• 10:29
  Speaker 1: Republicans into voting no on the Genius Act in the
• 10:33
  Speaker 1: full vote?
• 10:33
  Speaker 4: One hundred percent? And all this is happening right now.
• 10:36
  Speaker 3: So I was blowing up all day with folks on
• 10:39
  Speaker 3: the Hill and right next to the Hill trying to
• 10:40
  Speaker 3: get the latest of what's happening. They're doing lunches right
• 10:43
  Speaker 3: now for Democrats and Republicans from those members who either
• 10:47
  Speaker 3: you know, pro or against camps ed came their colleagues saying, hey,
• 10:50
  Speaker 3: this is not a anti or CBDC backdoor, or hey
• 10:54
  Speaker 3: this is an AML or anti money laundering fiasco. You know,
• 10:58
  Speaker 3: whatever narrative you want to have, But that's happening right now.
• 11:00
  Speaker 3: Those educational conversations are happening at the basement of the Capital.
• 11:04
  Speaker 4: Did several of those in my tenure on various issues.
• 11:07
  Speaker 4: But it's weird. Think it's now crypto.
• 11:09
  Speaker 3: And so the question is, and I think we're you know,
• 11:12
  Speaker 3: we're watching as lobbyists and more on the government policy side,
• 11:15
  Speaker 3: is where the Democrats line up here and what is
• 11:18
  Speaker 3: the final product? Are they going to go through the
• 11:20
  Speaker 3: Rules Committee, which at this time in Wednesday, it seems
• 11:23
  Speaker 3: like the possibility they could combine the cbdcil with Clarity,
• 11:27
  Speaker 3: which just gives another recent for Democrats to potentially walk away,
• 11:30
  Speaker 3: and that could really hurt the vote count. Even then,
• 11:33
  Speaker 3: the Trump narrative was also hurting that vote count as well.
• 11:36
  Speaker 3: So but as you and I both know, this is
• 11:40
  Speaker 3: mostly about politics. This is really enough about the substance
• 11:42
  Speaker 3: of the bill that was handled months ago, and now
• 11:45
  Speaker 3: it's more about how you address it up for the
• 11:47
  Speaker 3: American people.
• 11:48
  Speaker 4: And we'll see who win's here.
• 11:49
  Speaker 3: But I would say for those who are on the
• 11:50
  Speaker 3: anti camp, I mean put the pack money aside. It
• 11:54
  Speaker 3: was pretty resounding that the American people definitely disagree with
• 11:57
  Speaker 3: the last administration and their approach, and I would be
• 11:59
  Speaker 3: carefull going back into that viewpoint again.
• 12:02
  Speaker 1: One hundred percent. I agree with you. So right now,
• 12:05
  Speaker 1: ron where would you put this on passing Genius Act?
• 12:08
  Speaker 1: Let's go with your percentage right now on the Genius Act.
• 12:11
  Speaker 4: It changes a lot of these moments.
• 12:13
  Speaker 3: But I'm gonna say so, Ronie, I think it's regular week,
• 12:17
  Speaker 3: so ninety five. Again, there's still that possibility that it's
• 12:20
  Speaker 3: something gets snuck in there or they try to change it.
• 12:22
  Speaker 3: And again that's the key part. If they change any
• 12:24
  Speaker 3: part of it, it goes back to the Senate and
• 12:26
  Speaker 3: the odds start to dramatically decrease. But right now, fingers crossed,
• 12:30
  Speaker 3: it seems like at least a Genius is going to
• 12:32
  Speaker 3: remain unchanged and go forward. And again that had eighteen
• 12:34
  Speaker 3: Democrats support in the Senate, so I expects amount clarity
• 12:38
  Speaker 3: is gonna be the tough one. That's the odds are
• 12:41
  Speaker 3: very fluctuating. If it doesn't have the CBDC bill attached
• 12:44
  Speaker 3: to it, things get really really tough.
• 12:46
  Speaker 4: Again.
• 12:46
  Speaker 3: I mentioned there's only three Democrats or the anti CBDC
• 12:49
  Speaker 3: bill in twenty twenty four, so we could see a
• 12:52
  Speaker 3: pretty low number. But again, if that's not on the table,
• 12:55
  Speaker 3: maybe upwards from thirty to sixty to seventy.
• 12:59
  Speaker 1: Okay, that's the right now, all right, So okay, one
• 13:02
  Speaker 1: more question here, and this is in reference to Elizabeth Warren,
• 13:05
  Speaker 1: and I'm trying to outthink her in the sense of.
• 13:08
  Speaker 6: What would she do?
• 13:09
  Speaker 1: What would she do next that could cause a you know,
• 13:12
  Speaker 1: throw a wrench in it. So what would this this
• 13:15
  Speaker 1: anti crypto general do.
• 13:20
  Speaker 3: At I'd seen she has really anti defive but also
• 13:24
  Speaker 3: really anti self cussy last Congress, and I think that's
• 13:28
  Speaker 3: going to make a reappearance here, especially the conversation around privacy,
• 13:31
  Speaker 3: central bank, digital currencies, self custody. Those are really very
• 13:35
  Speaker 3: contentious topics, especially right now. We could see a situation
• 13:38
  Speaker 3: where maybe Republicans say, hey, we want more of We'll
• 13:42
  Speaker 3: drop the anti CBDC language, but we want more self
• 13:45
  Speaker 3: cussy protections, which you've seen a lot of Dimmercrats be
• 13:47
  Speaker 3: opposed to. So this is the forty chest that's playing
• 13:50
  Speaker 3: out right now. And to Tim Scott's point, he mentioned
• 13:53
  Speaker 3: this where lizib Warren does have to say and many
• 13:54
  Speaker 3: people will wonder why does lizib Warren have to say
• 13:57
  Speaker 3: she's in the minority. Well, when you start having these
• 13:59
  Speaker 3: big builds and you need to have they you call
• 14:02
  Speaker 3: it a four corner sign off. You need to have the
• 14:03
  Speaker 3: chairs of the relevant committees kind of come to agreement.
• 14:06
  Speaker 3: And elzib Warren does that table to include the majority
• 14:09
  Speaker 3: and minority. So if there's a big bill down the road, decide, hey,
• 14:12
  Speaker 3: let's table clarity, let's table genius, and let's throw into
• 14:15
  Speaker 3: a big bill down the road. You're gonna have thelyzitd Warren.
• 14:18
  Speaker 3: You need to sign off on that. And she says, no,
• 14:20
  Speaker 3: guess what, You're not going to be moving forward, likely
• 14:22
  Speaker 3: in the Senate. So she does have some power. Even
• 14:24
  Speaker 3: the Democrats are in the minority, they do have some power,
• 14:26
  Speaker 3: especially in the Senate, which is the executed pretty soon.
• 14:30
  Speaker 1: Interesting, Okay, that leads us into another thing that's going
• 14:33
  Speaker 1: on right now as all this happens, and that is
• 14:36
  Speaker 1: day one of the Roman Storm or trial. This of
• 14:40
  Speaker 1: course was part of the Tornado Cash and it really
• 14:42
  Speaker 1: boils down to privacy, back to your point of self custody,
• 14:46
  Speaker 1: and this is going to be this is a jury trial,
• 14:49
  Speaker 1: so the likelihood is this is going to play out
• 14:52
  Speaker 1: into the issue of whether or not you can hold
• 14:56
  Speaker 1: your own tokens and do the kind of things that
• 14:58
  Speaker 1: we're talking about here within crypto. I wanted to play
• 15:00
  Speaker 1: a clip that's coming out of that because this gets
• 15:02
  Speaker 1: into interesting issues around the industry and how they support it.
• 15:07
  Speaker 2: Take a look at this update from the first real
• 15:10
  Speaker 2: day of the Tornado Cash trial. The opening by the
• 15:14
  Speaker 2: government was pretty much what you would expect, a series
• 15:18
  Speaker 2: of scams, a hack of two hundred million dollars, and
• 15:22
  Speaker 2: then the run and hack, and described how all of
• 15:23
  Speaker 2: these were laundered through Tornado Cash.
• 15:26
  Speaker 8: The defense also presented their case. First of all, the
• 15:29
  Speaker 8: emphasized that Storm had nothing to do with the scams
• 15:31
  Speaker 8: and hacks in question. Then they actually went into quite
• 15:34
  Speaker 8: a bit about the role that Tornado Cash played in
• 15:38
  Speaker 8: creating privacy opportunities for users of Ethereum and why that
• 15:41
  Speaker 8: was important, including the fact that the Ethereum blockchain is
• 15:44
  Speaker 8: completely transparent. Now they discussed sort of as metaphor you
• 15:49
  Speaker 8: know what would it be like if somebody published your
• 15:51
  Speaker 8: entire bank, you know, records on the internet.
• 15:54
  Speaker 4: You wouldn't like that, probably.
• 15:55
  Speaker 8: Right, So they made it quite relatable to the jury
• 15:58
  Speaker 8: on an every day basis. They also emphasized the overwhelming
• 16:00
  Speaker 8: majority of people using tornado Cash were normal people, was
• 16:03
  Speaker 8: the phrase that was used a couple of times, and
• 16:06
  Speaker 8: also that members of the etherteric community, including Metallic himself
• 16:09
  Speaker 8: in I believe May of twenty twenty where the keys
• 16:11
  Speaker 8: were burned and they lost access to the system.
• 16:14
  Speaker 1: All right, So just to kind of support what he
• 16:16
  Speaker 1: was talking about there, that reporter, this is a good
• 16:19
  Speaker 1: example of some of the resources that were banned on
• 16:21
  Speaker 1: tornado Cash. GitHub. This is one of the biggest platforms
• 16:24
  Speaker 1: out there for software development, USDC, Infuria, all of this
• 16:28
  Speaker 1: Alchemy platform, RPC, etc. So the point being is that yes,
• 16:32
  Speaker 1: normal people, normal companies utilize this. And the privacy issue
• 16:36
  Speaker 1: is the bigger one here because it boils down to
• 16:39
  Speaker 1: if the jury comes in and says, yeah, we should
• 16:42
  Speaker 1: have privacy, how would the Senate not agree with what
• 16:47
  Speaker 1: a jury is saying. Wait a minute, yeah, we've believed
• 16:50
  Speaker 1: privacy should exist. Do you think the senators are thinking
• 16:53
  Speaker 1: about these kind of.
• 16:54
  Speaker 4: Things in the relation to everything else going on.
• 16:57
  Speaker 3: Unfortunately, it's probably not as high on the radar, but
• 17:00
  Speaker 3: I will say this is going to be an important
• 17:01
  Speaker 3: tonal shift. I mean, I mentioned last time how we've
• 17:04
  Speaker 3: kind of seen the old guard of the McCain era
• 17:06
  Speaker 3: type Republicans who are really pro national security and by
• 17:09
  Speaker 3: any means necessary by data collection in some cases, that's
• 17:12
  Speaker 3: starting to wither away. And we've seen the new Trump
• 17:14
  Speaker 3: administration be really more embracing of privacy. But also I
• 17:17
  Speaker 3: think that's more to your point what Every Day says is,
• 17:20
  Speaker 3: especially after like Cambridge Analytica and all these hacks that
• 17:23
  Speaker 3: have happened, there's been such a focus now on owning
• 17:26
  Speaker 3: your own data, or at least having the ability to
• 17:28
  Speaker 3: own your own assets, and we've seen some of that,
• 17:30
  Speaker 3: especially the Canadian truckers.
• 17:32
  Speaker 4: We've seen that being taken.
• 17:33
  Speaker 3: Away in some cases, whether you if you disagree with
• 17:36
  Speaker 3: the government on whatever issue it may be. So folks
• 17:39
  Speaker 3: seeing that the government has been weaponized and utilized for
• 17:42
  Speaker 3: assets as well as data has been a pretty tonal
• 17:45
  Speaker 3: shift in the American public. I haven't seen any polling numbers,
• 17:47
  Speaker 3: but I'm curious to see especially the shift I'm seeing
• 17:51
  Speaker 3: in DC how much it correlates to a jury trial,
• 17:54
  Speaker 3: because in my belief, I believe that it may be
• 17:56
  Speaker 3: more amenable to the Tornao cast situation. But then again,
• 18:02
  Speaker 3: there are some great damming facts that would need more
• 18:04
  Speaker 3: pull to the jury's case when it comes especially North
• 18:06
  Speaker 3: three and stuff being utilized here. So again, very circumstantial.
• 18:09
  Speaker 3: We'll see what happens. But the upside being a jury
• 18:12
  Speaker 3: trials that there has definitely been a total ship in
• 18:15
  Speaker 3: among the American people, and I'd be reflecting this case,
• 18:18
  Speaker 3: but it remains.
• 18:19
  Speaker 1: Me saying, yeah, well, I think the point you hit
• 18:21
  Speaker 1: on earlier is the fact that we are seeing and
• 18:24
  Speaker 1: remember all of this is leading into the midterms next year.
• 18:27
  Speaker 1: So if you get a scenario where we see a pushback,
• 18:30
  Speaker 1: the American people have already spoken about what they want done,
• 18:33
  Speaker 1: and we saw the pushback away from what the Biden
• 18:35
  Speaker 1: administration was able to do. So I think this is
• 18:38
  Speaker 1: going to be a very busy fall, it looks like
• 18:41
  Speaker 1: for you, Ron, So we definitely want to keep you
• 18:43
  Speaker 1: on speed dial again. Thank you so much for coming
• 18:45
  Speaker 1: in today.
• 18:46
  Speaker 4: We appreciate it, and that's what I'm here for. It
• 18:48
  Speaker 4: think you're having me and you're always having to talk politics.
• 18:52
  Speaker 1: You had all right, good luck up, But there are
• 18:53
  Speaker 1: you guys. If you're not in the Diamond circle, get
• 18:55
  Speaker 1: in right now. There's more breaking here as we start
• 18:57
  Speaker 1: to move into what could be the biggest week in crypt.
• 19:01
  Speaker 1: If you're not in the diamondsau that's our way to
• 19:02
  Speaker 1: communicate with you. It's one of our biggest groups. It's
• 19:05
  Speaker 1: very easy to join, it's free, and of course catch
• 19:07
  Speaker 1: me out there on X at Paul Baron. We'll catch
• 19:10
  Speaker 1: it next time right here on The Paul Baron Show.