Latest / The Paul Barron Crypto Show / CLARITY Act Finally Drops Today?🚨One Year Later! 🔥Congress is Useless

Transcript

CLARITY Act Finally Drops Today?🚨One Year Later! 🔥Congress is Useless · The Paul Barron Crypto Show

• 0:00
  Speaker 1: The Clarity Bill is dropping today.
• 0:02
  Speaker 2: Does this change anything today? We'll break it down for
• 0:04
  Speaker 2: you so you don't want to miss anything there. I
• 0:07
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• 0:41
  Speaker 2: get going on at the best you can. Let's go
• 0:44
  Speaker 2: over to this right here, which is a big deal
• 0:47
  Speaker 2: because this marks now Tomorrow marks one year since the
• 0:50
  Speaker 2: Clarity Act passed the House. That's right, one year ago
• 0:54
  Speaker 2: Clarity Act had passed the House.
• 0:56
  Speaker 1: We didn't have.
• 0:56
  Speaker 2: Any ethics issues, we didn't have any stable coinbs. All
• 1:00
  Speaker 2: this was done and ready to go, and then the
• 1:03
  Speaker 2: barrage began and this is the thing that we are
• 1:06
  Speaker 2: facing right now, with twenty days left. It is clear
• 1:10
  Speaker 2: now to me that the Republicans and the Democrats are
• 1:14
  Speaker 2: going to let this go to literally the last minute
• 1:18
  Speaker 2: to try to get this out there on the floor.
• 1:20
  Speaker 1: Now, does it pass? I just don't know right now.
• 1:23
  Speaker 2: You've got all sorts of problems in the poly market,
• 1:25
  Speaker 2: the poly market holding it a thirty four percent chance
• 1:28
  Speaker 2: right now. This is something that is at its all
• 1:31
  Speaker 2: time low. And I think as we continue to see
• 1:34
  Speaker 2: the posturing that comes out of DC to make the
• 1:38
  Speaker 2: crypto companies and the crypto brethren like you, me and
• 1:43
  Speaker 2: many of the people watch the show feel comfortable that
• 1:46
  Speaker 2: our lawmakers are actually doing their job. Well, this is
• 1:49
  Speaker 2: what they're doing right now. This was the meeting that
• 1:52
  Speaker 2: all of this was supposed to reveal. It's the field hearing.
• 1:57
  Speaker 2: So they didn't give us two things. They gave us
• 1:59
  Speaker 2: two bills. They've got the House resolution right there, one
• 2:02
  Speaker 2: to eleven expressing support for blockchain technology and digital assets.
• 2:06
  Speaker 2: And then the American Reserve Modernization Act. Oh, what does
• 2:10
  Speaker 2: that sound like? Is that the Bitcoin Reserve? Is that something?
• 2:14
  Speaker 1: Well, this is what they gave us.
• 2:15
  Speaker 2: They gave us a three page bill that simply goes
• 2:20
  Speaker 2: in and expressing support for blockchain technology and digital assets
• 2:26
  Speaker 2: in three bills or three pages, guys, three pages. Now,
• 2:30
  Speaker 2: normally when you get a bill coming out of Congress,
• 2:33
  Speaker 2: it's at least hundreds, if not thousands of pages. And
• 2:37
  Speaker 2: this is the kind of crap that they are pushing
• 2:39
  Speaker 2: out right now. And it continues to boil up as
• 2:43
  Speaker 2: we look at the strategic reserve set for congrestional discussion.
• 2:47
  Speaker 2: That was what everybody was counting on. Let's go in
• 2:50
  Speaker 2: here and we're all for it. We're all for this
• 2:53
  Speaker 2: strategic reserve. We can't really do anything about it, but
• 2:56
  Speaker 2: we're all for it. That's basically what hr A nine
• 3:00
  Speaker 2: five seven is saying. And let's just be aware, guys,
• 3:05
  Speaker 2: this is the room that they put them in. I
• 3:08
  Speaker 2: don't know if that's a closet or a hallway. If
• 3:11
  Speaker 2: this was an important hearing, you would have a significant
• 3:15
  Speaker 2: definition of Capitol Hill. You would have a significant number
• 3:20
  Speaker 2: of Republicans and Democrats that matter showing up for this. No,
• 3:26
  Speaker 2: not a one, in fact, hardly any of them. I
• 3:29
  Speaker 2: think they were all at Chuck E Cheese because that
• 3:32
  Speaker 2: looks like about the same. Maybe they go to Chuck
• 3:34
  Speaker 2: E Cheese next time, that might be better for them.
• 3:37
  Speaker 2: I want to go to a clip because this is
• 3:39
  Speaker 2: what the hearing actually.
• 3:43
  Speaker 3: Was.
• 3:43
  Speaker 2: Take a look, and it was basically a waste of
• 3:45
  Speaker 2: our time. So hopefully we're wasting your time now.
• 3:48
  Speaker 3: Mister Stetsman's recognized for five Thank you, mister chairman. After
• 3:51
  Speaker 3: mister Timmins's commidents, it reminded me of a picture that
• 3:55
  Speaker 3: I sent to my boys a couple of weeks ago,
• 3:57
  Speaker 3: and it's I don't know if you've seen this, but
• 3:58
  Speaker 3: it's a guy holding a camera, you know, one of
• 4:03
  Speaker 3: the old video cameras, VHS cameras, on his shoulder. He's
• 4:05
  Speaker 3: got a a I can't even remember the names of
• 4:09
  Speaker 3: these things, VHS CDs, these big phones, all these different
• 4:15
  Speaker 3: devices that we used to use back in the eighties
• 4:17
  Speaker 3: and nineties, and now it all fits in our hand,
• 4:20
  Speaker 3: I mean in one hand, and we can stick it
• 4:21
  Speaker 3: in our pocket. And that's how far technology is coming.
• 4:25
  Speaker 1: So when you look at that, you got to go.
• 4:26
  Speaker 2: This is a keynote that many Dems were invited to
• 4:30
  Speaker 2: the Chuck E Cheese party, none of them showed up,
• 4:32
  Speaker 2: but even the Republicans didn't show up either. I guess
• 4:35
  Speaker 2: they didn't get enough tokens allocated to them, you know,
• 4:37
  Speaker 2: so they could come out, you know, play with the
• 4:40
  Speaker 2: chuck e cheese.
• 4:40
  Speaker 1: Because this is.
• 4:41
  Speaker 2: Exactly what we're dealing with, which is a clown show
• 4:44
  Speaker 2: that's happening in DC right now, all posturing for what
• 4:48
  Speaker 2: we think is going to be clarity, but in reality,
• 4:51
  Speaker 2: this is what it boils down to. They are doing
• 4:53
  Speaker 2: other things. This was another build that they were able
• 4:56
  Speaker 2: to get through, another posturing component where you had both
• 5:00
  Speaker 2: Ruben Diego and Lummus in reference to the FTX founder
• 5:04
  Speaker 2: SBF that would not get a presidential pardon. So they're
• 5:07
  Speaker 2: able to get that through at least on a unanimous
• 5:10
  Speaker 2: consent as a resolution. So they are working, but they're
• 5:14
  Speaker 2: working for the wrong reasons. So let's look at this
• 5:16
  Speaker 2: tweet right here. This is Brian Steele, He's Rep. Brian Steele,
• 5:19
  Speaker 2: that's the house. He talks clarity on Fox and he
• 5:23
  Speaker 2: puts up this statement right here. I'm optimistic that we
• 5:25
  Speaker 2: get this across the line next week.
• 5:28
  Speaker 1: So you've got that who he.
• 5:30
  Speaker 2: Doesn't even vote on it all, right, then you have
• 5:32
  Speaker 2: a senator coming in. Here's Ruben Diego saying that the
• 5:35
  Speaker 2: bill gives President Trump too much leeway in his crypto
• 5:38
  Speaker 2: dealings and lacks sufficient conflict of interest protections, pretty much
• 5:42
  Speaker 2: saying we're not going to do it, we're not voting
• 5:45
  Speaker 2: on it, and we will not support it at all.
• 5:48
  Speaker 2: There is nothing that is going to move this across
• 5:51
  Speaker 2: until you get the Dems in to where you can
• 5:54
  Speaker 2: win that vote. If that wasn't enough already to see
• 5:58
  Speaker 2: the mismanagement of how to deal with clarity the right way,
• 6:02
  Speaker 2: well you have Patrick Witt stepping down and handing his
• 6:07
  Speaker 2: new job to a new participant right there. His name's
• 6:10
  Speaker 2: Harry Jong all right. He is the Deputy director of
• 6:12
  Speaker 2: the President's Council of Advisors for Digital Assets now, which
• 6:16
  Speaker 2: is great. He's been at the CFTC. And then right
• 6:20
  Speaker 2: there City Bank Morgan Stanley.
• 6:24
  Speaker 1: What is going on here? Are we in a simulation? Guys?
• 6:29
  Speaker 2: We now have a bank guy finding against the banks
• 6:32
  Speaker 2: as our voice for the industry for representing the next
• 6:36
  Speaker 2: generation of finance.
• 6:38
  Speaker 1: This, I mean, you can't script this any better.
• 6:40
  Speaker 2: Let's go over to Elizabeth Warren her tweet right here,
• 6:43
  Speaker 2: She's just talking about corruption and you look at it.
• 6:46
  Speaker 2: Many people saying, well, we wish this would kind of
• 6:49
  Speaker 2: go away, and the fact it's just not going to
• 6:51
  Speaker 2: and in reality, the opportunity we left on the floor
• 6:54
  Speaker 2: when I say we, the industry and the lawmakers that
• 6:58
  Speaker 2: we're trying to get this across, because when Clarity went
• 7:02
  Speaker 2: through the House, none of the problems existed. We didn't
• 7:04
  Speaker 2: have a problem with ethics, There wasn't an issue out
• 7:07
  Speaker 2: there on trump coin.
• 7:08
  Speaker 1: All of that was non existent.
• 7:10
  Speaker 2: Now, of course, because they waited, because they delayed and
• 7:14
  Speaker 2: delayed upon delays, they created the revenue or the opportunity
• 7:19
  Speaker 2: for the banks to push back, for every major industry
• 7:22
  Speaker 2: to come to the aid of the banks.
• 7:24
  Speaker 1: For now, what.
• 7:26
  Speaker 2: We're seeing is a whole issue of issues around the
• 7:30
  Speaker 2: situation with Trump, around.
• 7:32
  Speaker 1: Of course, ethics.
• 7:33
  Speaker 2: So all of this was avoidable and they absolutely missed
• 7:36
  Speaker 2: the window. So I can predict that what we're going
• 7:40
  Speaker 2: to deal with here is the bill drops today next week. Remember,
• 7:44
  Speaker 2: Warren is going to come right out and start screaming,
• 7:46
  Speaker 2: you know, bad situations with the Trump You know, we're
• 7:50
  Speaker 2: dealing with situations around you know, all sorts of problems
• 7:54
  Speaker 2: with law enforcement. Not for this, every criminal entity out
• 7:58
  Speaker 2: there is going to be utilizing it all that that's
• 8:00
  Speaker 2: going to be happening, and then next week when it
• 8:02
  Speaker 2: goes to the House floor or to the Centate floor,
• 8:05
  Speaker 2: you're going to see her doing exactly what she did
• 8:08
  Speaker 2: with the Clarity or excuse me, with the Genius Act,
• 8:10
  Speaker 2: and that was filing this ridiculous amount of amendments to
• 8:14
  Speaker 2: challenge it and put it on delay again. So that's
• 8:17
  Speaker 2: the exact same thing that is going to happen. The
• 8:19
  Speaker 2: script is set, and the issue really boils down.
• 8:22
  Speaker 1: To why put this up at all.
• 8:25
  Speaker 2: The only people that really want to put it up
• 8:27
  Speaker 2: are the Republicans, and I think it's to say face
• 8:30
  Speaker 2: with the industry, when in reality it is going to
• 8:33
  Speaker 2: set it up for failure. And when you come at
• 8:35
  Speaker 2: me and say, well, that will tell us who's against it.
• 8:38
  Speaker 2: We already know who's against it. Everybody out there.
• 8:41
  Speaker 1: We've known who's against it. We've known one other point.
• 8:44
  Speaker 2: You've got a course Franchill saying the date is set,
• 8:47
  Speaker 2: even though they haven't told us where they're going to
• 8:49
  Speaker 2: actually put this on the floor, it's time to close
• 8:52
  Speaker 2: the deal. I think we're in trouble here, guys. I
• 8:54
  Speaker 2: will be very surprised if this ends up going through.
• 8:57
  Speaker 2: So when you look at everything behind clare, you have
• 9:01
  Speaker 2: to look at the market in general.
• 9:03
  Speaker 1: And one of the key things that you could.
• 9:05
  Speaker 2: Compare this to is Robinhood and Salona for that matter,
• 9:10
  Speaker 2: both of which could care less about clarity. Look at
• 9:14
  Speaker 2: the daily decks volume here, guys. This has just happened
• 9:17
  Speaker 2: recently in reference to the Robinhood chain, and I think
• 9:21
  Speaker 2: we are going to see more products coming out of
• 9:23
  Speaker 2: Robinhood and they're going to do them and ask for
• 9:25
  Speaker 2: forgiveness later. That's the way this is going to go out.
• 9:28
  Speaker 2: It's kind of what has happened around Robinhood over its history,
• 9:32
  Speaker 2: everything from order flow to et cetera. Of where Robinhood
• 9:37
  Speaker 2: has been in terms of innovation, I think is going
• 9:40
  Speaker 2: to continue down the road even if we do not
• 9:41
  Speaker 2: get clarity in place. Just think about this right now,
• 9:44
  Speaker 2: because IPO season and what happened with the SpaceX deal
• 9:48
  Speaker 2: will be a constant reminder of why we need clarity,
• 9:52
  Speaker 2: and not only that, that the markets are broken in general,
• 9:55
  Speaker 2: and that we will continue to see innovation happening elsewhere.
• 9:59
  Speaker 2: Good example of that is CXMT, which is going live
• 10:02
  Speaker 2: on the Chinese stock market. There will be another massive
• 10:05
  Speaker 2: news store of how wrong and broken the IPO markets
• 10:08
  Speaker 2: globally are. That's the example. Remember CXMT now trading out
• 10:13
  Speaker 2: there on hyper liquid, so it's already circumvented what most
• 10:18
  Speaker 2: people look at. And if you kind of compare this
• 10:19
  Speaker 2: to what Bot did. Remember Bot went, of course out
• 10:22
  Speaker 2: there on Salona trading more in volume on a Sunday
• 10:28
  Speaker 2: than it did on Nasdaq on a Monday. Just to
• 10:32
  Speaker 2: show you the difference of why the markets continue to
• 10:35
  Speaker 2: be broken. That is what Clarity is trying to fix.
• 10:38
  Speaker 2: So these are the issues we are facing right now,
• 10:41
  Speaker 2: and I think we've got to take our money from
• 10:43
  Speaker 2: our little Clarity truck that Ripple has out there right
• 10:46
  Speaker 2: now and refocus those funds on paying these.
• 10:50
  Speaker 1: Senator something to get this across the line.
• 10:52
  Speaker 2: So go write a check to Guyagos, I guess in
• 10:54
  Speaker 2: one of his special funds, and get it done, because
• 10:56
  Speaker 2: I think that's the only way that this ends up
• 11:00
  Speaker 2: in the hands of the Senate in a positive way.
• 11:09
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• 11:12
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• 11:15
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• 11:16
  Speaker 1: The links in the description