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Democrats RAGE QUIT U.S. Crypto Hearing!🔥...Some Stayed🚨 · The Paul Barron Crypto Show

• 0:06
  Speaker 1: More crypto hearing starting to heat up, and a lot
• 0:08
  Speaker 1: is happening. Whether or not we get the market structure bill,
• 0:10
  Speaker 1: a stable coin bill, all of that is in play.
• 0:13
  Speaker 1: My name is Paul bare Welcome back into tech path.
• 0:15
  Speaker 1: Let's dive into it today. I don't want to thank
• 0:17
  Speaker 1: our sponsor, and that's Coinbase. You guys can get out
• 0:19
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• 0:22
  Speaker 1: account over on Coinbase. And the cool thing with this
• 0:25
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  Speaker 1: up right here, so use that link down below. It
• 0:39
  Speaker 1: does help the channel. Let's go into a couple of
• 0:42
  Speaker 1: points I want to get into it. Of course, the
• 0:43
  Speaker 1: biggest one is this right here, a round table that
• 0:46
  Speaker 1: was entitled the American Innovation and Future of Digital Assets.
• 0:50
  Speaker 1: This is a blueprint for the twenty first century. All
• 0:52
  Speaker 1: this was going on a lot of people, general counsel,
• 0:56
  Speaker 1: some lawyers, there's some people there from coinbase, former a
• 0:59
  Speaker 1: CFTC chair Rossall Benham. You know, it was a reasonable
• 1:02
  Speaker 1: discussion around whether or not these bills are in a
• 1:06
  Speaker 1: position to get them through the House and the Senate.
• 1:09
  Speaker 1: I think that's the key thing here, guys, because we
• 1:11
  Speaker 1: are in a very critical time, all right. So one
• 1:13
  Speaker 1: of the things that Matthew Sego pointed out here is
• 1:16
  Speaker 1: the some of the upgrades within the FIT twenty one,
• 1:19
  Speaker 1: the Market Structure bill, no credit investor or suitability checks.
• 1:23
  Speaker 1: That's a big one. DeFi protocols are exempts, so that's
• 1:25
  Speaker 1: key if they're non custodial. And then also the option
• 1:29
  Speaker 1: for early registration, which is a kind of a SEC
• 1:33
  Speaker 1: and a CFTC joint effort. That is all good for
• 1:37
  Speaker 1: the industry. But when you look at some of the
• 1:40
  Speaker 1: things that are happening there within the hearing, the first
• 1:43
  Speaker 1: is just kind of an intro before it gets a
• 1:46
  Speaker 1: little dicey.
• 1:47
  Speaker 2: Take a look.
• 1:48
  Speaker 3: Well, come to order. I note that today's committee activity will.
• 1:51
  Speaker 4: Be object to this joint hearing pursuing to the House rules,
• 1:55
  Speaker 4: and I do not.
• 1:56
  Speaker 3: Consent masked a basis for the objection from the ranking member.
• 2:05
  Speaker 4: This joint hearing requires unanimous consent, and I do not consent.
• 2:13
  Speaker 5: Miss Chairman, I would ask if the lady would yield
• 2:16
  Speaker 5: for a question. I understand your objection, or I understand
• 2:19
  Speaker 5: that you've made it. I just want to get a
• 2:20
  Speaker 5: better insight into what is the basis of your objection,
• 2:24
  Speaker 5: so that if there's something that we can do to
• 2:26
  Speaker 5: remove that problem, we can work in good faith to
• 2:29
  Speaker 5: do so.
• 2:30
  Speaker 4: I object to this joint hearing because of the corruption
• 2:34
  Speaker 4: of the President of the United States and his ownership
• 2:38
  Speaker 4: of crypto and his oversight of all the agencies.
• 2:41
  Speaker 1: I object, all right, So, of course that is none
• 2:44
  Speaker 1: other than Miss Maxine Waters. And this is just the beginning. Guys,
• 2:48
  Speaker 1: it gets even more interesting right here. Here is where
• 2:52
  Speaker 1: Maxine just goes full Maxine. Take a look.
• 2:56
  Speaker 3: Does the ranking member insist upon her objection?
• 2:58
  Speaker 4: I insist, like everyone to join me in CBC room
• 3:02
  Speaker 4: two seventeen Trump's crypto corruption.
• 3:05
  Speaker 3: The ranking members objection to the meeting is heard. Will
• 3:10
  Speaker 3: now move on and may be.
• 3:11
  Speaker 6: Heard on the objection. Never in American history has a
• 3:16
  Speaker 6: sitting president so blatantly laws.
• 3:21
  Speaker 3: I asked the ranks time and the gentleman. The gentleman
• 3:25
  Speaker 3: was offered a moment to comments. Gentleman was offered, are
• 3:30
  Speaker 3: the objects? The gentleman is.
• 3:32
  Speaker 6: No longer two point nine billion.
• 3:34
  Speaker 3: The gentleman is no longer really recognized. You will be
• 3:38
  Speaker 3: recognized duing.
• 3:40
  Speaker 6: A mint coin governance.
• 3:42
  Speaker 3: The gentleman should be noticed, of which shouldn't have the
• 3:46
  Speaker 3: ability to speak the provided every detail.
• 3:50
  Speaker 6: Of his dealings contained.
• 3:51
  Speaker 3: Member Lynch, you are no longer recognized by the chair.
• 3:54
  Speaker 3: The gentle lady's objection is heard. Will now move in.
• 4:01
  Speaker 6: We are not into the record.
• 4:02
  Speaker 3: It is too bad for the ranking member that it
• 4:04
  Speaker 3: is not a hearing objection the committee. The objection is heard, all.
• 4:11
  Speaker 1: Right, So as you say, it went into a cluster,
• 4:13
  Speaker 1: and of course here goes the Dems. They just start
• 4:16
  Speaker 1: walking out, all right. Here's just a quick picture of them,
• 4:20
  Speaker 1: smirking as they often do, and you can kind of
• 4:22
  Speaker 1: see a little sherman back there, even in the back.
• 4:24
  Speaker 1: Everybody's really happy. Oh yeah, we've caused all of this
• 4:28
  Speaker 1: crypto stuff to sidestep, but not in reality, because I
• 4:31
  Speaker 1: think it boils down to how many of the Democrats
• 4:34
  Speaker 1: are going to stay and hold in. But watch this clip.
• 4:39
  Speaker 7: I want to be really clear and set the record
• 4:40
  Speaker 7: straight today. Through our actions today, the ranking members thrown
• 4:43
  Speaker 7: partisanship into what has historically been a strong, good working,
• 4:48
  Speaker 7: bipartisan relationship. For those of you that may not know,
• 4:51
  Speaker 7: we hold a similar here, a similar joint hearing former
• 4:54
  Speaker 7: Chairman mckenry and Ranking Member Waters.
• 4:57
  Speaker 3: The purpose of.
• 4:58
  Speaker 7: That hearing, like today's here, is to discuss in the
• 5:01
  Speaker 7: importance of rules for digital assets, gaps that we all
• 5:06
  Speaker 7: agree exist, Gaps that President Biden agrees that exist, Gaps
• 5:10
  Speaker 7: that President Trump agrees that exist. We left our differences
• 5:14
  Speaker 7: at the door, and we were honest and transparent in
• 5:16
  Speaker 7: our legislative work. The Ranking member received ample notice more
• 5:20
  Speaker 7: than six weeks and negotiated an additional witness for the minority.
• 5:25
  Speaker 7: Yet after that good faith effort, the ranking Member is
• 5:28
  Speaker 7: objecting today. We determined a seating chart, discussed opening statements
• 5:32
  Speaker 7: and witnesses, Yet the Ranking Member is objecting today.
• 5:36
  Speaker 3: I know some people chose to leave, but I think
• 5:38
  Speaker 3: if you look around this room, a lot of members
• 5:41
  Speaker 3: of both parties and both the Agricultuurre Committee and the
• 5:44
  Speaker 3: Financial Services Committee is here because this topic is so important.
• 5:49
  Speaker 6: All right.
• 5:49
  Speaker 1: So as you can see, there are some within the
• 5:52
  Speaker 1: Democratic Party that are trying to utilize this as a
• 5:55
  Speaker 1: leverage point to be able to get some other things
• 5:57
  Speaker 1: done there in Congress and I think this is just
• 5:59
  Speaker 1: the beginning. Here, of course, is mister Lynch, and he
• 6:03
  Speaker 1: goes right at Trump's meme coin, and I'll explain all
• 6:06
  Speaker 1: this in a second.
• 6:07
  Speaker 8: Take a look.
• 6:08
  Speaker 6: Look, if you're really hoping for the greatest future for crypto,
• 6:11
  Speaker 6: that scammifies everything, it looks, it looks seedy, shady. First
• 6:16
  Speaker 6: of all, do you think that's helpful to crypto? All
• 6:18
  Speaker 6: of those all of those measures.
• 6:20
  Speaker 3: Sir, I have no comment on what the president or
• 6:22
  Speaker 3: what his plan.
• 6:23
  Speaker 6: If I was an attorney, I wouldn't answer the question either.
• 6:26
  Speaker 6: Mister Benham, you're familiar with the excess ethics laws, and
• 6:29
  Speaker 6: so is you mister Davis. All right, just reclaimed the
• 6:33
  Speaker 6: last fifteen seconds of my time. And in an even
• 6:35
  Speaker 6: more appalling move, President Trump advertised the private dinner. You know,
• 6:40
  Speaker 6: this is outrageous. Advertised the private dinner at his golf
• 6:44
  Speaker 6: club for the top two hundred and twenty investors in
• 6:46
  Speaker 6: his meme coin, in his meme coin has zero value
• 6:50
  Speaker 6: in reality, followed by a private white house tour for
• 6:54
  Speaker 6: the top fifty. That just screams government for sale, right there?
• 6:59
  Speaker 1: All right, One other things that you have to consider,
• 7:01
  Speaker 1: And it's interesting that they say it's there's no value
• 7:04
  Speaker 1: when in reality, you know, why do these if there's
• 7:07
  Speaker 1: no value, because in reality that you've got access to
• 7:10
  Speaker 1: a dinner with President Trump. And I don't think that
• 7:12
  Speaker 1: this is any different from any other you know politician.
• 7:15
  Speaker 1: Here's Obama doing his deal. Guess what charging to get access?
• 7:21
  Speaker 1: And this is three hundred and fifty supporters, some of
• 7:24
  Speaker 1: who shelled out one hundred twelve four hundred to be
• 7:26
  Speaker 1: photographed with the president. Okay, then you can get another
• 7:31
  Speaker 1: price per plate at these dinners in the neighborhood of
• 7:35
  Speaker 1: thirty thousand. Now this was Obama. Then if you look
• 7:37
  Speaker 1: at Clinton, I mean she really cashed in. Her situation
• 7:40
  Speaker 1: was very interesting because this set up allowed Clinton to
• 7:43
  Speaker 1: solicit checks of three hundred and fifty thousand from her
• 7:46
  Speaker 1: super rich supporters. And then you even get to go
• 7:48
  Speaker 1: to Clooney's house and then maybe even over to Radio
• 7:52
  Speaker 1: City or Katy Perry Ofell John. I mean the point
• 7:54
  Speaker 1: is is this has been out there for a very
• 7:56
  Speaker 1: long time. Here's Jim Hunt, he complained about this goes
• 7:59
  Speaker 1: all the way back into the Carter days, and he
• 8:02
  Speaker 1: was claiming a problem with one thousand dollars plate stopper.
• 8:06
  Speaker 1: So you can see there's been a litany of this
• 8:09
  Speaker 1: process out there going for some time now. At least
• 8:13
  Speaker 1: what Trump has done is he set up some eligibility saying, hey,
• 8:17
  Speaker 1: just not anybody can do this. You know, you've got
• 8:20
  Speaker 1: to be in the top two twenty. You got to
• 8:22
  Speaker 1: you know, you cannot be from a KYC watch list country.
• 8:26
  Speaker 1: That's a big deal. You got to pass a background check.
• 8:29
  Speaker 1: No guests allowed. I mean, he's putting in the typical
• 8:32
  Speaker 1: considerations for any kind of engagement with the President. I
• 8:35
  Speaker 1: want to go to another clip because this is where
• 8:37
  Speaker 1: Lynch goes into now talking about exchanges.
• 8:41
  Speaker 8: Take a look.
• 8:42
  Speaker 6: The SEC dropped almost every single lawsuit against some of
• 8:45
  Speaker 6: the worst defenders in the crypto industry companies such as
• 8:49
  Speaker 6: Crypto dot Com, Ripple Kraken, Gemini Finance, Coinbase, Robinhood, and uniswap.
• 8:56
  Speaker 6: Those all have a proven history of irresponse, predatory or
• 9:01
  Speaker 6: illegal practices. Then the Trump appointed prudential banking regulators were directed.
• 9:09
  Speaker 1: To as you can see, I mean this is really
• 9:11
  Speaker 1: just going after crypto lock stock. I mean, obviously all
• 9:14
  Speaker 1: of those platforms out there did get lawsuits dropped for reasons.
• 9:18
  Speaker 1: The DC that the SEC has made very clear, and
• 9:21
  Speaker 1: that is that there were no guidelines. That's the point
• 9:24
  Speaker 1: of the whole situation. Now the guidelines are being set
• 9:27
  Speaker 1: and we're seeing some changes out there hopefully going forward. Now,
• 9:30
  Speaker 1: the good news is that some of the Democrats state
• 9:34
  Speaker 1: in this hearing and this may give us an indication
• 9:37
  Speaker 1: that we could see a passing of the bill.
• 9:40
  Speaker 3: Take a look.
• 9:41
  Speaker 8: I'm here because I think we need to be engaged
• 9:44
  Speaker 8: and part of the discussion to agree on the rules
• 9:46
  Speaker 8: of the road as they relate to crypto. It isn't
• 9:50
  Speaker 8: going away, and we have a responsibility to be here
• 9:53
  Speaker 8: and be part of the solution.
• 9:55
  Speaker 2: Basically a yes or no question, does the absence of
• 9:57
  Speaker 2: a clear regulatory regime do a disserve us to consumers,
• 10:02
  Speaker 2: investors and innovation in the digital asset space.
• 10:06
  Speaker 3: Mister Rathmel yes.
• 10:07
  Speaker 5: Mister Miller absolutely, Mister Davis definitely, mister Tusar yes.
• 10:11
  Speaker 3: At Cher Benner, yes, thank you with them, mister chairman,
• 10:14
  Speaker 3: and id yield back, gentlemen, yields back.
• 10:16
  Speaker 1: All right. So there is clarity that I think there
• 10:18
  Speaker 1: is enough support here to get this done. But there
• 10:22
  Speaker 1: is also a little bit of a concern and one
• 10:26
  Speaker 1: of the things you have to look at. Here's the
• 10:27
  Speaker 1: bit y cio. He's warning against a failed crypto bill.
• 10:30
  Speaker 1: This would trigger a very rough summer for markets. Is
• 10:33
  Speaker 1: something we've talked about. Is outside of the bills not
• 10:36
  Speaker 1: going through or big trouble in DC when it comes
• 10:40
  Speaker 1: to a lot of things around stable cooin and the
• 10:42
  Speaker 1: FIT twenty one bill, this could really cause some market pressures,
• 10:46
  Speaker 1: both in crypto but also within what's happening in traditional
• 10:49
  Speaker 1: markets as well. So just be on the lookout, guys
• 10:52
  Speaker 1: for these kind of things. That's why it is so
• 10:54
  Speaker 1: important to really cover these crypto hearings so you can
• 10:57
  Speaker 1: get these nuances. What are the Democrats thinking, what are
• 11:00
  Speaker 1: the Republicans thinking? It does matter. This is the draft
• 11:04
  Speaker 1: of the bill. We're going to be doing a full
• 11:06
  Speaker 1: video of this that we'll give you guys a full
• 11:09
  Speaker 1: understanding of what's going on, what changes, and possibly where
• 11:12
  Speaker 1: the pitfalls are because there still are negotiation points I
• 11:16
  Speaker 1: think from both sides, and this bill may end up
• 11:19
  Speaker 1: being the lynchpin for those negotiations. So make sure and
• 11:23
  Speaker 1: subscribe to the channel right now so when we drop
• 11:26
  Speaker 1: that video, you'll understand and can get ahead of these
• 11:29
  Speaker 1: market moves that could be happening. Another thing that was
• 11:33
  Speaker 1: ironic is this happened right about the time the discussion
• 11:36
  Speaker 1: of the stable coin bill started talking, and that was
• 11:38
  Speaker 1: Zell went down nationwide for a lot of different banks.
• 11:43
  Speaker 1: It's coming back online. And then a couple of points
• 11:46
  Speaker 1: that we're interesting here is consumers saying I feel like
• 11:48
  Speaker 1: my money is just floating out there and no one
• 11:51
  Speaker 1: has any help with anything and can take any accountability
• 11:54
  Speaker 1: because the bank's guide, no, it's not our fall is
• 11:56
  Speaker 1: their fault. You know, you get all these things. This
• 11:59
  Speaker 1: happened during a stable coin bill discussion, So imagine the
• 12:05
  Speaker 1: kind of fuel that the Democrats and the Republicans could
• 12:08
  Speaker 1: have now for those that are very pro to the
• 12:12
  Speaker 1: future of where blockchain is going to change how payments
• 12:14
  Speaker 1: are done. Last point I want to get at and
• 12:17
  Speaker 1: this is just a young Republican out there that's trying
• 12:20
  Speaker 1: to position around crypto and it kind of shows you
• 12:25
  Speaker 1: that it's both sides that are not fully up to speed.
• 12:29
  Speaker 3: Take a look, and when you got me.
• 12:31
  Speaker 9: To Congress, I will become the greatest stock trader of
• 12:34
  Speaker 9: all time. And the best thing about it is that
• 12:37
  Speaker 9: I will be sharing every single one of my traits
• 12:39
  Speaker 9: on X just so you can get rich with me
• 12:41
  Speaker 9: and also to piss off every member of Congress. But
• 12:44
  Speaker 9: call up because this time I'm coming with a warchess
• 12:47
  Speaker 9: of cash and crypto.
• 12:51
  Speaker 1: All right, so Valentine, and it definitely needs a little
• 12:54
  Speaker 1: bit of help and understanding how to put things together,
• 12:56
  Speaker 1: because that's probably not.
• 12:57
  Speaker 3: The route to take.
• 12:58
  Speaker 1: Listen, we probably should be launching a political action commitee
• 13:02
  Speaker 1: and consulting group just to help them be able to
• 13:05
  Speaker 1: really understand this is serious business. There is real opportunity
• 13:09
  Speaker 1: here for almost every American and I think if we
• 13:13
  Speaker 1: get Congress and we get the Senate and we get
• 13:16
  Speaker 1: DC in general behind this, this is really going to
• 13:18
  Speaker 1: change the future of finance. Make sure and stay tuned
• 13:21
  Speaker 1: right here and get in on the diamond circle. If
• 13:22
  Speaker 1: you're not in our own private group, you should be.
• 13:25
  Speaker 1: It's very easy and it's free. And of course follow
• 13:27
  Speaker 1: me out there on X at Paul Baron. We'll catch
• 13:29
  Speaker 1: next time right here on Techpath