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DeFi Bill Passes!✅Stablecoin Bill Tomorrow!🚨XRP Set To Explode!🚀 · The Paul Barron Crypto Show

• 0:07
  Speaker 1: We's dive in to DeFi and also where stable coins
• 0:10
  Speaker 1: could be going. We could see some big fireworks, so
• 0:13
  Speaker 1: stick around. My name is Paul Barrel. Welcome back in
• 0:15
  Speaker 1: a tech path. I want to thank our sponsor today
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• 0:30
  Speaker 1: to crypto, uphold dot com. Let's go over to a
• 0:33
  Speaker 1: couple of points I want to hit on right here,
• 0:35
  Speaker 1: Blockchain Association. The House will vote this happened yesterday, but
• 0:39
  Speaker 1: the House will vote on Wrapmike carries cright. This is
• 0:42
  Speaker 1: rolling back to DeFi killing broker rule. And remember this
• 0:46
  Speaker 1: was when Biden exited the office and kind of put
• 0:50
  Speaker 1: a last stamp on crypto and caused KYC basically for defied.
• 0:54
  Speaker 1: All right, so let me go to a clip real quick.
• 0:56
  Speaker 1: This is kind of giving you some insight of what
• 0:58
  Speaker 1: happened yesterday. Take a look.
• 1:00
  Speaker 2: The rule subjects decentralized finance, platforms are DeFi exchanges to
• 1:06
  Speaker 2: the same reporting requirement as a centralized bank or traditional
• 1:11
  Speaker 2: securities broker. DeFi platforms do not and cannot even collect
• 1:18
  Speaker 2: the information from users needed to implement this rule.
• 1:24
  Speaker 1: All right, So other things that went on, of course,
• 1:27
  Speaker 1: as the Democrats, because they were essentially fighting back against
• 1:31
  Speaker 1: repealing this bill, take a look what they said.
• 1:34
  Speaker 3: I know, we made some changes around tax reporting for
• 1:40
  Speaker 3: the sale of cryptocurrency, but that's how our income tax works.
• 1:48
  Speaker 3: Taxpayers who would rather avoid paying taxes on the gains
• 1:53
  Speaker 3: of their cryptocurrencies sailed can now move to a decentralized exchange,
• 2:00
  Speaker 3: knowing that the transaction will not be subject to report it.
• 2:07
  Speaker 3: They are known for being a method of lundering the
• 2:12
  Speaker 3: sales of fentonyl and human trafficking, and for that reason
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  Speaker 3: I do not support this joint resolution and reserve the
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  Speaker 3: balance of my time.
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  Speaker 4: Makes tax evasion and monard laundering so much easier for
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  Speaker 4: the wealthy who've been using these decentralized exchanges. Today's bill
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  Speaker 4: opens the door to rewarding drug traffickers in fentanyl and
• 2:38
  Speaker 4: cocaine and whatever, as well as terrorists.
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  Speaker 1: All right, so you can see I feel for the
• 2:44
  Speaker 1: Democrats because I feel like they need a position in
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  Speaker 1: this next generation of the financial monetary system that's really
• 2:52
  Speaker 1: happening right now, especially in DC, which is a very
• 2:54
  Speaker 1: pro crypto I think situation right now, and this is
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  Speaker 1: going to be one that maybe the look back on
• 3:00
  Speaker 1: and just say, man, where did we go wrong here?
• 3:03
  Speaker 1: For sure, this is another clip here on why the
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  Speaker 1: bill cannot practically work, which makes more sense of understanding
• 3:10
  Speaker 1: really what was going on. Take a look.
• 3:12
  Speaker 5: Dfive protocols provide infrastructure. Expecting them to track and report
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  Speaker 5: user activity is both impractical and misaligned with their core
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  Speaker 5: function of what they do. This is the equivalent of
• 3:24
  Speaker 5: requiring the builders of our interstate highways to report the
• 3:28
  Speaker 5: identity of every driver who uses them. It's unworkable, it's unfair,
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  Speaker 5: and it completely misses the mark.
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  Speaker 2: As former IRS Commissioner reddig said himself, quote, overwhelmed the
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  Speaker 2: agency over.
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  Speaker 6: Eight billion new information returns on Form ten ninety nine
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  Speaker 6: d A. To put this in perspective, this is more
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  Speaker 6: than double the amount of information returns the IRS currently
• 3:56
  Speaker 6: receives on all forms of ten ninety nine. Comebine, it
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  Speaker 6: is essential that we passed this legislation today to avoid
• 4:04
  Speaker 6: this nightmare from the IRS and for the American taxpayers.
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  Speaker 3: The Speaker, I have no further requests. It's pretty clear
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  Speaker 3: to me that I appreciate the heartfelt arguments from my
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  Speaker 3: colleagues on the other side of the aisle, but embracing
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  Speaker 3: tax cheating by completely throwing these rules out is simply
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  Speaker 3: not the answer, and for that reason I do not
• 4:32
  Speaker 3: support this joint resolution, and your back the balance of
• 4:36
  Speaker 3: my time.
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  Speaker 1: Okay, So when you look at the vote on the
• 4:39
  Speaker 1: roll call right there, the A's had it at two
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  Speaker 1: hundred ninety two, Nay's at one point thirty two, So
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  Speaker 1: it was a clear win, and I think this is
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  Speaker 1: good for bipartisan sides of things. And if you look
• 4:49
  Speaker 1: at just where it came just to show Democratic seventy
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  Speaker 1: six on the Democratic side voted yay. So that's a
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  Speaker 1: pretty good bipartisan move for the two ninety two total
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  Speaker 1: that came in on this. So maybe there is some
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  Speaker 1: progress being made there in DC. If you take a
• 5:08
  Speaker 1: look at dex volume in general, this is where you're
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  Speaker 1: going to see. Even though we've seen a pretty heavy
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  Speaker 1: explosion over the last little bit, I think we're going
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  Speaker 1: to see even more so going forward, because this is
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  Speaker 1: going to I think now open up a lot of
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  Speaker 1: the opportunity for decentralized finance going forward. Let's move on
• 5:26
  Speaker 1: to this right here was a stablecoin bill is set
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  Speaker 1: to advance into the Senate. This is, of course, after
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  Speaker 1: Trump pushing this out. This will move pretty quickly. And
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  Speaker 1: I think the good thing is is this happening on
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  Speaker 1: a vote on Thursday. That's tomorrow, guys, So we could
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  Speaker 1: see a stable cooin bill actually get through a vote
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  Speaker 1: this week. And if it does happen, expect some explosions
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  Speaker 1: out there, both on many of the stable cooin platforms
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  Speaker 1: that we've kind of identified here. But I think there's
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  Speaker 1: a lot of opportunity for this all right. So when
• 5:56
  Speaker 1: you look at the opponents of this stable act, of
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  Speaker 1: course you have Senator Warren coming back in with the
• 6:02
  Speaker 1: anti crypto army and she is not giving up, so
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  Speaker 1: definitely going head to head with it. And when you
• 6:08
  Speaker 1: look at the NGOs that are in this list of
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  Speaker 1: people that filed this letter over to the the lawmakers,
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  Speaker 1: basically it's just a line list of NGO after NGO
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  Speaker 1: after NGO. All of these are entities that are essentially
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  Speaker 1: sponsored by the US government through some of the democratic
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  Speaker 1: components that of course have positioned against crypto. Okay, so
• 6:32
  Speaker 1: just to look at stable coin growth right here you
• 6:34
  Speaker 1: can kind of see market cap currently two hundred and
• 6:37
  Speaker 1: twenty three billion, but definitely up into the right. So
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  Speaker 1: all in a very good fashion. I think, with this
• 6:43
  Speaker 1: actually becoming a regulatory framework, it's going to be good
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  Speaker 1: for the industry in general. So with all this stable
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  Speaker 1: coin news, what happens is it starts to affect a
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  Speaker 1: lot of what's happening on the merchant side of things.
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  Speaker 1: Stripe and this would would have been an existential threat
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  Speaker 1: on their business in general, So they made a quick acquisition.
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  Speaker 1: They did a one point one billion dollar deal on
• 7:04
  Speaker 1: the Bridge acquisition. We reported that earlier. This of course
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  Speaker 1: closed and is now in underway, and I think this
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  Speaker 1: is another position for Stripe to be able to get
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  Speaker 1: back into crypto. Hopefully it's going to be a big one.
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  Speaker 1: Here's a clip that kind of explains a little bit more.
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  Speaker 7: Take a look then, when we announced the acquisition, we
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  Speaker 7: as in Bridge, we literally had twenty x ten x
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  Speaker 7: the number of inbound leads, you know, just in that
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  Speaker 7: week than we had had in like previous months combined.
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  Speaker 7: I mean it was like a skyrocketing of more business
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  Speaker 7: and so it was pretty clear that there were just
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  Speaker 7: even at that moment in time, there are hundreds thousands
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  Speaker 7: of businesses who are thinking about investing in this space.
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  Speaker 7: You know, you just didn't have the bank partners, you
• 7:47
  Speaker 7: didn't have the card issuans partners, you didn't have the APIs,
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  Speaker 7: you didn't have lender whatever it was that you needed
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  Speaker 7: to serve parts of Africa, parts of Latina, and parts
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  Speaker 7: of Asia. Now you can do with stable points. Yep.
• 8:00
  Speaker 7: And I think part of as the crypto layer, the
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  Speaker 7: stable coin layer's got there, part is the tread file
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  Speaker 7: layer has gotten better.
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  Speaker 1: Yeah, so you can kind of see that. That is
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  Speaker 1: one of the major I think missteps that Stripe may
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  Speaker 1: but a good move in the in the acquisition obviously
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  Speaker 1: because they saw the writing on the wall for stable
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  Speaker 1: coins and now we're starting to see that play out.
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  Speaker 1: Here's Monica Long from Ripple talking about the kind of
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  Speaker 1: impact that's going to have. Take a look.
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  Speaker 6: What's your readout now was to what the opportunity looks
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  Speaker 6: like in the domestic United States for some of these technologies.
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  Speaker 8: I really think that this next year will be a
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  Speaker 8: huge breakthrough for stable coin based payments. For example, Stripe
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  Speaker 8: acquiring Bridge is probably the big moment, but BlackRock's Biddle
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  Speaker 8: Fund has obviously been a success. And then you see
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  Speaker 8: Franklin Templeton follow and the past couple weeks, so sabe
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  Speaker 8: one and I mean within it felt like minutes. You know,
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  Speaker 8: you hear from CEOs like Bank of America saying or
• 9:00
  Speaker 8: I mean Bank of America was one of our early partners,
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  Speaker 8: even just the conversations, ongoing conversations we've had with banks
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  Speaker 8: being reserve bank or transaction banking partners for the stable coin,
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  Speaker 8: Like the tone and message changed overnight. It was quick.
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  Speaker 8: Sandling is really powerful.
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  Speaker 9: I think now like nine different companies have filed for
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  Speaker 9: exor p ETFs, like half of which have happened just
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  Speaker 9: this month. Wow, So it feels like the floodgates are
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  Speaker 9: going to open this year.
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  Speaker 1: I would agree with this with Monica because she mentioned
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  Speaker 1: a lot of major banks there, and I think that's
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  Speaker 1: the thing that people aren't necessarily really understanding is the
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  Speaker 1: amount of potential impact that this could have even on URLUSD,
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  Speaker 1: especially in the banking ecosystem. When we start to see
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  Speaker 1: adoption Bank of America and many others. I think then
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  Speaker 1: it's a domino effect going forward. Speaking of that, you
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  Speaker 1: have to look at this statement right here. Justin's sec
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  Speaker 1: is preparing to end the lawsuit against Ripple. This will
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  Speaker 1: be big news. Obviously this will impact XRP again, but
• 10:04
  Speaker 1: Ripple is going to be able to move forward with
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  Speaker 1: their plans. My expectation is a potential IPO. There's other
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  Speaker 1: things that could be brewing around partnerships that have not
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  Speaker 1: even been announced yet. So again, very very bullish for
• 10:18
  Speaker 1: XRP is and if you know the charts, and we've
• 10:21
  Speaker 1: done a couple of analysis on this before, XRP has
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  Speaker 1: been trading somewhat sideways on this, even though we've seen
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  Speaker 1: most of these all coins continue to fall. In general,
• 10:31
  Speaker 1: speaking of stable coins, you got to go at the
• 10:34
  Speaker 1: state level. We've done a lot of videos on this
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  Speaker 1: Wyoming stable coin situation with their commission. Everybody's asked us,
• 10:41
  Speaker 1: why are you doing a video on this. It doesn't
• 10:43
  Speaker 1: seem like it's a big thing. This is really a
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  Speaker 1: big thing. And the reason is this, if you have
• 10:49
  Speaker 1: the state of Wyoming that is successful in launching a
• 10:52
  Speaker 1: stable coin, the likelihood is we're going to see movement
• 10:55
  Speaker 1: going into other states. We had Anthony Apollo on go
• 10:58
  Speaker 1: back and check out this video. It was a really
• 11:00
  Speaker 1: good information set. And of course they have put together
• 11:04
  Speaker 1: a handful of tokens avalanches, Sui and others that have
• 11:08
  Speaker 1: been leading the potential opportunity. Avalanche Courses has I think
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  Speaker 1: the inside track on this, even though what we'll probably
• 11:16
  Speaker 1: see is maybe a diversification of how they're going to
• 11:18
  Speaker 1: use blockchains across different layers of their stable coins. So
• 11:23
  Speaker 1: this will be a big deal again because I think
• 11:25
  Speaker 1: it will push what's happening at the state level for
• 11:27
  Speaker 1: maybe some other states. So here was their governor Mark
• 11:30
  Speaker 1: Gordon talking about where this might go in terms of
• 11:34
  Speaker 1: a ripple effect. Take a look Fox Business Alert.
• 11:37
  Speaker 10: I'm just checking bitcoin right now. Wyoming began forging ahead
• 11:41
  Speaker 10: with the creation of its own stable token, which would
• 11:45
  Speaker 10: be the first FIAT backed stable coin issued by a
• 11:48
  Speaker 10: US public sector entity. Tell me about whist wyst. How
• 11:53
  Speaker 10: do you see farmers and ranchers and the oil industry
• 11:58
  Speaker 10: getting in on this?
• 12:00
  Speaker 11: Banks are We have a member of our banking sector
• 12:03
  Speaker 11: that is on our oversight committee, and so I think
• 12:07
  Speaker 11: this will just make business work faster. We're the first
• 12:10
  Speaker 11: state to come up with the LLC, we were the
• 12:13
  Speaker 11: first state to come up with what we call our
• 12:15
  Speaker 11: speedy bank. We're the first to come up with DOWS.
• 12:18
  Speaker 11: We have really led in innovation, and you know, some
• 12:21
  Speaker 11: of our competitors are all watching to see if Wyoming
• 12:25
  Speaker 11: will falter in this. I can tell you we feel
• 12:28
  Speaker 11: very confident that the fact that we're doing this in
• 12:30
  Speaker 11: the open, that we have a lot of national and
• 12:33
  Speaker 11: international support watching us.
• 12:36
  Speaker 10: Governor, thank you very much. And I'm sure Florida is
• 12:38
  Speaker 10: watching too, because certainly Miami. Miami has been big on crypto,
• 12:43
  Speaker 10: and I just think it's interesting that you guys are
• 12:45
  Speaker 10: forging ahead, all.
• 12:47
  Speaker 1: Right, So I would agree. I think a lot of
• 12:49
  Speaker 1: other states are going to take a look at this.
• 12:51
  Speaker 1: Florida could be one, Texas could be another. We could
• 12:54
  Speaker 1: see even California to take a look at this in
• 12:56
  Speaker 1: the future. But there's a lot of opportunity here. I
• 12:59
  Speaker 1: think at the state level, this of course will continue
• 13:01
  Speaker 1: to grow stable coin growth as a whole. So as
• 13:03
  Speaker 1: you can see, guys, this is going to be a
• 13:05
  Speaker 1: big deal because I think once you combine what's happening
• 13:07
  Speaker 1: in the defie market with stable coins, this of course
• 13:10
  Speaker 1: is going to see an influx of capital and the
• 13:12
  Speaker 1: kind of explosion into the market because remember tradeability and
• 13:16
  Speaker 1: liquid capability is very key, and stable coins of course
• 13:20
  Speaker 1: represent a lot of that. All right, So if you
• 13:22
  Speaker 1: guys are in the Diamond Circle, we're gonna be breaking
• 13:24
  Speaker 1: down this and a lot more this week, a lot
• 13:26
  Speaker 1: of news definitely breaking. Make sure and joined down below,
• 13:30
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• 13:32
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• 13:34
  Speaker 1: of kind of back and forth with you guys. I
• 13:36
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• 13:38
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• 13:40
  Speaker 1: you next time right here on tech Path