Latest / The Paul Barron Crypto Show / CLARITY Final Bill Revealed!!🚨Ron Hammond INTERVIEW

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CLARITY Final Bill Revealed!!🚨Ron Hammond INTERVIEW · The Paul Barron Crypto Show

0:00
Speaker 1: So let's just jump right into it. The Clarity Act
0:03
Speaker 1: getting signed is the question mark that everybody's asking you.
0:06
Speaker 1: Look at what's going on within polymarket right here. You
0:08
Speaker 1: see this big, massive drop down to fifty two percent
0:11
Speaker 1: and then a little bit of stability here just in
0:14
Speaker 1: the last twenty four hours. And this is all spurred
0:18
Speaker 1: from what has come out in some of the text,
0:21
Speaker 1: and we'll break down exactly what's happening. I want to
0:24
Speaker 1: go to a clip real quick, because this is the
0:27
Speaker 1: thing that well, we talked about this yesterday on the show.
0:29
Speaker 1: If you didn't get a chance to check out that video,
0:31
Speaker 1: go back and watch it. But here it is from
0:34
Speaker 1: the mainstream media. Take a look.
0:36
Speaker 2: The banks really don't like one piece of this. And
0:39
Speaker 2: Fox Business was able to obtain a letter. It almost
0:42
Speaker 2: feels like they don't like that you guys would be
0:44
Speaker 2: able to unnecessarily incentivize interest like rewards on payment stable coins.
0:51
Speaker 2: I mean, isn't a stark you know.
0:54
Speaker 3: The Genius Act, which is really what is USDC and
0:58
Speaker 3: circar subject too? Does it? Actually it's us from paying
1:00
Speaker 3: interest directly to holders. It's surely about these distributors that
1:04
Speaker 3: use this is the focus of this you know, I think, look,
1:07
Speaker 3: this has been a hard fought compromise, and of course
1:11
Speaker 3: not everyone's going to be happy with every dimension, whether
1:13
Speaker 3: it's the digital asset platforms or the banks, and that
1:16
Speaker 3: may be a sign of ultimately finding a good compromise.
1:20
Speaker 2: Well, your stock is up pretty dramatically here. I'm looking
1:24
Speaker 2: at a sixteen percent gain. We will be focusing very
1:28
Speaker 2: much on the Clarity Act, as you will too.
1:30
Speaker 1: All right, so you can kind of see mainstream now
1:32
Speaker 1: watching a little closer as we get into the week
1:34
Speaker 1: that is actually going to see a markup. Jasper Goodman
1:37
Speaker 1: hit on something right here, and that, of course is
1:39
Speaker 1: guess who that is. That is Brian Armstrong over at
1:43
Speaker 1: Catherine Cortez's office, trying to do a little bit of
1:45
Speaker 1: last minute policy making and at least trying to sway
1:50
Speaker 1: what will be a critical Senate vote coming from Catherine Cortez.
1:54
Speaker 1: That of course goes into this right here, which is
1:57
Speaker 1: the review of some of the copy that came out
1:59
Speaker 1: because the text was released overnight. Actually, when you look
2:03
Speaker 1: at what we've seen so far, it's not bad and
2:06
Speaker 1: there are a lot of key things within this that
2:09
Speaker 1: I think really make it very good for crypto in general.
2:12
Speaker 1: Strong self custody protections. This is one of the big ones.
2:15
Speaker 1: This is on page two seventy five. If you guys
2:17
Speaker 1: are following along, go read this portion of it. Major
2:20
Speaker 1: protections for developers. This is running nodes, validators, et cetera.
2:25
Speaker 1: All of this is on page two fifty seven. Another
2:27
Speaker 1: big one wallet infrastructure developers are protected. That's on page
2:31
Speaker 1: two seventy two. And the bill also recognizes decentralized governance
2:35
Speaker 1: systems as separate from centralized companies and entities page six,
2:40
Speaker 1: and they last up. Many cryptotokens could officially be treated
2:43
Speaker 1: as non securities under federal law that goes in on
2:47
Speaker 1: page twenty two. So all of this has been outlined
2:50
Speaker 1: pretty significantly in a way that I think is very
2:53
Speaker 1: good so far, not bad in general, and I think
2:56
Speaker 1: that's why you're seeing the banks push back a little bit,
2:58
Speaker 1: if in fact they really are That's the other question
3:01
Speaker 1: that everybody is asking. Patrick Witt came in and was
3:05
Speaker 1: toying with Elizabeth Warren, saying, Hey, Elizabeth Warren, stay up
3:08
Speaker 1: all night to read the three hundred plus pages for
3:10
Speaker 1: the Clarity Act to deliver an objective assessment of the
3:13
Speaker 1: bill's merits not to just some knee jerk reaction. This
3:16
Speaker 1: is what true public service looks like. And of course
3:19
Speaker 1: you know what that means. And the bill puts investors,
3:22
Speaker 1: our national security, and our entire financial system at risk,
3:27
Speaker 1: coming from Senator Warren. So there you go, and it
3:30
Speaker 1: will turbocharge Donald Trump's crypto corruption. These are the kind
3:34
Speaker 1: of things that are happening out there right now. So
3:37
Speaker 1: I said, hey, let's bring on one of our best
3:39
Speaker 1: experts that covers DC all the time, and that is
3:42
Speaker 1: mister Ron Hammont. How are you.
3:44
Speaker 4: Uh, As you said earlier, it's go week, So I'm
3:46
Speaker 4: excited a job. So yeah, let's get into it.
3:50
Speaker 1: So, Ron, when you look at all of these features,
3:54
Speaker 1: is there anything there that concerns you? Right now? In
3:57
Speaker 1: the red lines at least could defy vaults rapper protocols
4:01
Speaker 1: bypassed the stable coin yield restrictions apply. What do you
4:04
Speaker 1: think about some of these things?
4:05
Speaker 5: No, you're exactly right.
4:06
Speaker 4: So a lot of this was really careful negotiations that
4:08
Speaker 4: have been happening behind the scenes for months. Actually, a
4:10
Speaker 4: lot of the guests that you've brought on in the
4:12
Speaker 4: past have been directly involved in a lot that you
4:14
Speaker 4: horse shocking back and forth. So DeFi Education Fund has
4:17
Speaker 4: done a great job protecting the blockchainberlatory certainty act. Coin
4:21
Speaker 4: Center has done a great job on lobbing side as well.
4:23
Speaker 4: You know, obviously the law enforcing community seem to get
4:25
Speaker 4: involved on the lobbing side kind of recently.
4:28
Speaker 5: Actually through a lot.
4:29
Speaker 4: It seems like the center of Cortes Masto, as you
4:31
Speaker 4: highlight earlier, she does have a lot more of the
4:33
Speaker 4: AMIL concerns usually in the past. So at least this
4:36
Speaker 4: balance from a lot of legal opinions that I've been
4:39
Speaker 4: you know, talking to recently, it seems to actually strike
4:41
Speaker 4: that good balance of protecting defied developers while allowing law
4:44
Speaker 4: enforcement to go after the bad actors who are explicitly
4:47
Speaker 4: involved in a list activity here.
4:48
Speaker 5: So it does strike that, you know, that right balance.
4:51
Speaker 4: And again some people will say, hey, there should be
4:53
Speaker 4: no stipulations for law enforcem and whatsoever. But as you're
4:55
Speaker 4: seeing right now, this is a very delicate dance we're
4:58
Speaker 4: playing with right now.
4:59
Speaker 5: Every word means every you know, a whole.
5:02
Speaker 4: Leney of legal implications here, and at least right now,
5:05
Speaker 4: it seems like the lobbing side for Crypto's done a
5:08
Speaker 4: good job of making sure the protections stay in so overall,
5:11
Speaker 4: very autimistic get out the bill. I would say self
5:13
Speaker 4: custing and DeFi protections are definite red lines for the industry.
5:17
Speaker 4: So if we see any watering down of those, we
5:18
Speaker 4: would see even the centralized exchanges probably even come out again.
5:22
Speaker 5: So overall we're in a good spot.
5:24
Speaker 1: How strong is the Keeper Coins Act right now? The
5:26
Speaker 1: way it's written in.
5:27
Speaker 5: There really strong?
5:28
Speaker 4: And my old boss Warren Davidson's been heavily involved in
5:30
Speaker 4: this bill since the get go. I'd say this is
5:33
Speaker 4: definitely one of those redline issues for a large majority
5:35
Speaker 4: the industry.
5:37
Speaker 5: And we've seen self custody come out and attack multiple.
5:39
Speaker 4: Times undeath the Bio administration and even some cases the
5:42
Speaker 4: Trump administration recently, So I think these self custom productions
5:45
Speaker 4: are really important and definot red lines. We'll probably see
5:48
Speaker 4: other efforts via amendments would be in the market coming
5:51
Speaker 4: up or maybe on the Senate floor eventually to try
5:53
Speaker 4: to ware those down. But that is definitely a line
5:55
Speaker 4: that a lot of firms hold and wintering it as
5:57
Speaker 4: a very big, strong redline.
5:59
Speaker 1: What about the DeFi app front ends in terms of KYC.
6:02
Speaker 1: Are you concerned about that at all, especially for the
6:06
Speaker 1: US Within the US at least right.
6:09
Speaker 4: Now from what I'm seeing and a lot of the
6:10
Speaker 4: folks I'm talking to, there's not too much concern. Again,
6:13
Speaker 4: the LA enforcing community, we do want the hands and
6:15
Speaker 4: a lot of these DeFi front ends here, but I
6:18
Speaker 4: think we were able to carve out the language explicitly
6:20
Speaker 4: enough to make sure that it's only going after the
6:22
Speaker 4: bad actors here. We should make sure that you're trying
6:24
Speaker 4: to develop go United States, you can do the United
6:26
Speaker 4: States or the threat of prosecution not overhanging your head.
6:28
Speaker 5: So I still think it's in the solid spot.
6:30
Speaker 1: Do you think this is favorable to centralize exchanges more
6:35
Speaker 1: so than DeFi if you look at the encompassing text
6:38
Speaker 1: the way it is now.
6:40
Speaker 4: No, definitely, I think DeFi is in a good spot
6:41
Speaker 4: all things consider. I mean DeFi regulation that's a tough
6:44
Speaker 4: cookie to crack. I know the U case, and we
6:46
Speaker 4: try and do that pretty soon for more comprehensive de
6:49
Speaker 4: VI regulatory framework. THEU obviously has been trying to do
6:52
Speaker 4: that as well. The EU definitely tends to mess things
6:54
Speaker 4: up when they try to regulate things, So at least
6:56
Speaker 4: it's a good lesson that you learned from years down
6:57
Speaker 4: the road. But for years, you know, we've been kind
6:59
Speaker 4: of told defis this mason industry. It's still going through
7:02
Speaker 4: a lot of growing pains that we're seeing through the
7:04
Speaker 4: recent hacks, but overall we don't how they protections, so
7:07
Speaker 4: a we can have this industry be here, because even
7:09
Speaker 4: folks like Jimmy Diamond have highlight that DeFi is actually
7:12
Speaker 4: a pretty unique element of the crypto space that interests
7:15
Speaker 4: him in particular, he's not a big fan of bitcoin,
7:17
Speaker 4: but he's a big fan of DeFi. So I think
7:19
Speaker 4: that having this development happened in the United States is crucial.
7:22
Speaker 4: But also understanding that, hey, we do need to have
7:24
Speaker 4: some guard rails, especially for more of the law enforcing
7:26
Speaker 4: community here, but also understand that it's a pretty different
7:29
Speaker 4: beast of regulate versus a centralized exchange. So I think
7:31
Speaker 4: we kind of struck that balance to have protections in place.
7:34
Speaker 4: But DeFi regulation is going to be a major theme
7:37
Speaker 4: for other jurisdictions coming up, So if you want to
7:39
Speaker 4: find out how not to do it, I guess we'll
7:41
Speaker 4: learn from the EU pretty soon.
7:43
Speaker 1: Yeah, for sure. Well, exactly do you feel like this
7:46
Speaker 1: is setting up any kind of targeting for possibly centralized
7:50
Speaker 1: or privacy based blockchains in the future.
7:54
Speaker 5: You know, we haven't seen that just yet.
7:55
Speaker 4: You know, at least a lot of trade associations like
7:57
Speaker 4: the Blockchain Association have folks like zacash who are very
8:00
Speaker 4: much adhering to all their needs, and so so far
8:03
Speaker 4: we haven't seen those guys raise a red flag and
8:05
Speaker 4: saying that, hey, we think this is actually bad for
8:06
Speaker 4: privacy tokens as a whole. Again, we haven't seen those
8:09
Speaker 4: concerns come out from the folks like z cash or
8:10
Speaker 4: mineiro and such. But again, the ecosystem is very aligned,
8:15
Speaker 4: and at least behind the scenes, a lot of the
8:16
Speaker 4: folks in the policy, legal and lobbingside have been talking
8:20
Speaker 4: and texting very much into the night recently. So we
8:23
Speaker 4: are very much all, you know, understand where everyone's position's
8:26
Speaker 4: at and understanding that we have bigger targets who are
8:29
Speaker 4: facing us right now, like the banks you've highlighted very well,
8:31
Speaker 4: and as of today, a lot of other housing groups
8:34
Speaker 4: as well as labor unions and a whole weird mash
8:37
Speaker 4: of opposition that's really coming out for crypto, it's important
8:40
Speaker 4: to say united, but also important to watch out for
8:42
Speaker 4: the entire ecosystem, not just one sector.
8:44
Speaker 1: Is there anything in here that you feel by Thursday
8:48
Speaker 1: that could possibly get you know, some heavy fire. I
8:52
Speaker 1: know Senator Warren's already kind of put out her blanket statement,
8:55
Speaker 1: but is there anything that's got real teeth?
8:57
Speaker 5: You No, the one area it's actually it's ongoing right now.
9:00
Speaker 4: So whenever this interview airs, maybe it has some progress
9:03
Speaker 4: going forward. But at least right now, it seems that
9:05
Speaker 4: a lot of the heavy principles are meeting in the
9:07
Speaker 4: Senate basement talking about the ethics provision. That seems there's
9:11
Speaker 4: a lot of questions about what that's going to look like.
9:14
Speaker 4: You know, what is actually a pound of flesh that
9:16
Speaker 4: Democrats are okay with and what can the Republican administration
9:20
Speaker 4: seed or give ideas to them to kind of find
9:22
Speaker 4: the middle here at least first in reactions from the
9:25
Speaker 4: press release of political I just read it seeing that
9:27
Speaker 4: Center Marino from Ohio was not too happy. He said,
9:29
Speaker 4: they're trying to find I think this is where it
9:31
Speaker 4: was any bullshit excuse to be opposed to it. So
9:35
Speaker 4: it seems like temperatures are still a little high on
9:37
Speaker 4: the ethics issue.
9:38
Speaker 5: But that's what a lot of us expected.
9:40
Speaker 4: I mean, this is more of a political issue versus
9:42
Speaker 4: actually a crypto regulatory issue. But since we're close the
9:45
Speaker 4: election year and it's in the mainstream media of you know,
9:47
Speaker 4: the Trump crypto grift or whatever you want to address
9:49
Speaker 4: up as this is something that a lot of folks
9:51
Speaker 4: feel like on the Democrats side, they need to address
9:53
Speaker 4: in this bill of all things, even though it doesn't
9:56
Speaker 4: really fit into a crypto regulatory framework. And it's ken
9:59
Speaker 4: kind of obviously when it try and go after one
10:01
Speaker 4: person or his associates and family for a.
10:04
Speaker 1: Lot of our audience, because many people think, hey, it's
10:06
Speaker 1: going to the Senate for a vote. In reality, this
10:08
Speaker 1: is going to the Senate for the markup. Paul gray Wall,
10:11
Speaker 1: I think hit it for those of your native are
10:14
Speaker 1: yea native speakers of markup. This is kind of a
10:18
Speaker 1: basic of what's happening and let us know, is this right?
10:21
Speaker 1: So Chairman marks the basic draft, you get substitute amendments
10:24
Speaker 1: that goes in. Give this to our audience in basic understanding.
10:29
Speaker 1: It gets to the Senate floor, everybody gets to put
10:32
Speaker 1: in some stuff. What else happens after that.
10:35
Speaker 4: So need to highlight that bills in the Senate like
10:38
Speaker 4: this magnitude like a big bill. He's a pretty rare
10:41
Speaker 4: and the Genius Act is a good example of like
10:42
Speaker 4: a really rare bill that goes out of Senate Banking right,
10:44
Speaker 4: that committee has passed I think like three bills in
10:47
Speaker 4: the past a decade. One was DoD Frank, the one
10:49
Speaker 4: to fix dot Frank, and then the Genius Act in
10:51
Speaker 4: like a house right, that's all the past ten years.
10:54
Speaker 4: So when someone sees a bill like this that has
10:57
Speaker 4: you know, commended Jurisdiction and Financial Services or the Article Committee,
11:00
Speaker 4: this is bonanza here because for a lot of centers,
11:03
Speaker 4: you know, their own individual pet projects, crypto related or not. Hey,
11:06
Speaker 4: this is the time to try to get some of
11:07
Speaker 4: that in because there's not many trains leaving the station
11:09
Speaker 4: that aren't focused on financial services.
11:11
Speaker 5: And that's where we kind of saw.
11:12
Speaker 4: A Card Competition Act get included into the Genius Act
11:15
Speaker 4: as an amendment that got tossed out because deal in
11:17
Speaker 4: interest rates or credit cards does not belong in a
11:19
Speaker 4: stable poor regulation bill.
11:20
Speaker 5: I'm sure that's going to come up again as well.
11:22
Speaker 4: You know, We've seen folks try to put prediction market
11:24
Speaker 4: stuff into this bill that's been whipped away every time.
11:27
Speaker 4: But you know, these things are rare opportunities for the Senate,
11:30
Speaker 4: and the Senate loves to try to see what they
11:32
Speaker 4: can attach. And as you probably see the latest draft
11:35
Speaker 4: or maybe see on Twitter, there was a housing bill
11:37
Speaker 4: provision included in their acts. Now that seems to be
11:40
Speaker 4: more of a political horse shocking to give one of
11:42
Speaker 4: the Republican centers from Louisiana the ability to say yes
11:45
Speaker 4: for this bill and the markup so they have at
11:47
Speaker 4: least the votes to go forward to the next step.
11:49
Speaker 5: But overall, when it comes to what a.
11:50
Speaker 4: Market is and all this stuff, I would say a
11:53
Speaker 4: focus on this is just one of the next steps
11:55
Speaker 4: to get to the main stage, which is the Senate floor,
11:58
Speaker 4: and that's the big one.
11:59
Speaker 5: That's what and that's so you've got to have the
12:01
Speaker 5: Democrats come along.
12:02
Speaker 4: So let's say, hypothetically, which seems like to be the case,
12:04
Speaker 4: that the Democrats don't join on board on Thursday, there's
12:08
Speaker 4: going to be something to have to get them to
12:09
Speaker 4: a yes to get to that sixty vote threshold on
12:12
Speaker 4: the eventual Senate floor. Whenever, if ever that is, and
12:15
Speaker 4: that's going to be the main hold of it is
12:16
Speaker 4: kind of what are those poker chips that the Democrats
12:19
Speaker 4: are going to try to play and say, hey, this
12:20
Speaker 4: is what we need to get on board, and are
12:22
Speaker 4: they all going to be united for what they ask
12:24
Speaker 4: for or they can be asking for different things and
12:26
Speaker 4: next thing you know, you really are down the bill
12:28
Speaker 4: to try to appeal to seven, eight to nine Democrats.
12:30
Speaker 5: So this is definitely watch. I would say the next
12:32
Speaker 5: twenty four hours.
12:33
Speaker 1: Okay, so twenty four hours. This will get into the
12:36
Speaker 1: market phase once markup is complete on if it gets
12:40
Speaker 1: complete on Thursday or Friday, what would be the next
12:43
Speaker 1: step after that?
12:45
Speaker 4: So they're gonna have to consolidate the bills because then
12:47
Speaker 4: there was a one that pass out of the Agriculture
12:48
Speaker 4: Committee that was half of the bill.
12:49
Speaker 5: The other half is going through banking. That's what we're
12:51
Speaker 5: voting on Thursdays.
12:52
Speaker 4: So they're going to combine those two bills together, make
12:54
Speaker 4: sure it's legally sound between both drafts, and so make
12:57
Speaker 4: sure it's all bummed up nice. I could take anywhere
12:59
Speaker 4: from two three weeks and then after that it's our
13:02
Speaker 4: guests during that it will be let's find those nine
13:05
Speaker 4: to ten Democrats more to try to get on. So
13:07
Speaker 4: this is with the hard Park extent, because they will
13:10
Speaker 4: not go to the Senate floor vote unless they know
13:12
Speaker 4: for sure then get sixty votes. Very rarely to billsbill
13:15
Speaker 4: up on the Senate floor. There's always that famous example
13:18
Speaker 4: of John mccainon the healthcare votes coming at the last second.
13:21
Speaker 4: But you know, at least in this moment, it does
13:23
Speaker 4: look like we're going to need every single Republican if
13:25
Speaker 4: we can, as well as you know, nine to ten Democrats,
13:28
Speaker 4: and that's a very hard thing to do.
13:29
Speaker 1: So yeah, I will watch that. We are going to
13:33
Speaker 1: do our job to isolate on those Democrats and really
13:37
Speaker 1: try to get them across the line. And for everybody
13:39
Speaker 1: watching right now, hopefully we'll have a list of whose
13:41
Speaker 1: those potential Democrats are and even the Republicans who could
13:45
Speaker 1: be on the fence. Is there any possibility right now
13:48
Speaker 1: of losing Republicans And if they are, who would you
13:51
Speaker 1: say is at risk?
13:52
Speaker 4: I mean, we lost two Republicans during the Genius Act
13:54
Speaker 4: and it was actually Republicans were on the right of
13:56
Speaker 4: anything in the party. So we saw we saw there
14:00
Speaker 4: the representative story of the Center. Josh Holly, he was
14:02
Speaker 4: voted against a genius sacked as well as Ram Paul. Again,
14:04
Speaker 4: they had different issues of the Genius Act at the time,
14:06
Speaker 4: but that's a good show of case.
14:08
Speaker 5: Hey, the Republicans are never guarantees.
14:11
Speaker 4: And I know we talk a lot about the bank lobby,
14:13
Speaker 4: but it's weird just talking to another report about this.
14:16
Speaker 4: But the banks and Republicans have always been seen hand
14:19
Speaker 4: in hand since Dot Franks in two thousand and eight.
14:20
Speaker 4: The bank Republicans love the big banks, and that narrative
14:23
Speaker 4: with crypto has completely shifted one to eighty. But at
14:27
Speaker 4: the same time, what the banks are doing is that
14:28
Speaker 4: they're bringing a lot of the CEOs to the various
14:30
Speaker 4: offices in the Senate saying, hey, if you allow you know,
14:33
Speaker 4: Stable Point Yield, for example, your rural community is going
14:36
Speaker 4: to lose their only bank.
14:38
Speaker 5: Access in the area.
14:39
Speaker 4: That community bank is going to go away, and there's
14:41
Speaker 4: gonna be no one serving your constituents in rural Montana,
14:43
Speaker 4: South Dakota, pick a state. And you know, obviously it
14:46
Speaker 4: comes off as scary, it sounds scary. But then of
14:48
Speaker 4: course the White House had a whole report saying yeah,
14:50
Speaker 4: that's not the case. So it's about the narratives at
14:52
Speaker 4: this point. It's all the principal level, and I would
14:54
Speaker 4: say the banks are going to try everything to scare
14:57
Speaker 4: the Republicans and their old allies saying hey, get in
15:00
Speaker 4: line here. And again we also have to remember Crypto's
15:02
Speaker 4: pretty generational and the Senate is pretty dangled, so there
15:06
Speaker 4: is a vote that you can say that these folks
15:08
Speaker 4: know how to appeal to those that crowd a little more.
15:11
Speaker 4: But at the same time, Crypts is doing a prettydang
15:12
Speaker 4: good job of pretty much being the banks at their
15:15
Speaker 4: own game. So we'll see what happens on that front.
15:17
Speaker 4: But I am scared the banks are going to try
15:19
Speaker 4: to pull a lot of Republicans and there might be
15:21
Speaker 4: some out of the woodwork that we just haven't dealt
15:23
Speaker 4: with yet.
15:23
Speaker 5: Yeah, surprises, So you have to really keep in mind
15:26
Speaker 5: of that.
15:27
Speaker 1: I think the thing though, is that Crypto right now
15:31
Speaker 1: has the power of social which is right now is
15:35
Speaker 1: going to be very powerful in these political hunts, especially
15:37
Speaker 1: around midterms. It also has the power I think of
15:40
Speaker 1: where independent media. I know our shows have been just
15:43
Speaker 1: going nuts, So maybe there is a bit of an
15:46
Speaker 1: angle that is an outlier here that maybe the old
15:49
Speaker 1: guard isn't really ready for just yet. Maybe we've outplayed them.
15:53
Speaker 1: I don't know, we could be over confident. Let's hope
15:56
Speaker 1: that we're not.
15:56
Speaker 5: No, I think you're right.
15:57
Speaker 4: I actually I wish them would do a story about
15:59
Speaker 4: this because it is kind of like this new formal lobbying,
16:01
Speaker 4: and I think COVID obviously chant yeah, like it's like
16:03
Speaker 4: the new lobbying versus the old lobbying. Like do you
16:06
Speaker 4: send a bunch of year old CEOs and execs and
16:09
Speaker 4: suits and have these you know meetings and stuffy congressional offices,
16:13
Speaker 4: and then you buy a bunch of you know ads
16:15
Speaker 4: in the DC airport so that every time they you know,
16:17
Speaker 4: the centers and connersent are walking in and out, they
16:19
Speaker 4: get to see your ads here, which they do that
16:21
Speaker 4: all the time as the banks. Or do you kind
16:23
Speaker 4: of go th this more grassroots style of campaign here
16:25
Speaker 4: where you bring a bunch of college students and you
16:27
Speaker 4: go through new media to your point, do you, you know,
16:29
Speaker 4: explain everything on Twitter very transparently and say, hey, look
16:33
Speaker 4: these are our arguments.
16:34
Speaker 5: Feel free to critique.
16:35
Speaker 4: And they have done so, but at least the banks
16:37
Speaker 4: have been playing the kind of uh less transparents, more
16:41
Speaker 4: stuffy rooms.
16:42
Speaker 5: Yeah, I think it's why where they're at right now.
16:45
Speaker 1: Well, I think that it kind of showed that they
16:47
Speaker 1: were in a bit of disarray this weekend for that,
16:49
Speaker 1: you know the situation that they you know, the urgent
16:52
Speaker 1: notice on Mother's Day to try to get this kind
16:54
Speaker 1: of sideline. That to me showed that they were off
16:57
Speaker 1: sides in the sense of they caught themselves off in
17:00
Speaker 1: how this battle came about. So I don't know, this
17:03
Speaker 1: could also be theater. Listen, you know how play these
17:07
Speaker 1: are played in DC gets a little crazy. Last question,
17:10
Speaker 1: any hintset fixing the current tax rule status that you
17:13
Speaker 1: think might come of this.
17:15
Speaker 4: So there are conversations happening on the House side actually
17:17
Speaker 4: on crypto tax of all things. It's a private conversation,
17:21
Speaker 4: but it's happening between the principal players on the tax
17:23
Speaker 4: Ryan committees.
17:24
Speaker 5: So this is kind of a very important.
17:26
Speaker 4: If it wasn't for the Clarity draft going to market
17:28
Speaker 4: this week, we probably all focus on the ways it
17:30
Speaker 4: means conversations because that's huge because it seems like Trump's
17:33
Speaker 4: going to try to put our pressure to the Republicans
17:35
Speaker 4: to do a one more tax bill before the year's end.
17:37
Speaker 4: And we've been told as an industry as well, when
17:39
Speaker 4: cinth the Alumus try to put our at tax revisions
17:41
Speaker 4: in the last one, they said, hey, this is not
17:43
Speaker 4: the one to do it, but the next one it
17:44
Speaker 4: will be.
17:45
Speaker 5: That next one's coming up, and it.
17:46
Speaker 4: Seems like crypto is top priority for a lot of
17:48
Speaker 4: these folks will be staking deminimus mark to market. There's
17:52
Speaker 4: a pluth orroaw of things on the tax that they
17:54
Speaker 4: really could focus on. So we'll see what that conversation yields.
17:57
Speaker 4: But the tax stuff, hypothetically, if you get done clarity
18:00
Speaker 4: in the summer, this potentially the next big thing to
18:04
Speaker 4: watch out.
18:05
Speaker 1: Yeah for sure. Listen, this week is going to be
18:08
Speaker 1: an unbelievable week on DC. So I know you're working,
18:12
Speaker 1: you know, twenty four to seven over there, Ron, So
18:14
Speaker 1: thanks for everything you're doing. I appreciate it.
18:16
Speaker 4: And it's a great effort. You know, again, I mentioning
18:18
Speaker 4: it Adam earlier. He's a great guy. Paul over at Hyperliquid.
18:21
Speaker 4: If we have a whole team now in DC, which
18:23
Speaker 4: is very nice to see because about five years ago
18:25
Speaker 4: it would just mean about there was nobody for a lot,
18:28
Speaker 4: so it's been fun to watch it again. We're winning,
18:30
Speaker 4: so I like this this feeling.
18:32
Speaker 1: I like it too. All right, listen, Ron, thanks so
18:34
Speaker 1: much for coming in today. We're going to get you
18:36
Speaker 1: back on hopefully after this, because I think next step
18:38
Speaker 1: is when do we get a vote. Who do we
18:40
Speaker 1: need to target? And I say that in a good way.
18:43
Speaker 1: Who do we need to educate to bring them forward?
18:46
Speaker 1: Because this is going to become very critical on getting
18:48
Speaker 1: crypto across the line. But thanks for coming in today.
18:50
Speaker 1: We appreciate it, of.
18:52
Speaker 5: Course, Paul looking forward to it. Thanks again.
19:00
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19:02
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