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Crypto Bills Last Hope?📉Crypto Market Update · The Paul Barron Crypto Show

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  Speaker 1: You guys have been asking for more on the Clarity Act,
• 0:02
  Speaker 1: Well it is at a breaking point. Now we're going
• 0:04
  Speaker 1: to break it all down for you. We've got to
• 0:05
  Speaker 1: get a lot of clips, so you guys are going
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  Speaker 1: to love. It's going to be hot. Let's go into
• 0:09
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• 0:50
  Speaker 1: It does help us out. All right, let's go over
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  Speaker 1: to a couple of points. I want to lead off
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  Speaker 1: with this, of course, was Senator Lummis. She basically states
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  Speaker 1: here that we have the momentum. What we now is
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  Speaker 1: action before the opportunity slips away. I am of the
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  Speaker 1: mind that this may have already slipped away. I'll explain
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  Speaker 1: that in the sense because there is a very key
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  Speaker 1: and critical thing that has happened today, and that is
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  Speaker 1: the Senate ad Committee has passed their bill through and
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  Speaker 1: I think this will be the next step, or not
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  Speaker 1: completely through. They presented the bill where the Democrats can
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  Speaker 1: take a look at it, and of course here it
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  Speaker 1: is right here. The Senata Committee just unveiled its later
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  Speaker 1: version of the Crypto Market Structure text. This comes from
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  Speaker 1: John Boseman, who is one of the guys writing this up.
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  Speaker 1: They have been all building all around this and it's
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  Speaker 1: scheduled for Tuesday at three pm Eastern times, so we'll
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  Speaker 1: see if the markup actually works. That's next week coming.
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  Speaker 1: In other point I want to hit on right here
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  Speaker 1: was what they said here. The new draft has not
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  Speaker 1: been shared with Corey Booker yet. Democrat Corey Booker, who
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  Speaker 1: is the negotiator and is not expected to have his
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  Speaker 1: sign off, so that is going to have to take
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  Speaker 1: some time getting through Booker. I don't know what is
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  Speaker 1: in this bill that is going to cause Booker to
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  Speaker 1: maybe decline, but we're going to be watching this one
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  Speaker 1: very closely because it may actually be closer to approval
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  Speaker 1: than the Clarity Act. The Mark Structure bill so very interesting.
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  Speaker 1: Here's the way it works, though. If it gets over
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  Speaker 1: sixties center votes, then boom you're done, which means there's
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  Speaker 1: no shortcut around that for anyone right now in terms
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  Speaker 1: of getting this through and in place. And maybe if
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  Speaker 1: Clarity gets delayed or possibly even sidestep, does the Senate
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  Speaker 1: ag Bill, which is much more narrow actually become the
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  Speaker 1: new Clarity structure that everybody's been looking for. Here, of course,
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  Speaker 1: was the DeFi Education Fund A manitume Melan her team
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  Speaker 1: breaking this down, and they break down a couple of
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  Speaker 1: points here. The committee and staff right now, I want
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  Speaker 1: to thank them for including a robust developer protections in
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  Speaker 1: section two oh seven. What that simply means is if
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  Speaker 1: you're building in DeFi, you are not going to be
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  Speaker 1: responsible for somebody using it in a bad faith way.
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  Speaker 1: So that was one of the key things and still
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  Speaker 1: is one of the key things that I think busted
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  Speaker 1: up the potential of the current Clarity Act to get through.
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  Speaker 1: It was one of the key things outside of stable
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  Speaker 1: coin yield and other areas around privacy, self, custom well
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  Speaker 1: mostly everything you can imagine. But here was Paul Graywall
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  Speaker 1: coming in from Coinbase and he's talking about this very issue.
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  Speaker 1: There's still work to be done, but there's a strong
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  Speaker 1: foundation here for both Republicans and Democrats to build. Onne
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  Speaker 1: This is positive news because this tells me that maybe
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  Speaker 1: Coinbase is behind this one in terms of the Senate agbill,
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  Speaker 1: and this could maybe get some legs underneath it pending
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  Speaker 1: of course we do get some alignment out of the
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  Speaker 1: Democrats for this. Another thing that places into this is
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  Speaker 1: and I think this is one of the key things.
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  Speaker 1: The bill emits any regulation of stable coin yield as
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  Speaker 1: that fits under the jurisdiction of the Banking Committee. So
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  Speaker 1: there you go, guys. This is the one to watch
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  Speaker 1: as the course done by Metal Law breaking this down
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  Speaker 1: pretty well. And remember James medala Man is a former
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  Speaker 1: securities attorney I think twenty plus here, so he knows
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  Speaker 1: and understands how this stuff works. Meanwhile, you look at
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  Speaker 1: the Clarity Act and it is currently in a therapy session,
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  Speaker 1: no real progress, so the best option here could be
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  Speaker 1: the Senate Act bill, and this may actually be the
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  Speaker 1: one that actually is going to get the approval by
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  Speaker 1: the crypto industry. So watch now, we'll have a lot
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  Speaker 1: more for you guys breaking this one down a little
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  Speaker 1: bit more.
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  Speaker 2: When you look at the bill in hole, it is
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  Speaker 2: so good for the industry to move on.
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  Speaker 1: You'll do that, and then you'll come back and try
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  Speaker 1: to fight that in round two a couple of years. Definitely.
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  Speaker 1: I mean, I think that the enemy of progress is
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  Speaker 1: to search for perfection. I'm positive mitel the bill as
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  Speaker 1: is in the bill that we want in four years time,
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  Speaker 1: and gave you both. You wouldn't remember which one you
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  Speaker 1: voted on. Yes, I will look at for it.
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  Speaker 2: Company, take all the spread off your stable clib in
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  Speaker 2: a United States stable Clint.
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  Speaker 1: That's so counterint it to me.
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  Speaker 2: I can't like c straight what you're not taking all
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  Speaker 2: the spread?
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  Speaker 1: Come on, how is coinbase doing this? They're out there
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  Speaker 1: utilizing I don't get this, guys. Come on, let's just
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  Speaker 1: level pa playing field. The banks come play in the
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  Speaker 1: same sandbox and Coinbase plays in in their own business
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  Speaker 1: crypto okay, and deal with stable coins and if flight
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  Speaker 1: of capital is going to happen, which, by the way,
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  Speaker 1: let's just be real. Flight of capital is about to
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  Speaker 1: happen anyway, because we are seeing a whole next generation
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  Speaker 1: come in and they're not going to play these games.
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  Speaker 1: So of course think about not playing games. Well, here's
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  Speaker 1: Charles Hoskinson. He actually is not playing games. Take a
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  Speaker 1: look on the flip side of that argument. Folks are saying,
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  Speaker 1: if we don't have legislation, the same thing could happen
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  Speaker 1: with Gensler. How do you respond to that.
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  Speaker 2: Gary. Gensler didn't have the law behind him, which is
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  Speaker 2: why he was losing lawsuit after lawsuit. So you have
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  Speaker 2: much worse scary Gary, because he automatically wins every single
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  Speaker 2: lawsuit and you can sue every single person in the
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  Speaker 2: industry and damage all the liquidity in the industry. Also,
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  Speaker 2: the way that bill is written it is it's a
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  Speaker 2: love letter to the banks and it's going to result
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  Speaker 2: in hypercentralization of the industry. And the follow up back
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  Speaker 2: through rulemaking is the band custodial non custodial wallets. If
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  Speaker 2: they wanted some data points on what we should do,
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  Speaker 2: maybe the cryptos are when he came into power, you
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  Speaker 2: know he should have asked the industry. I didn't get
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  Speaker 2: a questionnaire. Coinbase didn't get a questionnaire. Consensus didn't get
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  Speaker 2: a questionnaire. No one asked. It was instead cut million
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  Speaker 2: dollar checks to us, and then you're going to be
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  Speaker 2: invited to our parties and you can figure out, you know,
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  Speaker 2: if you're in or out. And people say, oh, Charles
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  Speaker 2: are just sour grapes. No, I just don't like corruption.
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  Speaker 2: I fucking hate corruption, I really do. And I will
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  Speaker 2: not accept the US government telling me that the past
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  Speaker 2: legislation you have to bribe people. This is for the
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  Speaker 2: American people, the American industry, and the fifty five million
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  Speaker 2: people who hold cryptocurrency. So all these people are cutting
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  Speaker 2: huge checks, they're first on the subpoena list.
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  Speaker 1: There you go, guys. I mean, this is the kind
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  Speaker 1: of pressure. I don't know that DC was prepared for
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  Speaker 1: all of this laundry to be aired out in the open.
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  Speaker 1: And see so many people that are so passionate about
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  Speaker 1: these issues. I think, obviously self costy, which is one
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  Speaker 1: that Charles is talking about, that's a huge issue that
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  Speaker 1: would be violated in the current makeup of this bill.
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  Speaker 1: So when we put out a poll I was blown
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  Speaker 1: away that the audience actually said, yeah, we would plast
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  Speaker 1: the Clarity Act as is, So you would lose self custy,
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  Speaker 1: you would lose stable coin yield, you would lose DeFi protections,
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  Speaker 1: all in the ability for the banks to have their
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  Speaker 1: way with this. I just don't understand that one, guys.
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  Speaker 1: So I don't know if you understood the question, and
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  Speaker 1: that was what shor crypto industry do right now? Pass
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  Speaker 1: the Clarity Act as is or negotiate a risk and
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  Speaker 1: risk no bill. I don't know. I'm going to still
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  Speaker 1: vote for the guys below thirty four point six negotiate
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  Speaker 1: and risk no bill. All right, So to this point
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  Speaker 1: right here that is being taken right now, and that
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  Speaker 1: is that the White House is still mad at Coinbase.
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  Speaker 1: Just to be fair, though, remember Coinbase and the industry
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  Speaker 1: receive that bill forty eight hours before the folks. So
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  Speaker 1: I feel like everybody was kind of bamboozled in the
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  Speaker 1: sense of, hey, don't worry, just slide this in front
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  Speaker 1: of and they're so desperate to get this done they'll
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  Speaker 1: sign anything. But in reality that was not the case.
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  Speaker 1: Patrick Whit of course came back with this and said, hey,
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  Speaker 1: come on, just get this done. We're gonna do this
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  Speaker 1: is good for the industry. It's good for the industry,
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  Speaker 1: even though we're basically taking all these freedoms away of
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  Speaker 1: the American people. That is the problem I have going forward.
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  Speaker 1: So Coinbase, I don't think is the bad guy here.
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  Speaker 1: I think they just simply said, hey, raise the flag.
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  Speaker 1: We don't like this and this and this. See if
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  Speaker 1: you can solve this. These are the big issues, and
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  Speaker 1: it does protect Americans and it does protect Coinbase. Let's
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  Speaker 1: be completely honest. I don't trust coinbase either. I trust
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  Speaker 1: nobody in this. What I trust is simple facts, and
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  Speaker 1: that is protect self custody, protect DeFi, and give stable
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  Speaker 1: coin yields. It's that simple, all right. So let's go
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  Speaker 1: to the three points that coinbas of course had here.
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  Speaker 1: Stay with crypto you can kind of see the points
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  Speaker 1: they're hitting on of course, crypto rewards DeFi, protecting also
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  Speaker 1: self custody agreed. And then to the point right there
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  Speaker 1: is protecting developers under the Blockchain Regulatory Certainty Act. So
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  Speaker 1: this all is an alignment. It's an easy list of
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  Speaker 1: things that can be done. What I want to know
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  Speaker 1: is why the banks not only want the rewards. They
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  Speaker 1: don't want you to hold anything, and they don't want
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  Speaker 1: you to be able to escape to another system outside
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  Speaker 1: the US. So it's like entrapment at its highest level.
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  Speaker 1: Of where this is heading, I just don't think this
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  Speaker 1: bill is going to make it through. One last thing
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  Speaker 1: I want to hit on, and that is that this
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  Speaker 1: bill may end up getting delayed all the way into March.
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  Speaker 1: If that does happen, this will probably get reduced to
• 9:56
  Speaker 1: maybe not even happening going forward in terms of the
• 9:58
  Speaker 1: Clarity Act. However, good news is that the Senate aggbill
• 10:02
  Speaker 1: may actually make its way through and get past. That's
• 10:07
  Speaker 1: the good news. Think about that. If you like this video,
• 10:16
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• 10:19
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• 10:22
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