Latest / The Paul Barron Crypto Show / Congress Returns For Next Crypto Bill📈Ron Hammond INTERVIEW

Transcript

Congress Returns For Next Crypto Bill📈Ron Hammond INTERVIEW · The Paul Barron Crypto Show

• 0:00
  Speaker 1: Let's dive into it today. We're going to look at
• 0:01
  Speaker 1: what's going on in DC as we gear up for
• 0:05
  Speaker 1: a very heated season on blockchain regulation. We'll break it
• 0:09
  Speaker 1: down for you. My name is Paul Barer. We'll come
• 0:10
  Speaker 1: back into the show. I do want to thank our
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• 0:44
  Speaker 2: Listen.
• 0:44
  Speaker 1: We wanted to bring Ron Hammond back in, who has
• 0:47
  Speaker 1: been a very successful lobbyist for the crypto industry and
• 0:52
  Speaker 1: continues his efforts over at Winter Mute.
• 0:54
  Speaker 2: So Ron, how are you nice to see you again?
• 0:57
  Speaker 3: Nice SERI as well, Paul, I'm doing pretty good. It's
• 0:59
  Speaker 3: a little hectic and it's just starting.
• 1:01
  Speaker 1: So no, hey, listen, I was looking at your tweet
• 1:05
  Speaker 1: right here a Congress this week in Congress crypto, this
• 1:08
  Speaker 1: is the last quiet week. This is it, no more
• 1:11
  Speaker 1: quiet inness, We're going to see a lot more happening.
• 1:13
  Speaker 1: What do you think is the first thing we'll start
• 1:16
  Speaker 1: to see Congress address right now as they return.
• 1:21
  Speaker 4: Well, they got plenty on their plate right now.
• 1:22
  Speaker 3: I mean, obviously, since Congress left to go back to
• 1:24
  Speaker 3: their districts at the beginning of August. Again, that's typical
• 1:27
  Speaker 3: for every single Congress every single year. They go back
• 1:29
  Speaker 3: to campaign in the districts or go talk to their voters.
• 1:32
  Speaker 3: We saw the DC National Guard comen into that situation.
• 1:36
  Speaker 3: There's a lot of talks about a possible shutdown now
• 1:38
  Speaker 3: at the end of September, so that's going to be
• 1:40
  Speaker 3: taking up a lot of time this upcoming month. And
• 1:43
  Speaker 3: then at least in the crypto space, we're really looking
• 1:45
  Speaker 3: forward to seeing what the next draft is for the
• 1:47
  Speaker 3: Market Structure Bill, because for those who don't maybe recall,
• 1:50
  Speaker 3: the Senate is now going to be doing their own
• 1:52
  Speaker 3: version of Market Structure they're not going to be taking,
• 1:54
  Speaker 3: at least right now, the Clarity Act, which pass out
• 1:57
  Speaker 3: of the House just a few months ago on a
• 1:59
  Speaker 3: very significant hearts and basis over two thirds of Congress,
• 2:01
  Speaker 3: at least of the House. It seemed that the Senate
• 2:04
  Speaker 3: has going on their own product, and they said they
• 2:06
  Speaker 3: should have a draft sometime mid to late September.
• 2:09
  Speaker 4: It could get pushed with the shutdown.
• 2:10
  Speaker 3: But right now, all eyes, at least in the lobbying
• 2:12
  Speaker 3: world and policy world for crypto are very focused on
• 2:15
  Speaker 3: what's happening with the Mark Structure draft and what the
• 2:18
  Speaker 3: text says, because it's very important, and we'll have legs.
• 2:21
  Speaker 4: We'll have to see.
• 2:22
  Speaker 1: Why did the Senate decide to go that direction as
• 2:24
  Speaker 1: opposed to just taking the lead from the House.
• 2:28
  Speaker 4: You know, we've seen this happen before.
• 2:29
  Speaker 3: Actually we saw this with this Genius Act, the stable
• 2:31
  Speaker 3: Coin Bill, where the House had their own version the
• 2:33
  Speaker 3: Stable Act, the Senate had the Genius Act, and at
• 2:36
  Speaker 3: the end of the day, the Genius Act went out,
• 2:38
  Speaker 3: even though the House was moving forward tad faster in
• 2:41
  Speaker 3: the early part of the year. You know, some of
• 2:43
  Speaker 3: that is more there's a lot of politics involved, obviously,
• 2:45
  Speaker 3: and there's a lot of pride and ownership here. There's
• 2:48
  Speaker 3: some folks in the Senate on both sides of the
• 2:49
  Speaker 3: aisle who are in the drafting stage is saying, hey,
• 2:51
  Speaker 3: I actually think we can do better on this definition
• 2:53
  Speaker 3: for example, like ancillary assets, or we can do better
• 2:56
  Speaker 3: on decentralization tests for example.
• 2:58
  Speaker 4: So there's a bluthrood different views.
• 3:00
  Speaker 3: The Senate has been a little farther behind, I would
• 3:02
  Speaker 3: say on market structure topics. Usually the House has been
• 3:05
  Speaker 3: worked on this for nearly to eight years now and
• 3:09
  Speaker 3: having hearings on this, whereas the Senate's about five or
• 3:11
  Speaker 3: six years. But the first, you know, really big push
• 3:13
  Speaker 3: for hearings was starting this year when the Republicans took
• 3:16
  Speaker 3: the Senate back over.
• 3:17
  Speaker 4: So we will see what happens on this front here.
• 3:20
  Speaker 3: But at least right now, we've seen a lot of
• 3:22
  Speaker 3: this happen, not just in crypto where the House passes
• 3:24
  Speaker 3: just a bill and then the Senate says, that's cute,
• 3:27
  Speaker 3: but guess what we're going to be doing our own
• 3:28
  Speaker 3: version because in their mind, and this is true, they
• 3:30
  Speaker 3: have a sixty vote threshold or the House is simple majority.
• 3:33
  Speaker 3: So we will see what happens who wins out here,
• 3:36
  Speaker 3: but at least right now the Senate seems to be
• 3:37
  Speaker 3: all four going on their own path.
• 3:39
  Speaker 4: And then tell in the House vote on our version,
• 3:41
  Speaker 4: if and when it passes.
• 3:43
  Speaker 1: What would be the timeline on that do you feel
• 3:45
  Speaker 1: a healthy time? Would it be towards the end of
• 3:48
  Speaker 1: the session or could it be happening in the front
• 3:50
  Speaker 1: end of the session.
• 3:52
  Speaker 3: I'd say, you know, the shutdown doesn't bring a lot
• 3:54
  Speaker 3: of you know, dynamics them to play here, but I
• 3:57
  Speaker 3: would say probably October, late October November. We could probably
• 4:01
  Speaker 3: see this the full Senate voting on this. Again, Remember
• 4:03
  Speaker 3: we had to go through committee process, so we have
• 4:04
  Speaker 3: still to go through the committee.
• 4:05
  Speaker 4: Then the Committee at the vote it.
• 4:07
  Speaker 3: To go through the Agriculture Committee and they have the
• 4:08
  Speaker 3: vote right the Full said, So I'd say out of
• 4:10
  Speaker 3: the Senate hopefully late October, mid October to November, and
• 4:15
  Speaker 3: then we go to the House and the hope is
• 4:17
  Speaker 3: to have a House push forward and move it forward
• 4:20
  Speaker 3: by hopefully before Christmas. Usually there's a lot of bills
• 4:22
  Speaker 3: to get done right before Chris's time frame, So we'll
• 4:25
  Speaker 3: see if it's thrown to that big package or maybe
• 4:28
  Speaker 3: time will tell that it gets more delayed, and it
• 4:30
  Speaker 3: gets more in twenty twenty six, which is a place
• 4:32
  Speaker 3: we don't really want to be. So a lot of
• 4:34
  Speaker 3: things up in the air right now, but you know,
• 4:36
  Speaker 3: we're still pretty optimistic. Late fall, probably things are going
• 4:38
  Speaker 3: to be moving a lot faster.
• 4:40
  Speaker 1: The poly market on CLARITYAC signed in a law this year,
• 4:43
  Speaker 1: hovering it around forty percent. Would you give it that
• 4:46
  Speaker 1: much right now or would you go higher?
• 4:50
  Speaker 3: You know, I still go a little higher. It seems
• 4:51
  Speaker 3: that we have pretty good by Parson buy in right now.
• 4:54
  Speaker 3: We have Lisa Blunt Rochester on the Democrats side, christ
• 4:56
  Speaker 3: and Jillibrand as well. We'ven seen Amyklobatar from the Senate
• 5:00
  Speaker 3: Committee saying that she wants to work with the Republicans
• 5:03
  Speaker 3: on crafting their version of market structure.
• 5:05
  Speaker 4: So the upsides that we do have.
• 5:06
  Speaker 3: The key players and key senior players and the Democrat
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  Speaker 3: Party open to this. So now, mindiev Lisi Warren, who's
• 5:12
  Speaker 3: the key Democratic player against us, but we've seen her
• 5:15
  Speaker 3: lose out several times already on crypto votes and other
• 5:18
  Speaker 3: votes this year, so time will tell exactly Again the
• 5:21
  Speaker 3: product is really poor and what comes out, but at
• 5:23
  Speaker 3: least right now.
• 5:24
  Speaker 4: On the political side, the right people are talking.
• 5:28
  Speaker 1: Yeah, some of the news this week ONO launching token
• 5:32
  Speaker 1: is stocks and the ETF so this is going You've
• 5:34
  Speaker 1: got the CFTC and the SEC also coming out with
• 5:37
  Speaker 1: their own interpretation of how this might play into the markets,
• 5:41
  Speaker 1: which is kind of going ahead of what Congress has
• 5:43
  Speaker 1: been able to do because there hasn't been framework on
• 5:45
  Speaker 1: this yet. Is this a process that you see continuing
• 5:50
  Speaker 1: or do you think Congress is.
• 5:52
  Speaker 2: Going to try to get in the middle of this At.
• 5:55
  Speaker 3: Least right now, this seems to be more of a
• 5:56
  Speaker 3: regulatory fight, but this is going to be a theme
• 5:58
  Speaker 3: for quite some time. For those who don't really catching
• 6:01
  Speaker 3: up a lot of these comments on token ized securities
• 6:03
  Speaker 3: or tokenized equities, they're more focused.
• 6:05
  Speaker 4: On the SEC.
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  Speaker 3: The SEC put out a request for information back in
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  Speaker 3: February saying, Hey, we want to know plug through topics,
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  Speaker 3: including tokenized equities.
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  Speaker 4: Please give us your thoughts.
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  Speaker 3: So actually today where we responded, uh, and have plenty
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  Speaker 3: of thoughts when it comes to the tokenized equity side,
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  Speaker 3: and that you know, hey, we think the market's ripe,
• 6:22
  Speaker 3: this is the time to do it. We just deed
• 6:24
  Speaker 3: clear roles especially for being based in the u UK,
• 6:27
  Speaker 3: we do need very very clear roles to operate the
• 6:29
  Speaker 3: United States as we long as our entity. But overall,
• 6:32
  Speaker 3: we've seen some folks on the negative side here. We've
• 6:35
  Speaker 3: seen Citadel, for example, go really heavily saying we do
• 6:38
  Speaker 3: not think the market's ready for tokenize equities. We've seen
• 6:41
  Speaker 3: the Trade Association SIFMA actually taking their arguments as well.
• 6:46
  Speaker 3: We also saw an exchange a trade association as well
• 6:49
  Speaker 3: that said e EU as well as the US, should
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  Speaker 3: stop tokenized equities for now and more study the issues.
• 6:56
  Speaker 3: So we're seeing traded by now playing up these relatory
• 6:58
  Speaker 3: barriers or hurdles you can say, whereas Crypto and a
• 7:02
  Speaker 3: lot of the other fintech folks are saying, hey, no,
• 7:03
  Speaker 3: we're ready to go. So this is gonna be a
• 7:05
  Speaker 3: battle for happening for quite some time. But we're seeing
• 7:07
  Speaker 3: TraFi very uncharacteristically step out in the line of fire
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  Speaker 3: and saying, hey, no, we do not want this lease
• 7:14
  Speaker 3: right now, We're not ready for it. And this is
• 7:16
  Speaker 3: gonna be a theme going forward for the next several
• 7:18
  Speaker 3: years as these repertoire battles play out.
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  Speaker 2: Why do you think that that is the case.
• 7:24
  Speaker 1: I mean, obviously it's the known elements of why they
• 7:27
  Speaker 1: may not necessarily want this to occur, because this would
• 7:29
  Speaker 1: really kind of level the playing field. But is there
• 7:32
  Speaker 1: something else that you see kind of brewing underneath this
• 7:37
  Speaker 1: that would would cause more people to come out against.
• 7:40
  Speaker 4: It not necessarily.
• 7:42
  Speaker 3: You know, for years, the most of the tratt FI players,
• 7:45
  Speaker 3: at least in DC, really didn't give two cares about
• 7:48
  Speaker 3: crypto policy. They were focused on many other issues that
• 7:50
  Speaker 3: are way more important for them. And obviously the theme
• 7:53
  Speaker 3: for a while is that crypto was going to come
• 7:55
  Speaker 3: for Tratfy eventually. We're kind of at that moment now
• 7:57
  Speaker 3: and we're seeing at least Stratify really change your tactics
• 8:00
  Speaker 3: now and being very aggressive. And again I point to
• 8:03
  Speaker 3: the Cydel letter as kind of the first uh yeah
• 8:05
  Speaker 3: gun here and saying that they're being pretty aggressive on
• 8:09
  Speaker 3: this front. And we've seen commissioner pers of the SEC say, hey,
• 8:12
  Speaker 3: we're gonna have some stuff coming out quote soon when
• 8:15
  Speaker 3: it comes to tokenized equities.
• 8:17
  Speaker 4: You know, we don't really know what that means.
• 8:18
  Speaker 3: It could be rule making, it could be guidance, but
• 8:21
  Speaker 3: it seems like something is coming in the near future,
• 8:24
  Speaker 3: and that's very nice to hear on the transparency side
• 8:26
  Speaker 3: of things, and that's probably why Cidel was fairly aggressive
• 8:29
  Speaker 3: in their letter. But again us at Ware, Mute, and
• 8:31
  Speaker 3: plenty of others in the crypto industry, including coinbas are saying, hey, no,
• 8:34
  Speaker 3: we think the market's ready. We're ready to show that
• 8:36
  Speaker 3: the benefits of this technology and also the benefits of
• 8:39
  Speaker 3: brings to consumers here. We don't think it's more of
• 8:41
  Speaker 3: a market risk by any means. And so you know,
• 8:43
  Speaker 3: we'll see what happens with the sec and their decision
• 8:45
  Speaker 3: making here. But overall that battle between stratify and crypto,
• 8:48
  Speaker 3: it's it's come of DC and it's live.
• 8:51
  Speaker 1: Well it's interesting too because you look at King Griffy
• 8:53
  Speaker 1: with Citadel, and then you kind of look over at
• 8:56
  Speaker 1: what's happening with Galaxy Digital, who is embracing token ized securities.
• 9:00
  Speaker 3: Uh.
• 9:01
  Speaker 1: I think we may see a division of the guard,
• 9:04
  Speaker 1: you know, coming out of traditional finance. Maybe this next
• 9:07
  Speaker 1: generation of traditional finance that might fall more on Mike
• 9:12
  Speaker 1: Novigratz and you know, their theory of where the markets
• 9:15
  Speaker 1: should be going. So it's going to be interesting to
• 9:18
  Speaker 1: watch when you look at the current status of the
• 9:21
  Speaker 1: market structure. Who are who are the first of all,
• 9:24
  Speaker 1: who are the banks that would say we're not for this?
• 9:27
  Speaker 1: Who are the companies that would say we're not for this?
• 9:30
  Speaker 1: What are you watching out there, you know from a
• 9:33
  Speaker 1: lobbying standpoint.
• 9:34
  Speaker 3: Yeah, So at least when it comes to the Clarity
• 9:37
  Speaker 3: I guess the Clarity Act or the mark Structure Bill
• 9:38
  Speaker 3: that's going through the Senate, we're starting to see some
• 9:40
  Speaker 3: red lines thrown in by various industries.
• 9:42
  Speaker 4: I'm glad you mentioned kind of the naysayers here, which
• 9:45
  Speaker 4: are the banks.
• 9:45
  Speaker 3: The banks said that if we're going to be moving
• 9:48
  Speaker 3: forward with the Market Structure Bill in the Senate, our
• 9:50
  Speaker 3: request is that you close loopholes when it comes to
• 9:54
  Speaker 3: the intersparing stable coins.
• 9:56
  Speaker 4: Again, they weren't really loopholes.
• 9:57
  Speaker 3: These are actually there were agreements back in the same
• 10:00
  Speaker 3: coin bill where the community banks came to Congress and said,
• 10:02
  Speaker 3: we're going to lose our deposits because everyone's just going
• 10:05
  Speaker 3: to stable coins. And that's why we saw the prohibition
• 10:07
  Speaker 3: on in just bearing stable coins from the issuers it's themselves.
• 10:11
  Speaker 3: But now we're seeing the banks kind of changer. I
• 10:14
  Speaker 3: guess you could say tactics here and say, well, actually,
• 10:16
  Speaker 3: we want to go a step further now now that
• 10:17
  Speaker 3: Jesus signed a law, we want to close off for
• 10:19
  Speaker 3: affiliates brokers and dealers, which is pretty crazy, but also
• 10:23
  Speaker 3: it's a pretty firm line and draw on the sand.
• 10:25
  Speaker 3: So the banks are basically saying to Congress, hey, you're
• 10:28
  Speaker 3: not gonna get our support here for this market structure
• 10:30
  Speaker 3: bill unless these are closed off.
• 10:31
  Speaker 4: And again these are loocal something they explicitly agree to.
• 10:34
  Speaker 3: So that's more of the negative side here, and we've
• 10:35
  Speaker 3: seen them be very vocal about that right now. I
• 10:38
  Speaker 3: am sure as the Market Structre Bill progresses, we're going
• 10:40
  Speaker 3: to see a lot more folks and individual firms kind
• 10:43
  Speaker 3: of join that camp. And again there could be a
• 10:45
  Speaker 3: chance that we see crypto firms join the camp saying, hey,
• 10:48
  Speaker 3: we're actually posed a mart structure for XYZ reasons. So
• 10:52
  Speaker 3: it's going to be poor to watch, but at least
• 10:53
  Speaker 3: right now really important to watch the banks. That's their
• 10:56
  Speaker 3: lines of interestaring stable coin prohibition and then least for
• 10:59
  Speaker 3: crypto folks, large majority we're seeing is more DEFIB protections.
• 11:03
  Speaker 4: The DeFi did a.
• 11:04
  Speaker 3: Huge letter with the industry and that's kind of seems
• 11:07
  Speaker 3: like to be the industry's red line. So again, and
• 11:09
  Speaker 3: there's multiple firms that have their own positions, and I'm
• 11:11
  Speaker 3: sure we'll see the Craig unions and others way in,
• 11:13
  Speaker 3: but at least right now, the two big hamps of
• 11:15
  Speaker 3: tratifying crypto, of kind of man mistakes in the ground
• 11:18
  Speaker 3: said hey, this is where we're at. Uh, And now
• 11:20
  Speaker 3: it's up to Congress seeing you know, who's the camp
• 11:24
  Speaker 3: that maybe we'll meet the necessarily winners here or who
• 11:26
  Speaker 3: can mean the losers, but also you know, who are
• 11:28
  Speaker 3: we afraid of and who are we okay, maybe making
• 11:31
  Speaker 3: a little more angry in DC. These are just the
• 11:34
  Speaker 3: you know, the values of the measure in d C,
• 11:36
  Speaker 3: and that's all happening behind the scenes right now.
• 11:38
  Speaker 1: Yeah, Well, I think the issue here is going to
• 11:40
  Speaker 1: be all boiling down to you know, yield accounts that
• 11:44
  Speaker 1: you'll be able to pull in on stable coins because
• 11:47
  Speaker 1: it does start to you know, really cause an impede
• 11:50
  Speaker 1: a lot within what has been the known banking system.
• 11:53
  Speaker 1: And then you're also looking at the potential for yields
• 11:56
  Speaker 1: within ETFs which could start to play into this as well.
• 11:59
  Speaker 1: That be a big part of it, because this now
• 12:01
  Speaker 1: gets into more of a dividend strategy that is what
• 12:04
  Speaker 1: you know, traditional investors kind of expect.
• 12:06
  Speaker 2: So yeah, it could get pretty heated.
• 12:09
  Speaker 1: Do you think we'll get a hybrid approach or do
• 12:11
  Speaker 1: you think it's going to fall one way or the other.
• 12:14
  Speaker 3: I think it's gonna fall one way or the other. Again,
• 12:15
  Speaker 3: a large part of the stable coin and stuff it's
• 12:17
  Speaker 3: already done. That's why the genius have to separate from
• 12:19
  Speaker 3: mart structure. So see if we see some additional touching
• 12:24
  Speaker 3: in stable coins in the March Tructure bill. But that's
• 12:27
  Speaker 3: why it was kind of it was a buld ass
• 12:28
  Speaker 3: for the banks to push that line because we've kind
• 12:30
  Speaker 3: of already done stable coins here.
• 12:32
  Speaker 4: But that's a progative and that's the line.
• 12:34
  Speaker 2: That shows interesting. I think they're going to lose this
• 12:37
  Speaker 2: time around.
• 12:40
  Speaker 1: Beyond that, hey, listen, World Liberty Finance launched over the weekend.
• 12:45
  Speaker 1: Was this a good thing for crypto in general? I no,
• 12:47
  Speaker 1: Winter mute as participating in this with OTC desk support,
• 12:52
  Speaker 1: but I'm just kind of curious when you look at
• 12:54
  Speaker 1: what World Liberty Finance is doing, the Trump family being involved,
• 12:59
  Speaker 1: then you have every thing happening in in you know,
• 13:01
  Speaker 1: DC right now, which is really centered around market structure.
• 13:06
  Speaker 1: It was it bad timing or do you think it
• 13:08
  Speaker 1: was good timing? I'm not I'm kind of curious. What
• 13:10
  Speaker 1: do you think was it? Was it a political play?
• 13:14
  Speaker 3: It depends the let you talk to you, I guess
• 13:15
  Speaker 3: because when they started, I think I saw Washington Posts
• 13:18
  Speaker 3: and Ploitigo talk about how the Trump family made five
• 13:20
  Speaker 3: billion dollars off this deal, and then about two hours
• 13:23
  Speaker 3: later I saw the crypto media more.
• 13:24
  Speaker 4: Talking about how it was a flop uh uh and
• 13:27
  Speaker 4: will the financial was tanking.
• 13:29
  Speaker 3: So I guess it depends on who you talk to,
• 13:31
  Speaker 3: kind of like, you know, more their agenda or angle here.
• 13:33
  Speaker 3: You know, when Trump's involved, that just tends what happened. Unfortunately,
• 13:36
  Speaker 3: is that there we have an element of a bias,
• 13:38
  Speaker 3: you know, one way or the other. But I will say,
• 13:40
  Speaker 3: you know, at least we saw it with the Mark
• 13:42
  Speaker 3: Structure Bill. We got more Democrats on that bill despite
• 13:45
  Speaker 3: all the Trump family involvement in crypto so h you know,
• 13:48
  Speaker 3: don't don't be wrong. Though it was definitely a pause
• 13:50
  Speaker 3: for a lot of Democrats and they had to put
• 13:52
  Speaker 3: some additional language on cognitive interest in that version. But overall,
• 13:55
  Speaker 3: we did see more Democrats join, so so it remains
• 14:00
  Speaker 3: to be seen. The Senate is a little older, a
• 14:01
  Speaker 3: little more slower to move here, so that could be
• 14:04
  Speaker 3: a big hurdle for some centers. But overall, you know,
• 14:07
  Speaker 3: when Trump's involved in something, half of people hate it,
• 14:09
  Speaker 3: how the people love.
• 14:10
  Speaker 4: It, and that's just the real you got to work
• 14:12
  Speaker 4: with the politics.
• 14:12
  Speaker 3: But outside of crypto and upside, I guess it would
• 14:15
  Speaker 3: wear me too, is that, Hey, we're agnostic here. This
• 14:17
  Speaker 3: is uh, you know, where we're go. What's good for
• 14:19
  Speaker 3: the markets is good for the rest of the ecosystem here.
• 14:22
  Speaker 3: So yeah, overall, we'll see what happens on this front.
• 14:24
  Speaker 3: But timing wise, I will make probably doesn't help the
• 14:28
  Speaker 3: headlines here, but the headlines in DC are very different
• 14:31
  Speaker 3: than the headlines you've probably seeing more.
• 14:34
  Speaker 2: Yeah, for sure.
• 14:35
  Speaker 1: Speaking of Democrats, Gavin Newsom, they're talking about now. I
• 14:39
  Speaker 1: don't know if you've saw this the recent I think
• 14:41
  Speaker 1: it was on the Pivot podcast with Kara Switcher. He
• 14:44
  Speaker 1: actually said, Hey, I think we're going to launch a
• 14:46
  Speaker 1: you know, a meme token. So he's taken he's taking
• 14:49
  Speaker 1: some pages out of Trump's handbook, and of course right
• 14:53
  Speaker 1: now it's a pretty low percentage.
• 14:54
  Speaker 2: But I'm just kind of curious what.
• 14:55
  Speaker 1: Would be the backlash or the support in d C
• 15:01
  Speaker 1: if what most likely will be a presidential candidate coming
• 15:04
  Speaker 1: in on the Democratic side going into the crypto space.
• 15:10
  Speaker 1: Would people look at this on a favorable position or not.
• 15:14
  Speaker 3: I'd say probably not, you know, but mean cooins too
• 15:16
  Speaker 3: many people are jokes. I mean, this is just the
• 15:18
  Speaker 3: continuation of a joke. It's just now morphed into more
• 15:20
  Speaker 3: politics here. Ironically, actually one of the members who was
• 15:23
  Speaker 3: trying to ban presidential candidates and presence from having a
• 15:27
  Speaker 3: meme coin was actually a Democrat from California who is
• 15:29
  Speaker 3: pro crypto.
• 15:29
  Speaker 4: Sam mccardo's great, right, But you know there are.
• 15:32
  Speaker 3: Some folks in California in his own delegation who have
• 15:35
  Speaker 3: said pause here, so you know, if it happens. So yet,
• 15:38
  Speaker 3: this is unfortunate kind of the world of mean cooins
• 15:41
  Speaker 3: and politics is not really a favorable one no matter
• 15:43
  Speaker 3: what direction it goes. But this is this is politics
• 15:46
  Speaker 3: now for me, are fully crypto is fully mainstream.
• 15:49
  Speaker 2: Here politics is crypto. Crypto is politics.
• 15:52
  Speaker 4: It feels like everything's computer. Yep.
• 15:54
  Speaker 1: Hey, My last question to you is Trump has been
• 15:57
  Speaker 1: teasing a potential crypto tax exemption. Is that being thrown
• 16:02
  Speaker 1: around in DC right now at all?
• 16:04
  Speaker 2: Or is that a dead idea.
• 16:06
  Speaker 3: No, there's definitely some movement on cryptotax as a whole.
• 16:09
  Speaker 3: I mean, Demis is definitely right up there. And there's
• 16:12
  Speaker 3: a plenty of other ones like Martin markets, like high exchange,
• 16:14
  Speaker 3: and several other big tax priorities in the crypto space
• 16:17
  Speaker 3: that unfortunately we weren't able to get in the last
• 16:19
  Speaker 3: big tax bill, but it was pretty understable concerning how
• 16:21
  Speaker 3: small it was. But there was a push in Congress
• 16:24
  Speaker 3: and from Trump himself to get another tax bill done
• 16:26
  Speaker 3: before twenty twenty six election.
• 16:28
  Speaker 4: Odds are pretty well right now, but we've seen movement.
• 16:30
  Speaker 3: Actually House Waste and Means Committee, the committee that actually
• 16:33
  Speaker 3: does tax policy, has hat Toie had a hearing actually
• 16:35
  Speaker 3: on playing these topics. Actually it was two months ago.
• 16:38
  Speaker 3: So we're seeing movement in Congress at least here. We
• 16:42
  Speaker 3: saw a push Center Lumpus in the last tax bill.
• 16:44
  Speaker 3: She was unsuccessful there again, but expected but this go
• 16:47
  Speaker 3: around seeing a crypto tax if it does have legs
• 16:50
  Speaker 3: for that tax bill, cryptotax is likely going to have
• 16:52
  Speaker 3: color provisions in there. What it will be, we'll see,
• 16:54
  Speaker 3: but I wouldn't consider it dead by any means. But
• 16:57
  Speaker 3: if there was a polymarket ot here, I probably put
• 16:59
  Speaker 3: twenty twenty five percent.
• 17:00
  Speaker 1: Oh really, a twenty five percent on that. That's a
• 17:03
  Speaker 1: fairly high percentage. I think right now it's hovering in
• 17:06
  Speaker 1: around twenty on something. But with the point that you're
• 17:10
  Speaker 1: getting at, what would that look like in terms of timeline,
• 17:12
  Speaker 1: Because you've got market structure Clarity Act rolling through this fall,
• 17:17
  Speaker 1: if that occurs, the acceleration into next session after the
• 17:22
  Speaker 1: first of the year, could this end up right in
• 17:25
  Speaker 1: the time slot for prepping for mid terms?
• 17:30
  Speaker 4: I mean in the ideal situation. Yes.
• 17:31
  Speaker 3: Now, of course it's crypto and it's politics, so there's
• 17:34
  Speaker 3: going to be a plethoro drama that I'm sure it
• 17:35
  Speaker 3: will either sour the views or crypto from most of Congress.
• 17:38
  Speaker 4: Or make folks really excited.
• 17:40
  Speaker 3: I mean, after the Genius Actor saw a lot of
• 17:41
  Speaker 3: excitements on sable coins, a lot of people saying, yeah,
• 17:45
  Speaker 3: that was actually a good bill of vote for where
• 17:47
  Speaker 3: as we saw a couple more in the cra for example,
• 17:49
  Speaker 3: like the broken rule for example, we had some heartburn
• 17:52
  Speaker 3: from some people saying Okay, that's the one bill Crypto wanted.
• 17:55
  Speaker 4: It's like, no, we have plenty of issues on this front.
• 17:57
  Speaker 3: We're just rolling back unfortunately the damage and Gary Gunsler
• 18:00
  Speaker 3: and several others did in the last administration.
• 18:02
  Speaker 4: So we'll see.
• 18:03
  Speaker 3: But again I would say that tax bill is more
• 18:05
  Speaker 3: incumbent on just if there's appetite in Congress and move
• 18:08
  Speaker 3: on tax bill in twenty twenty six in the early
• 18:11
  Speaker 3: part of twenty twenty six, which is you know, always
• 18:13
  Speaker 3: a mixed message, but there is play little buy in
• 18:16
  Speaker 3: and of course if the President wants it, this Congress
• 18:19
  Speaker 3: sends to give it.
• 18:20
  Speaker 4: What you once, they're going to do it.
• 18:22
  Speaker 2: Press hard for sure.
• 18:24
  Speaker 1: Ron Hammond, it's been great having you back on. We'll
• 18:26
  Speaker 1: keep a close ties on you and your efforts up
• 18:29
  Speaker 1: there in DC in terms of how the market is
• 18:31
  Speaker 1: moving and what DC is going to do to respond
• 18:33
  Speaker 1: to it. But thanks for coming in today.
• 18:34
  Speaker 4: We appreciate it anytime.
• 18:36
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• 18:38
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• 18:40
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• 18:43
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• 18:56
  Speaker 2: We'll catch you next time right here on The Paul
• 18:58
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• 19:02
  Speaker 4: Permuting