Latest / The Paul Barron Crypto Show / CLARITY Vote Next! 🚨 Banks PATHETIC Last Grab to Kill Stablecoin Yields!😭Ron Hammond INTERVIEW

Transcript

CLARITY Vote Next! 🚨 Banks PATHETIC Last Grab to Kill Stablecoin Yields!😭Ron Hammond INTERVIEW · The Paul Barron Crypto Show

0:00
Speaker 1: Banks are begging to get into the game today, and of
0:02
Speaker 1: course we'll break this down and really line up on
0:05
Speaker 1: where Clarity is today because this is going to be
0:08
Speaker 1: a very critical next few days rolling into it. We
0:11
Speaker 1: have a special guest that's going to be joining us.
0:13
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0:16
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0:19
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0:22
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0:25
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0:28
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0:32
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0:36
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0:41
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0:43
Speaker 2: So let's bring on Ron Ham.
0:45
Speaker 1: And you guys have seen Ron here on the show
0:46
Speaker 1: many times, coming in from Winter Moot.
0:49
Speaker 2: Ron, how are you?
0:51
Speaker 3: I'm doing good? Apologies for a set up in the
0:53
Speaker 3: noise here. I'm in Vegas for the Rare Ego conference,
0:55
Speaker 3: but play the cover and I've done a lot of
0:57
Speaker 3: calls this morning, so ready to get into all of it.
0:59
Speaker 1: Hey, seven days now brewing in really maybe less than
1:03
Speaker 1: that if you think about it. Tomorrow is going to
1:05
Speaker 1: be a very critical day within what's happening within Clarity,
1:10
Speaker 1: and I want to kind of lead off run with
1:12
Speaker 1: a clip from Senator Lammas, and then I want to
1:15
Speaker 1: get your opinion on what she says, because it's a
1:18
Speaker 1: very interesting appeal I think to the industry, take a look.
1:23
Speaker 4: I've got a lot of pin up things to say.
1:27
Speaker 4: Just this past Friday, the National Fraternal Order of Police
1:32
Speaker 4: endorsed this bill, an organization that spends months telling us
1:36
Speaker 4: this legislation would tie the hands of law enforcement investigating
1:41
Speaker 4: crypto crime.
1:42
Speaker 3: We listened.
1:44
Speaker 4: Before any one of my Democratic colleagues tells me this
1:47
Speaker 4: bill doesn't do enough. I want to show each of
1:50
Speaker 4: you what eleven months of negotiations produces Title one alone.
2:04
Speaker 4: We added twenty three additional sections combating illicit finance, including
2:13
Speaker 4: Democrats also got more than thirty wins in the agriculture
2:19
Speaker 4: division of this build, including and requirements for digital commodity
2:24
Speaker 4: exchangers to recruit cultural diversity boards of directors. Every single
2:30
Speaker 4: one of those items was something my colleagues across the
2:33
Speaker 4: aisle insisted on. Nowhere are our concessions more apparent than
2:39
Speaker 4: on ethics.
2:40
Speaker 5: I put my.
2:40
Speaker 4: Own relationship with President Trump on the line, so did
2:43
Speaker 4: Bernie Marino. No sitting president has ever been asked to
2:48
Speaker 4: do such a thing. He's willing to put his existing
2:51
Speaker 4: digital assets in a blind trust or divest himself of
2:56
Speaker 4: them entirely. I still hear it's not enough. I want
3:01
Speaker 4: to be very direct with his chamber because I'm done
3:04
Speaker 4: being careful about this. I have spent my entire term
3:10
Speaker 4: working on this. I came here to simply ask what
3:14
Speaker 4: specifically is left to give that's reasonable? Tell me the
3:20
Speaker 4: section number, my friends at some point continuing to say
3:24
Speaker 4: not yet isn't cautious. It's a deliberate decision to run
3:30
Speaker 4: out the clock and kill a bill rather than risk
3:33
Speaker 4: a no vote on the record with constituents and industry.
3:39
Speaker 4: I have more to say.
3:40
Speaker 2: I'm going to say it.
3:41
Speaker 4: I'm going to say it before we get a vote
3:43
Speaker 4: on this bill, just not today.
3:46
Speaker 1: Oh so, Lumma's kind of throwing down the hammer there,
3:49
Speaker 1: and what I heard there was a threat.
3:54
Speaker 2: What does she know? What does she know?
3:56
Speaker 3: Ross? So? I mean she's frustrated, Kenley, I'm frush A
4:00
Speaker 3: lot of deal. Frustrated because she's a one hundred percent right.
4:02
Speaker 3: I mean, if they want to do the most pro
4:04
Speaker 3: industry bill ever, knowing that they wouldn't get Democrats support,
4:07
Speaker 3: they could have, but they've went the other approach saying, hey,
4:10
Speaker 3: look we're going to bring Democrats along the way every
4:12
Speaker 3: single time. And this has been happening the past eleven
4:14
Speaker 3: months to her point, it doesn't happened for years. I
4:16
Speaker 3: mean the FIT twenty one bill, which is the Clarity
4:18
Speaker 3: version four two years ago, that was a lot of
4:20
Speaker 3: negotiation with Democrats and a lot of Democrats did join
4:23
Speaker 3: Senator or Representative Hill on that vote for FIT twenty one.
4:26
Speaker 3: So this has been a Democrat product and Republican product
4:29
Speaker 3: for quite some time. Is frustrating though though your credit
4:32
Speaker 3: like it's been up to this one moment, and it's politics.
4:36
Speaker 3: It gets in the way and you can give them
4:38
Speaker 3: everything in the store and it seems like that's still
4:41
Speaker 3: not enough, or they're going to come back with something else.
4:43
Speaker 3: And I'm sure we'll get into you know, more of
4:44
Speaker 3: the issue coming back up as well, or prediction markets
4:47
Speaker 3: coming up as well, but there's always other factors out
4:49
Speaker 3: here that are just trying to kill this bill, and
4:51
Speaker 3: she has done a really good job extending olive branch
4:53
Speaker 3: at every turn, and unfortunately it's just the politics in
4:57
Speaker 3: the narrative that's really weighing the Democrats you know here
5:00
Speaker 3: to vote for the Clarity Act, and there's not much
5:03
Speaker 3: luft that she could do. It's really frustrating, and this
5:05
Speaker 3: all blame candidly does fall into Democrats lap here for
5:08
Speaker 3: not wanting to play ball.
5:10
Speaker 1: Okay, so this gets a little bit sketchy because could
5:13
Speaker 1: could all of this end up backfiring on the Dems,
5:17
Speaker 1: showcasing everything that Trump and an administration has done along with
5:21
Speaker 1: all these concessions that are in the bill.
5:22
Speaker 3: Now, well, she's not individually name calling you. Anytimes she
5:27
Speaker 3: does usually yea name out of center. Not yet. Maybe
5:31
Speaker 3: that's where her tones can be a little more harsh.
5:33
Speaker 3: It's a Midwest nice saying, hey, I can be mean,
5:35
Speaker 3: I'm not going to be mean. But we haven't seen
5:38
Speaker 3: her individually call out certain centers. But you know, there
5:40
Speaker 3: are some centers that have been along with her every
5:42
Speaker 3: step of the way for this drafting, and their names
5:44
Speaker 3: are nowhere to be found in Sport at the current moment.
5:46
Speaker 3: So I felt she she's probably feeling slighted right now.
5:49
Speaker 3: At the same time, there's all these other Democrats out
5:52
Speaker 3: there who voted for the Genius Act, but each individual
5:55
Speaker 3: one seems to have a pet project or their own
5:58
Speaker 3: concern and maybe some versions like this ethic provision or
6:01
Speaker 3: some like this version on yield or defive regulation, but
6:05
Speaker 3: there's no at least congruency among them. It seems like
6:07
Speaker 3: every center has got different position. And to your points,
6:11
Speaker 3: this has been happening for months, and so they know
6:13
Speaker 3: the text, they've seen the text. They keeps stalling here.
6:16
Speaker 3: But again it's more just the politics as a whole.
6:19
Speaker 3: And if they wanted to force a vote, I mean,
6:21
Speaker 3: it's potentially still in the cards that it could happen
6:24
Speaker 3: next week, but they all know that vote would fail.
6:26
Speaker 3: So that's really the unfortunate part. So that's.
6:30
Speaker 1: So, well, you have a lot of things pushing right
6:32
Speaker 1: now because I think repositioning and maybe these.
6:35
Speaker 2: Are for optics.
6:36
Speaker 1: You got Patrick Wick talking about this very point, and
6:38
Speaker 1: that was the law enforce the enforcement support that we're
6:42
Speaker 1: seeing within this, including the major cities, the Chiefs Association,
6:45
Speaker 1: So that's now in and this has all been centered
6:48
Speaker 1: around illicit finance, so that was kind of one of
6:51
Speaker 1: the big, you know, hurdles that needed to overcome. And
6:54
Speaker 1: then you also have the issue of some of the
6:58
Speaker 1: things we had to get through, and one was the
7:00
Speaker 1: Russish sanctions that of course just got voted on today.
7:03
Speaker 1: We had an eighty six to twelve, so that was
7:05
Speaker 1: pretty much a slam dunk, which is what we talked
7:07
Speaker 1: about last week.
7:08
Speaker 2: We said these ago really quickly.
7:10
Speaker 1: They have in fact done that, and now you've got nominations.
7:14
Speaker 2: Those will be done very soon.
7:16
Speaker 1: So it doesn't seem like there's too much in the
7:18
Speaker 1: way here. We are tomorrow on Friday. Could this actually
7:22
Speaker 1: get over to Thune on Friday?
7:26
Speaker 3: I mean, I'd say my drop deadline for a vote
7:28
Speaker 3: this week would probably or next week would probably be today.
7:31
Speaker 3: They have to a three series of votes and that's
7:33
Speaker 3: non including amendments, and obviously there's gonna be a lot
7:36
Speaker 3: of amendments if this does have a chance of actually
7:38
Speaker 3: gaining by Parsan support. But again they know if they
7:40
Speaker 3: press that lever and the Democrats all lock up, which
7:43
Speaker 3: right now every public indication statement seems like they're going
7:46
Speaker 3: to lock up and say we're against us, even though
7:48
Speaker 3: it is who are drafting it, like Senator Also Brooks
7:50
Speaker 3: and Senator Jill Brand, they seem to be in the
7:52
Speaker 3: camp of it doesn't go far enough on the OTHERK side,
7:54
Speaker 3: or more issues on the AML front, or you know,
7:57
Speaker 3: pick an issue. But that's the unfortunate part is that
8:00
Speaker 3: they're really going to lock up at least at this point,
8:03
Speaker 3: and that could really jeopardize this move forward. Even if
8:06
Speaker 3: they tried again after November. That bad taste can really
8:08
Speaker 3: still be in a lot of folks mouths. And they said,
8:10
Speaker 3: you know what, we just don't want to waste time
8:11
Speaker 3: with the crypto bill. We'll just do this next Congress,
8:14
Speaker 3: which you and I both know to split Congress, which
8:15
Speaker 3: is the likely scenario. The odds are rare. So yeah,
8:19
Speaker 3: that's the most interesting part. But I think the last
8:21
Speaker 3: thing I mentioned too is that there's a lot of
8:22
Speaker 3: these outside groups, not the centers themselves too, but there's
8:25
Speaker 3: a lot of outside groups, especially the banks, who've been
8:27
Speaker 3: really pushing this political narrative knowing it was going to
8:29
Speaker 3: destabilise the bill. And so that's been frustrating to watch
8:33
Speaker 3: because it's not just all politics from the certain centers,
8:35
Speaker 3: it's the other industry groups who want to make sure
8:37
Speaker 3: this also goes because they didn't get what they want.
8:40
Speaker 1: Well, you've got a lot of politics being played right now.
8:43
Speaker 1: This was surprising to me because maybe this was an
8:46
Speaker 1: olive branch to the banks Heed Schumer who sent over
8:50
Speaker 1: to the White House two names for the SEC and
8:52
Speaker 1: the CFTC. But the interesting point was is the nominees'
8:56
Speaker 1: identities still are very unclear. Do you have any guidance
9:00
Speaker 1: on this? Do you know who it's going to be?
9:01
Speaker 1: Who these nominations are.
9:03
Speaker 3: I've heard rumors. I don't think I'm allowed to say
9:06
Speaker 3: them just yet, because again it's probably just at the
9:08
Speaker 3: rumor stage right now. But I think this is actually
9:11
Speaker 3: really important. I think folks should really look at who
9:13
Speaker 3: these two Democrats would go up from the SEC and
9:15
Speaker 3: CFTC because the question that we have as a lobbyist
9:18
Speaker 3: as well as just folks in the policy space, is
9:20
Speaker 3: this going to be the same ideological viewpoint that Gary
9:22
Speaker 3: Gensler had or is this gonna be kind of more
9:24
Speaker 3: with Russon Venom CFTC made more open to crypto democrat
9:28
Speaker 3: because that shift really dictates what a Democrat administration SEC
9:32
Speaker 3: could look like in about two to four years, so
9:35
Speaker 3: it seems like it's going to be going the more
9:37
Speaker 3: direction of more pro industry or at least not saying
9:40
Speaker 3: crypto is all fraud and securities and should go away instantly.
9:44
Speaker 3: So I would look at groups like Better Markets, that's
9:46
Speaker 3: the more progressive finance services group out there. And if
9:50
Speaker 3: they're angry about the Democrat nominee, which they put some
9:53
Speaker 3: articles out in the past of potential future nominees, and
9:56
Speaker 3: I think it's a very telling sign that they're not
9:58
Speaker 3: happy with the direction at least for the industry side
10:01
Speaker 3: of things. Those got that position has lost in the courts,
10:03
Speaker 3: it lost with the Gensler era, and we're ready for
10:06
Speaker 3: fresh face and Democrats side, and that could be actually
10:08
Speaker 3: a pretty positive shift.
10:09
Speaker 1: So uh from some wingerscross, I think, when do you
10:12
Speaker 1: think we would get those names?
10:15
Speaker 3: I'm surprised you're not publicly right now, honestly, but it
10:17
Speaker 3: should be pretty soon. There's the whole Trump's gonna, you know,
10:20
Speaker 3: give the green light and such like that, so the
10:22
Speaker 3: White House does have to have some saying this to
10:25
Speaker 3: go forward, But overall, I don't think that's going to
10:28
Speaker 3: be an issue. But there's a lot going on too,
10:30
Speaker 3: so we'll see.
10:32
Speaker 1: So coinbase expects this on on Monday. You're saying that,
10:36
Speaker 1: actually you think the vote has to happen to day
10:38
Speaker 1: or tomorrow or is it today.
10:40
Speaker 3: I would say the announcement for the vote should happen.
10:43
Speaker 3: If it is going to happen, it would happen, and
10:45
Speaker 3: now I mean next week on Monday, Tuesday to coin
10:48
Speaker 3: basis point, the probably rights that would take off the process,
10:50
Speaker 3: but it's like a multi day process.
10:53
Speaker 1: Okay, So there's a lot of speculation and some reports
10:57
Speaker 1: out there that there are ten Democrats that are actually
11:00
Speaker 1: ready to vote for Clarity Act.
11:02
Speaker 3: Right.
11:02
Speaker 2: Do you think is there is there some truth in this?
11:05
Speaker 3: Yeah? I think you know, at least a lot of
11:07
Speaker 3: conversations I've been having, it's been it's the ethics piece.
11:10
Speaker 3: But for a lot of Democrats, not every single one
11:13
Speaker 3: out there. There's eighteen of votes for Genius. I'd say
11:15
Speaker 3: there is a universe of ten Democrats that if then
11:18
Speaker 3: the ethics piece is solved, then they're good to go,
11:21
Speaker 3: and that would put us very close to the line
11:24
Speaker 3: of getting this bill passed. We also have to remember
11:26
Speaker 3: there's going to probably be a couple of Republican defections.
11:29
Speaker 3: And again we'll get into the banks later on, but
11:30
Speaker 3: like that, they're really stepping the gas right now. So
11:33
Speaker 3: I think there is a realm at least from our math,
11:35
Speaker 3: that gets us to sixty sixty one. But that's very
11:39
Speaker 3: slim margins here.
11:40
Speaker 2: Okay.
11:41
Speaker 3: I will say too, if the more senior Democrats were
11:43
Speaker 3: kind of we start seeing a kind of Genius Act
11:46
Speaker 3: situation where one or two centaters start voting for it,
11:49
Speaker 3: and then the Democrats feel politically like, oh, more of
11:51
Speaker 3: us can vote for it. It's going to pass anyway,
11:54
Speaker 3: then that can you know, cascade into a lot more votes.
11:56
Speaker 3: But it kind of ok be the first.
11:59
Speaker 1: One out there are Okay, So listen, you've just said
12:02
Speaker 1: some things that are important I think, and that is
12:05
Speaker 1: the Republican side.
12:06
Speaker 2: We'll talk about that for a second.
12:09
Speaker 1: Who do you think on the Republican side would possibly
12:12
Speaker 1: deviate away?
12:14
Speaker 3: So Ram Paul and Josh Holly were the two centers
12:16
Speaker 3: who vote against the Genius Act last time. A little
12:19
Speaker 3: frustrating because they come from a more libertarian angle here,
12:22
Speaker 3: which that's the space is anyway. But for their point,
12:25
Speaker 3: either stable coins are craaying essential paying digital currency or
12:28
Speaker 3: creating owners recognitions, and they're that libertarian where they're at
12:31
Speaker 3: least at the point saying any regulations bad, and it's like, well, well
12:34
Speaker 3: kind of at least some guard rails here, that's what
12:36
Speaker 3: we're asking for. So that's I'll get those two and
12:40
Speaker 3: then I would look, I mean, this is a senence,
12:41
Speaker 3: so I remember, these are older folks who've dealt with
12:42
Speaker 3: the banks in some cases for forty to fifty sixty years.
12:46
Speaker 3: These older I would say, more Midwest Republicans. I can't say.
12:50
Speaker 3: I don't want to say anything names out loud, because again,
12:51
Speaker 3: these conversations are still happening, but I would say there's
12:55
Speaker 3: a couple senators on the Republican side that I've had
12:56
Speaker 3: a conversation with the Chief of Staff, including like this morning,
12:59
Speaker 3: that there's saying, hey, we're going to hit up by
13:01
Speaker 3: a lat of bankers from our state and they're saying
13:03
Speaker 3: we're being told all rule lending is going to go away,
13:06
Speaker 3: and we heard that the crypto industry is trying to
13:09
Speaker 3: screw over the banks. And they don't mention anything about
13:11
Speaker 3: the Yield deal. They don't talk about any of the
13:12
Speaker 3: negotiations that happened for the past months prior because a
13:16
Speaker 3: lot of these centers, you know, aren't in the trenches
13:18
Speaker 3: like the twenty six or twenty eight were for the
13:20
Speaker 3: Bank Committee and the Agriculture Committee. A lot of these
13:22
Speaker 3: centers are brand new the issue. They don't really know
13:25
Speaker 3: clarity too much, and they have had their staff at
13:27
Speaker 3: interactions but have a vote until potentially next week. And
13:31
Speaker 3: so a lot of these different lots of the Republicans
13:32
Speaker 3: are now hearing from different constituencies, but they don't know
13:35
Speaker 3: the whole backstory. So I've had a lot of explaining
13:37
Speaker 3: calls recently with a lot of Republicans being like, hey,
13:39
Speaker 3: here's how we got to the yield issue, and it
13:42
Speaker 3: wasn't a fuck a giveaway to the crypto industry, Like
13:44
Speaker 3: we fought this for a little bit, but we decided
13:46
Speaker 3: to actually make a negotiated deal with the White House
13:49
Speaker 3: and the banks, and the banks now are renegging on
13:51
Speaker 3: their issue. And if you call up like or Bloomberg
13:55
Speaker 3: or anything kind of DC right now, you're going to
13:57
Speaker 3: see clarity, ethics, yield issues from the banks all over
14:01
Speaker 3: the AD. So they're really pushing hard still trying to
14:04
Speaker 3: target those newer centers that just haven't been in the
14:06
Speaker 3: trenches for the backstory.
14:09
Speaker 1: Do you think that we will get an ethics deal tomorrow?
14:13
Speaker 1: Do you feel like that's close at least on the
14:15
Speaker 1: final push yues.
14:18
Speaker 3: It really gets a little And this has been the
14:19
Speaker 3: past twenty four hours. So CeNAT Lumma's to her floor speech.
14:21
Speaker 3: She also went on Crypto in America this morning and
14:24
Speaker 3: she almost dismissed the Tillis also Brooks ethics push that's
14:29
Speaker 3: happening right now. Allegedly those two senders and Ruby Diego
14:31
Speaker 3: worked on its separate ethics steal. They send that up
14:34
Speaker 3: to the White House. We're waiting for that response from
14:36
Speaker 3: the White House. But Senator Lummas said that she believes
14:38
Speaker 3: that her and bring Marinos the Republican quote quote ethics
14:41
Speaker 3: steal is actually better. So it's a little weird. There's
14:45
Speaker 3: a split right now. But also behind the scenes, there's
14:47
Speaker 3: some drama that's happening the past hour with Todd blanche
14:50
Speaker 3: the DOJ nominee and Trump pulling his nominee because it's
14:55
Speaker 3: Senator Tillis and Senator Cornyn. So there's also some bad
14:58
Speaker 3: blood politically on unrelayed issues that could affect till standing.
15:03
Speaker 3: The White House so I'm very curiousy what else says?
15:07
Speaker 1: All right, well, listen, I want to play a clip
15:08
Speaker 1: for you because this goes back to your point on
15:10
Speaker 1: the banks.
15:10
Speaker 2: But it's interesting. This is the first time I've heard Rob.
15:14
Speaker 1: Nichols actually talk positively about clarity.
15:18
Speaker 2: Take a look.
15:19
Speaker 5: I can't think of anything that has gotten bankers more
15:21
Speaker 5: riled up than the Clarity Act. You obviously represent bankers.
15:25
Speaker 5: Why don't you tell me your side of things, what
15:27
Speaker 5: you find wrong with the Clarity Act.
15:29
Speaker 6: Two paragraphs that were suggesting tiny surgical edits.
15:33
Speaker 5: What exactly are those paragraphs and what are the changes.
15:36
Speaker 6: There's a phrase that says they should be functionally equivalent.
15:40
Speaker 6: We want to change that to substantially similar. I mean,
15:42
Speaker 6: these are tiny surgical changes just to achieve clarity in
15:47
Speaker 6: the Clarity Act.
15:48
Speaker 5: Okay, tell me this again, substantially similar versus what what
15:52
Speaker 5: was the phrase?
15:52
Speaker 7: The current functionally equivalent is a term in there now,
15:56
Speaker 7: and we just want to propose changing it to substantially similar,
16:00
Speaker 7: which would do what language which is this is around
16:02
Speaker 7: the prohibition for offering yield interest and rewards around balances
16:06
Speaker 7: and that sort of thing. So these are very tiny
16:09
Speaker 7: surgical and technical changes.
16:12
Speaker 5: By the way, would coinbass what would coinbase and others
16:15
Speaker 5: say about that change? Functional equivalent changing?
16:17
Speaker 3: It's a substantial what they would say.
16:19
Speaker 5: I mean, it's it's just such legal ease. What what
16:22
Speaker 5: what does the difference mean? Tell me why you want
16:24
Speaker 5: to change to that? I mean, I I think I'm
16:26
Speaker 5: pretty empathetic to your calls all of this, but consistently
16:30
Speaker 5: all right, So.
16:31
Speaker 1: She's trying to get it out of him. He's not
16:32
Speaker 1: giving it up much. What does that mean to you?
16:36
Speaker 2: Ron?
16:38
Speaker 3: And they're trying to back on their logging right here,
16:40
Speaker 3: So what's happening? So when the Genius Act is going
16:42
Speaker 3: on the yield issue again, circal kinds of issuer is
16:45
Speaker 3: going to offer yield, but there's nothing about third party
16:48
Speaker 3: affiliates like your coinbasis as such. And that's where there's
16:50
Speaker 3: entired about laying out for months. But the thing is
16:54
Speaker 3: in this rulemaking. You know, the banks are trying to
16:56
Speaker 3: close that yield or whatsoever. Go through Congress, go to
16:58
Speaker 3: the regulators. But here's a key. You need congressional intent.
17:01
Speaker 3: So whatever the language is and whatever Congress said that
17:04
Speaker 3: language should look like, is what the most way here.
17:07
Speaker 3: So what they're trying to do is they're trying to
17:08
Speaker 3: just weak a little word here so they can go
17:11
Speaker 3: to the regulators and say, see, Congress actually wants no
17:13
Speaker 3: yield whatsoever. And I think the important thing to watch
17:16
Speaker 3: is some starting to go against their own publicly now.
17:19
Speaker 3: So Goldman Sachs is a really good example. In the
17:21
Speaker 3: investment banks as well as the custody banks, they've been
17:24
Speaker 3: going against the ABA and the ICBA saying, actually, no,
17:27
Speaker 3: we want clarity. Fully, we're fine with the deal as
17:29
Speaker 3: it is. And that's because they're not as much retail
17:33
Speaker 3: facing here, and that I think it's a lot of
17:35
Speaker 3: these larger institutions they want to play the long game
17:38
Speaker 3: here and say, hey, you know what, we're willing to
17:40
Speaker 3: kill the Clarity Act if it means we have a
17:42
Speaker 3: chance in about six to eight years getting whatever the
17:44
Speaker 3: commerce looks like to ban yield in. So they know
17:47
Speaker 3: this is a long game. There's billions of dollars on
17:49
Speaker 3: the line here, and the investment banks are carry playing
17:52
Speaker 3: their game, it seems like, and they're saying, hey, we're
17:54
Speaker 3: going to actually go against what the trade associations that
17:57
Speaker 3: we are part of are saying. So it's a really
18:00
Speaker 3: it's gives them to watch because it's definitely retail custody
18:02
Speaker 3: versus more the custody and investment banks versus the retail
18:06
Speaker 3: basing banks.
18:08
Speaker 1: Okay, So do you think from a lobby standpoint, and
18:10
Speaker 1: also from the influence that they have on senators in
18:13
Speaker 1: d C, well any of our lawmakers, does the institutional
18:17
Speaker 1: side of the banking industry have more pull than say
18:21
Speaker 1: the retail side. We even saw JP Morgan actually come
18:23
Speaker 1: out and say that they're for it, which is ironic
18:27
Speaker 1: coming over from Jamie Diamond, which is completely you know,
18:31
Speaker 1: an opposite position.
18:32
Speaker 3: What do you think, Yeah, the first time that's happened
18:34
Speaker 3: where the lobby is telling you something complete opposite of
18:37
Speaker 3: what they are our CEO said. But I'd say it's
18:40
Speaker 3: kind of hard. I mean, as a community banks hold
18:42
Speaker 3: a lot more weight because they do kind of bring
18:44
Speaker 3: the constituency element to it, especially again for more the
18:47
Speaker 3: Republicans and rural states. That's a very very big level.
18:51
Speaker 3: And you know there's been mixed opinions from community banks
18:53
Speaker 3: on this bill as well, So I'd say they carry
18:55
Speaker 3: a lot of weight here. But you know, lastly, i
18:59
Speaker 3: would say, you know, even banks themselves they've definitely gone
19:01
Speaker 3: down status, especially among Republicans, but just generally the trust
19:04
Speaker 3: in them on the lobbying side policy side is not
19:07
Speaker 3: as strong as used to be, you know, ten years ago.
19:09
Speaker 3: So that's through a series of you know, traps they
19:12
Speaker 3: fell into unfortunately on their end. But you know, we're
19:15
Speaker 3: kind of in a stronger position here. And the most
19:17
Speaker 3: important thing too, is that the folks who made this
19:19
Speaker 3: deal Center tillis the center also Brooks, have probably said
19:22
Speaker 3: multiple times this is done. We have made this yield
19:26
Speaker 3: negotiated piece, and that's how it is. And where the
19:29
Speaker 3: banks are not having that still even though is negotiation
19:31
Speaker 3: they're part of. And you know, now they're trying to
19:33
Speaker 3: pick off all these other centers that were just not
19:36
Speaker 3: in the trenches and telling them, hey, like there's a
19:38
Speaker 3: huge yield issue. And so that's where now I'm getting
19:40
Speaker 3: these calls. The other lobbies are getting calls from staff
19:43
Speaker 3: and such saying what is this And that's the new
19:45
Speaker 3: bank lobby approach because they think that's the only way
19:48
Speaker 3: they're going to have success trying to close this loophole
19:50
Speaker 3: or potentially killing the bill until when they have it
19:52
Speaker 3: more favorable in their stance to try again through legislation
19:55
Speaker 3: to kill it well.
19:56
Speaker 2: To get it, to get it aligned.
19:58
Speaker 1: Guys, I would invite every to go over to stand
20:00
Speaker 1: with crypto.
20:01
Speaker 2: You can do that dot org. This is coinbasis site.
20:05
Speaker 1: You can fill out a quick form on this on
20:07
Speaker 1: filling out your name, email, your address, and then it's
20:11
Speaker 1: going to show your senators and then it's going to
20:13
Speaker 1: generate an email for you.
20:15
Speaker 2: So that that's going.
20:16
Speaker 1: To help at least to let because this is the
20:18
Speaker 1: combat that we're facing right now is senators that may
20:21
Speaker 1: not necessarily know and they are getting a lot of
20:23
Speaker 1: you know, inbound coming in from the local ABA and
20:27
Speaker 1: regional associations to kind of pressure on these rural communities.
20:32
Speaker 2: So it is.
20:32
Speaker 1: Something out there that you guys have to be aware of.
20:36
Speaker 1: Do you think this recess could get canceled? Do you
20:39
Speaker 1: think they could could anything change in that format that
20:43
Speaker 1: would elongate this out any.
20:46
Speaker 3: Yeah, this has been a growing issue. It's the same
20:49
Speaker 3: America Act. It's more about voter ID that's been a
20:51
Speaker 3: huge aid in present and they have canceled the Senate
20:54
Speaker 3: recesses before or extend it for a couple of weeks
20:57
Speaker 3: and usually just to get one or two either funny
20:59
Speaker 3: bills or something to say America Act through. But from
21:02
Speaker 3: a lot of sources I'm talking to in a lot
21:03
Speaker 3: office I'm talking to, there's an extreme weariness among the centers.
21:08
Speaker 3: They've been there for several weeks now, which they're older,
21:10
Speaker 3: I guess, but there's a viewpoint that a lot more
21:13
Speaker 3: tired and going to wrap it up and get back
21:15
Speaker 3: on the campaign trail and come back in September. So
21:17
Speaker 3: Trump obviously is frustrated that a lot of other centers
21:20
Speaker 3: are frustrated that, but I think they're going to keep
21:22
Speaker 3: them there till the seventh and then they'll go forward September, November,
21:26
Speaker 3: and December for back in DC. So again, like those
21:28
Speaker 3: are weeks we have opportunities potentially for the clared yet
21:31
Speaker 3: so I'm not saying that you know, this is a
21:34
Speaker 3: done deal. It's dead. Like there's definitely other weeks that
21:37
Speaker 3: we have in the copper. And also, like all this
21:40
Speaker 3: political bs kind of a rode away after November Democrats
21:44
Speaker 3: win the House and feel now okay to vote on
21:46
Speaker 3: a crypto bill and not get the political backlash. It
21:49
Speaker 3: remains to be seen. But like that's frustrating too because
21:51
Speaker 3: it's you know, at the end of the day, it's
21:52
Speaker 3: not the substance, it's the politics. So hopefully that that'sn't
21:55
Speaker 3: wear out. But you know, keep September its potentially is
21:58
Speaker 3: on the line.
22:00
Speaker 1: Timber now is potentially in play. This changes things up
22:03
Speaker 1: a little bit because I think everybody's been looking at
22:06
Speaker 1: August being the recess per senat as being kind of
22:09
Speaker 1: the drop dead. Right now, Ron, where would you put
22:11
Speaker 1: your odds on getting this.
22:13
Speaker 3: Through for the year. I'm still twenty five, so yeah,
22:18
Speaker 3: I'm in twenty five at the moment.
22:21
Speaker 2: But like at the end of you end of the year, yeah, okay.
22:25
Speaker 3: Yeah, but if you make an ethics deal, you get
22:27
Speaker 3: the White House, you get Chuck Schumer, and you get
22:29
Speaker 3: the Clarity Drafters, all good on one piece of ethics.
22:32
Speaker 3: To your point, I think we get ten Democrat centers
22:34
Speaker 3: pretty much off the rip there, and we'll have probably
22:37
Speaker 3: Cosmare or two Republicans to not flip. But that's enough
22:40
Speaker 3: votes right there. So there's a scenario where one dumbino
22:44
Speaker 3: falls and then all this gets into play, and I
22:46
Speaker 3: can increase that to seventy five games a chance if
22:48
Speaker 3: ethics is solved.
22:50
Speaker 1: Some way, all right, So that could happen as early
22:52
Speaker 1: as tomorrow, and I think there are deals being made
22:55
Speaker 1: almost as hey, we'll do this for you if you
22:59
Speaker 1: guys give us a little bit of leeway. I was
23:01
Speaker 1: looking at Tom Emmer. He put out a tweet right
23:03
Speaker 1: here congratulating none other than guess who, Jake Clayton, the nemesis,
23:09
Speaker 1: the arch nemesis of the Ripple community. He is now
23:13
Speaker 1: going to be joining as the Director of National Intelligence.
23:16
Speaker 2: Run. You have to make this make sense for me, please,
23:20
Speaker 2: you know sense.
23:22
Speaker 3: I did have I have friends who work in D
23:25
Speaker 3: and I and that kind of those intelligence offices, and
23:27
Speaker 3: they were calling me being like, who is this guy?
23:28
Speaker 3: What do you like? Never called about like an SEC
23:33
Speaker 3: chair from my intelligence friends. But here we are. So
23:37
Speaker 3: I've met with him several times. I've engaged them. You know,
23:39
Speaker 3: people do have mixed opinions, and rightly so on this
23:41
Speaker 3: track record. But overall it's kind of weird to see
23:44
Speaker 3: that Trump trust, you know, puts a law of trust
23:46
Speaker 3: into Jake Clayton. Here he does come off, at least
23:49
Speaker 3: in my opinion, more of like his own person versus
23:51
Speaker 3: kind of like a Trump shill and doing everything once
23:54
Speaker 3: I know some you'll disagree with that, but like overall,
23:56
Speaker 3: it's an odd pick. But there's been a lot drama
23:58
Speaker 3: with that d and I Seed Gabbard and Bill Puylty
24:01
Speaker 3: before that. He seems more a calmer voice versus the
24:05
Speaker 3: previous two and that's probably why he's there. But it
24:08
Speaker 3: is odd. I think go from Scaries Law is now doing.
24:10
Speaker 2: National Yeah, it's an odd pick.
24:13
Speaker 1: Speaking of odd things, you've got two crypto packs now
24:15
Speaker 1: launching another fun to boost Republican candidates in Michigan and Iowa.
24:21
Speaker 1: Why do they care about Michigan and Iowa right now?
24:24
Speaker 3: I mean those are two really big states right now,
24:27
Speaker 3: especially on the Senate side, there's a lot of questions.
24:30
Speaker 3: Are the Democrats are going to get actually the Senate
24:32
Speaker 3: and the House next year. A lot of people think
24:34
Speaker 3: it's just gonna be the House, but you know, days
24:37
Speaker 3: like Texas, you know they're gonna contentious races. So like
24:39
Speaker 3: there's a few races that we're looking out there. I
24:42
Speaker 3: was definitely one of them where Republicans likely will win
24:44
Speaker 3: that seat. But it's electioneer. Anything can happen, but it's
24:47
Speaker 3: going to be tight. I mean they send him. Majority
24:49
Speaker 3: for the Republicans is definitely gonna whittle, and the question
24:51
Speaker 3: is by how much. So I'll get New Hampshire as well.
24:54
Speaker 3: That's gonna be contentious race, and we'll see, you know,
24:57
Speaker 3: kind of what Georgia, especially Georgia is going to be
24:59
Speaker 3: a really detentious centers up there. And both those centers
25:02
Speaker 3: are on the main committee and have been involved in
25:04
Speaker 3: clarit yet discussions. They haven't crossed the line yet. So
25:08
Speaker 3: like faced crypto packs, they can carry some weight here
25:11
Speaker 3: because these folks wont through money.
25:13
Speaker 2: Yeah for sure.
25:15
Speaker 1: Okay, Ron, I have a question for you if Thune Okay,
25:17
Speaker 1: so if Thune doesn't get this up for a vote,
25:20
Speaker 1: let's just assume that he doesn't get it up for
25:22
Speaker 1: a vote at all. What kind of consequences would that
25:25
Speaker 1: be in reference to the Republicans in general? Is that
25:28
Speaker 1: really bad for them based on their donors or how
25:32
Speaker 1: would this play out?
25:34
Speaker 3: Yeah, this is also the thing we're seeing with the
25:36
Speaker 3: kind of lobbying world where it's also talking politicians, but
25:38
Speaker 3: it's a lot of talking to the media and a
25:40
Speaker 3: lot of narrative building here because we're seeing some of
25:42
Speaker 3: the Democrats saying, hey, actually a lot of this falls
25:44
Speaker 3: to Trump. Actually it's Trump who didn't make the ethics steal.
25:46
Speaker 3: He's the one to blame here, But cannily that year
25:49
Speaker 3: is not holding weight right now because it's the Democrats.
25:51
Speaker 3: You've been delaying this for months now, holding up on
25:54
Speaker 3: one issue or the other. There could be a situation
25:56
Speaker 3: where this falls to Trump lap and the Clarity drafters
25:59
Speaker 3: as well as folks who made this deal are saying Trump,
26:02
Speaker 3: we just need your signature, and if even with eld
26:04
Speaker 3: then it's Trump's fault potentially for this bill not moving forward.
26:07
Speaker 3: But right now it's definitely more on the Democrats here
26:10
Speaker 3: and every single time it's their fault.
26:13
Speaker 1: All right, well you have you have more piling onto
26:16
Speaker 1: this now, only it's the national stage with John Oliver
26:20
Speaker 1: Show actually airing the crypto dirty laundry out there, and
26:24
Speaker 1: then of course that is targeting the Clarity Act now
26:27
Speaker 1: on a major news round up here. So does this
26:32
Speaker 1: now create more sentiment? I'm sure this is all orchestrated
26:36
Speaker 1: by the banks, but does this create more sentiment that
26:39
Speaker 1: starts to maybe inform like you're saying, senators who just
26:44
Speaker 1: don't know.
26:45
Speaker 3: Yeah, this is very common unfortunately where we see it's
26:49
Speaker 3: usually sixty minutes. John Oliver, John Stewart and a few
26:52
Speaker 3: other ones over the years. But it's I mean, hypothetically,
26:55
Speaker 3: the vote on Clarity could be next week, and just
26:57
Speaker 3: so happens that John oliverd does this really long special
27:01
Speaker 3: everything with the like you know it's bad and Crypto
27:03
Speaker 3: and Trump to the Clarity Act, And like, I have
27:06
Speaker 3: seen this multiple times, and every time a week before
27:08
Speaker 3: a big vote happens sixty minutes, I will not be
27:11
Speaker 3: shocked if sixty minutes has a special on Trump and Crypto.
27:14
Speaker 3: The so like this is, I've seen this play out.
27:17
Speaker 3: It usually comes from the DC Communications apparatus. Don't get
27:20
Speaker 3: me wrong, I'm sure the crypto industry does the same
27:22
Speaker 3: exact thing. But you know, the legacy media tends a
27:24
Speaker 3: living one way, as we've seen from the past. And
27:27
Speaker 3: I'm sure that McKenzie's making some appearance now too on
27:30
Speaker 3: some show. So like we know the cast of characters,
27:32
Speaker 3: we kind of know how they play this game. But
27:35
Speaker 3: as behind the scenes, this is all narrative. Again, You've
27:37
Speaker 3: got to think about those seventy five centers who just
27:39
Speaker 3: have not been in the trenches and they're only listening
27:42
Speaker 3: to what their constituents say. Kind of what the leadership
27:45
Speaker 3: is telling them and also what's in the narrative out there,
27:48
Speaker 3: and we're seeing the other side really push the gas
27:50
Speaker 3: on trying to get this narrative that this is all horrible,
27:52
Speaker 3: we're seeking the world without telling you. Oh yeah, eighty
27:55
Speaker 3: seven Democrats voted for this exact same mill a year ago,
27:58
Speaker 3: so like, yeah, it's two thirds of the houseboating for this,
28:00
Speaker 3: Like the numbers are there, and it's very biparson So
28:03
Speaker 3: it's so frustrating.
28:05
Speaker 1: Yeah, and what a tightrope we are on now after
28:09
Speaker 1: all of that success with Genius Ax. So obviously things
28:12
Speaker 1: are boiling down to a few days. We may have
28:15
Speaker 1: to extend our timer out now into September. If we
28:18
Speaker 1: do pass up here on this session, we'll definitely get
28:22
Speaker 1: you back if we start rolling past August. What that's
28:26
Speaker 1: going to look like now in the remaining sessions before
28:29
Speaker 1: the midterms, which would be September, we'll be something to watch. Ron,
28:34
Speaker 1: thanks so much for coming in today. We appreciate it.
28:36
Speaker 3: Hey time, Paul, thanks for having me.
28:44
Speaker 1: If you like this video, like and subscribe, drop a
28:47
Speaker 1: comment down below, and also join our free private member group.
28:50
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