Latest / The Paul Barron Crypto Show / Banks Anti-Yield Summit!!🚫CLARITY Collapses After Bankers Storm D.C.🚨

Transcript

Banks Anti-Yield Summit!!🚫CLARITY Collapses After Bankers Storm D.C.🚨 · The Paul Barron Crypto Show

• 0:00
  Speaker 1: The banks have stormed DC to steal your yields. Today
• 0:03
  Speaker 1: we're going to be breaking it down. You don't want
• 0:04
  Speaker 1: to miss it. It is a barn burner. I do
• 0:06
  Speaker 1: want to thank our sponsor, and that is Coinbase. This
• 0:08
  Speaker 1: is where you can get out there and trade stocks
• 0:11
  Speaker 1: around the clock, all available for US traders right now
• 0:15
  Speaker 1: twenty four five and you get access to thousands of
• 0:18
  Speaker 1: stocks and pay zero commission right now on trading stocks
• 0:21
  Speaker 1: over on coinbase. Check it out, you guys, of course
• 0:25
  Speaker 1: use our link. Its does help us out. And you
• 0:27
  Speaker 1: can also get an offer there if you do trade
• 0:29
  Speaker 1: some crypto up to two thousand dollars when you buy
• 0:31
  Speaker 1: some crypto over there. So head over to coinbase dot com.
• 0:34
  Speaker 1: You guys can learn more. All right, let's go over
• 0:36
  Speaker 1: to a couple of things here that is hitting the banks.
• 0:39
  Speaker 1: Come in with this summit, and guess what. Immediately the
• 0:43
  Speaker 1: Clarity Act probability drops from seventy percent all of a
• 0:47
  Speaker 1: sudden to down to sixty percent fifty nine percent. It
• 0:51
  Speaker 1: has climbed slowly out of that, but the immediate impact
• 0:55
  Speaker 1: is real, and this summit had everything to do with it.
• 0:59
  Speaker 1: This just happened today. We've got a slew of clips
• 1:02
  Speaker 1: for you guys to give you a full understanding of
• 1:04
  Speaker 1: what they are trying to do. This is the ABA,
• 1:07
  Speaker 1: the American Bankers Association that is going head on into
• 1:11
  Speaker 1: DC and they have stormed DC and they are going
• 1:15
  Speaker 1: after the lawmakers all around, taking your yield and making
• 1:19
  Speaker 1: sure that the banks continue their stranglehold on the American consumer.
• 1:24
  Speaker 1: And we are going to, of course break this down
• 1:26
  Speaker 1: for you. I'm going to go to the first clip,
• 1:28
  Speaker 1: which is the ABA leader's intro of the summit. Take
• 1:31
  Speaker 1: a look.
• 1:31
  Speaker 2: It is great to see so many bankers from across
• 1:34
  Speaker 2: the country. We are at our strongest. You can clap,
• 1:41
  Speaker 2: thank you. The first issue is the ongoing debate and
• 1:45
  Speaker 2: discussion around the regulation of digital assets. Let me reiterate
• 1:49
  Speaker 2: something right up top. What we don't support is an
• 1:52
  Speaker 2: uneven playing field where new entrants want to offer bank
• 1:55
  Speaker 2: like products. Trillions in bank deposits are at risk of
• 1:59
  Speaker 2: shifting to stable coin wallets. We can't let that happen.
• 2:07
  Speaker 3: Now.
• 2:07
  Speaker 2: Crypto advocates say our concerns are overblown, so let me
• 2:12
  Speaker 2: check with everyone here. Raise your hand if you care
• 2:14
  Speaker 2: deeply about this issue and you see this loophole as
• 2:18
  Speaker 2: a real threat to your deposits and your ability to lend.
• 2:23
  Speaker 2: Let me see those hands. It's all of the hands,
• 2:29
  Speaker 2: it's all of the hands. You are not alone.
• 2:32
  Speaker 3: I was backstage. I heard him say every hand went up,
• 2:34
  Speaker 3: and I absolutely believe it.
• 2:36
  Speaker 1: I heard him say, every hand what up?
• 2:38
  Speaker 4: Yeah.
• 2:38
  Speaker 1: A point being here, guys is I'd love the fact
• 2:40
  Speaker 1: that they want to level the playing field. I would
• 2:42
  Speaker 1: love to level the playing field and actually have fractional
• 2:45
  Speaker 1: reserve banking for stable coin issues. Imagine if you could
• 2:49
  Speaker 1: hold ten stable coins to every one treasury, wouldn't that
• 2:52
  Speaker 1: be amazing? Well, that's exactly what the banks are doing
• 2:54
  Speaker 1: right now with your dollars. So all of that being said,
• 2:58
  Speaker 1: let's go into another clip that they have, because this
• 3:00
  Speaker 1: is where they wanted to change the question around, because
• 3:03
  Speaker 1: I don't think they got all the hands.
• 3:05
  Speaker 5: Take a look.
• 3:06
  Speaker 6: Rob Nichols asked for a show of hands today. I'm
• 3:09
  Speaker 6: going to do it one better. If you care about
• 3:11
  Speaker 6: this issue, please stand up. Okay, all rise For those
• 3:18
  Speaker 6: who can't see, the entire room is standing, all right.
• 3:22
  Speaker 1: So if you care about what issue, I guess the
• 3:24
  Speaker 1: issue of stable coins in general. Yes, they care about
• 3:28
  Speaker 1: issues because all of their customers are going to be
• 3:30
  Speaker 1: able to get yields on this. Imagine if a bank
• 3:33
  Speaker 1: was able to pay you yields on that, would you
• 3:35
  Speaker 1: not jump in and over hoops to make sure and
• 3:38
  Speaker 1: stay with that bank. This is an opportunity, I think
• 3:40
  Speaker 1: for the banks to be able to move to the
• 3:42
  Speaker 1: next level. The fact that they are going this hard
• 3:45
  Speaker 1: tells me something bigger, and that is that it is
• 3:47
  Speaker 1: not all the banks. It is a handful that is
• 3:50
  Speaker 1: driving the narrative. Here here, Senator also brooks, she goes
• 3:54
  Speaker 1: in and lowers the banker's expectations. Take a look.
• 3:57
  Speaker 6: We know it takes sixty votes to get legislation through
• 4:01
  Speaker 6: the Senate, and they are getting ready to storm the hell.
• 4:03
  Speaker 6: Your voice matters a lot.
• 4:06
  Speaker 7: I think I have to level set that all of
• 4:09
  Speaker 7: us will probably walk away just a little bit unhappy.
• 4:12
  Speaker 1: Okay, interesting, a little bit unhappy. Does that mean there
• 4:18
  Speaker 1: is a concession brewing in the negotiation? Well, I'm not
• 4:22
  Speaker 1: so sure, because she went in and this is where
• 4:25
  Speaker 1: I think she betrays the American crypto holder. Take a look.
• 4:30
  Speaker 7: I had the sense that we love poor people, but
• 4:34
  Speaker 7: obviously don't know very many of them. Be really important
• 4:38
  Speaker 7: that on a stable balance that we do not allow
• 4:41
  Speaker 7: the payment on a stable balance that would cause deposit
• 4:45
  Speaker 7: flight that we would be able to protect. Yes, our yeah,
• 4:51
  Speaker 7: and so I have worked with Senator Tillis to make
• 4:54
  Speaker 7: sure that this absolutely positively cannot happen.
• 4:57
  Speaker 6: Can we make that we flip go viral?
• 5:00
  Speaker 1: You just said, okay, all right, So basically, Senator also
• 5:05
  Speaker 1: Brooks just through poor people under the basically Americans, you know,
• 5:09
  Speaker 1: they want to earn yield on their stable coins, on
• 5:11
  Speaker 1: their savings. In many cases want to earn yield on
• 5:14
  Speaker 1: that's bad for you know, because that's really the only
• 5:16
  Speaker 1: way you go out and get a chance at possibly
• 5:19
  Speaker 1: beating inflation. It just feels like hunger games.
• 5:22
  Speaker 7: Guys.
• 5:22
  Speaker 1: We have created this dystopian future that the populace does
• 5:26
  Speaker 1: not get an opportunity to be able to just do
• 5:28
  Speaker 1: the very basic minimum of earning yields on your own
• 5:31
  Speaker 1: stable coins. This was another one. The Senator calls now
• 5:33
  Speaker 1: for a public hearing so that we can get ready
• 5:37
  Speaker 1: and not be shocked if they ban this.
• 5:40
  Speaker 8: Take a look, and our concern is that there may
• 5:43
  Speaker 8: be an end run around that prohibition if exchanges are
• 5:46
  Speaker 8: allowed to offer those What can you tell us about
• 5:49
  Speaker 8: the current state of play.
• 5:51
  Speaker 9: We're going to have hearings on it that look, if
• 5:53
  Speaker 9: we do this, and I think we need to have
• 5:55
  Speaker 9: a full and open hearing on it out in the open,
• 5:58
  Speaker 9: but at least to get it out in the open
• 6:00
  Speaker 9: so it doesn't shock people or be done behind the
• 6:03
  Speaker 9: scenes and then afterwards you say, what in the world
• 6:05
  Speaker 9: what did we do?
• 6:07
  Speaker 1: All right, I don't think that. First of all, We're
• 6:09
  Speaker 1: going to do something at the end of this video,
• 6:12
  Speaker 1: guys that is very important if you care about stable
• 6:15
  Speaker 1: coin yields in general, and if you care about DeFi,
• 6:18
  Speaker 1: because DeFi is also being targeted here, stick around for
• 6:21
  Speaker 1: the end of the video because I've got something that
• 6:23
  Speaker 1: I want you guys to participate in. It is that
• 6:26
  Speaker 1: critical going forward. Now, notice that he said we're doing
• 6:29
  Speaker 1: a hearing. Mainly, what he's talking about is a public
• 6:32
  Speaker 1: admission that they're taking this away and then they can
• 6:35
  Speaker 1: come back to you later and say, well, you know,
• 6:37
  Speaker 1: cause you're going to approach them, probably at a fundraiser
• 6:39
  Speaker 1: somewhere in the voting cycle in this next election, and
• 6:42
  Speaker 1: say what the heck did you do?
• 6:44
  Speaker 9: Oh?
• 6:44
  Speaker 1: Well, you guys know, we did this out in public
• 6:46
  Speaker 1: and nobody came in, well, you're going to have your chance.
• 6:49
  Speaker 1: Now I want to go to another one because this
• 6:51
  Speaker 1: is the head of the bank lobby on the whole
• 6:53
  Speaker 1: issue of versus stable cooin yields. Take a look.
• 6:56
  Speaker 4: We see multiple programs offered in the crypto community now
• 7:01
  Speaker 4: that are encouraging users to use them as a store
• 7:05
  Speaker 4: of value. Customers are being incentivized to hold payment stable
• 7:11
  Speaker 4: coins in a digital asset wallet. A payment stable coin
• 7:15
  Speaker 4: held in a digital wallet does not contribute to economic
• 7:20
  Speaker 4: growth in the community, does not support lending, and that's
• 7:24
  Speaker 4: that's unacceptable.
• 7:25
  Speaker 1: Quite frankly, they, I think, are still in the la
• 7:29
  Speaker 1: la land of that This industry a three trillion dollar
• 7:32
  Speaker 1: industry right now. That's of the entire industry, not stable coins,
• 7:35
  Speaker 1: but the entire industry is affecting the size of the
• 7:39
  Speaker 1: banking industry in the United States. The other component is
• 7:42
  Speaker 1: is that they're looking at the comparison of what old
• 7:45
  Speaker 1: gin technology and banking systems are versus new gen. In
• 7:49
  Speaker 1: most cases, they don't really even understand it. If you
• 7:51
  Speaker 1: look at just in general the fintech stack here, this
• 7:55
  Speaker 1: is an example of Robinhood, Klarna and Revolute Revelue not
• 7:58
  Speaker 1: even available in the United States, but Robinhood and Klarna
• 8:01
  Speaker 1: available here versus what's going on with uniewap ave and metamass.
• 8:06
  Speaker 1: Point being is that you can do all of this
• 8:08
  Speaker 1: stuff right now, you can do it today, and it's
• 8:12
  Speaker 1: not getting any kind of impact on deposit flight of banks.
• 8:15
  Speaker 1: In fact, it's possibly the only thing that is helping
• 8:19
  Speaker 1: people that are underserved in our communities to be able
• 8:22
  Speaker 1: to stay up with the jones. So I think the
• 8:25
  Speaker 1: fact that they think that this is that far into
• 8:28
  Speaker 1: a competition layer, first of all, is uninformed. And number
• 8:31
  Speaker 1: two is they don't even understand the products that are
• 8:34
  Speaker 1: being offered out there, so they are clearly inaccurate on that.
• 8:38
  Speaker 1: For some of you, you may not remember that there
• 8:40
  Speaker 1: was an active versus passive discussion. It wasn't anything that
• 8:44
  Speaker 1: had been laid out, but it wasn't the communication and
• 8:46
  Speaker 1: some of the negotiations active versus passive, meaning, Hey, if
• 8:50
  Speaker 1: I'm just sticking my USDC over in coinbase and it's
• 8:53
  Speaker 1: drawing yield, okay, that's one way. Two is it can
• 8:56
  Speaker 1: be active. Active is I put it on base my
• 8:59
  Speaker 1: wallet or I put it in Tangent and I activate it. Okay,
• 9:03
  Speaker 1: that's a that's an active investor that's earning yield by
• 9:06
  Speaker 1: putt doing something to do that. This is where they
• 9:09
  Speaker 1: actually go after that side of it.
• 9:12
  Speaker 4: Listen in the words matter so deeply. Okay, well, let's
• 9:18
  Speaker 4: get the words right to make sure that it says
• 9:20
  Speaker 4: you can't do that. What words do we need on
• 9:23
  Speaker 4: the page to ensure that this prohibition is strong enough
• 9:28
  Speaker 4: to prevent you know, the next innovation in marketing or
• 9:33
  Speaker 4: you know, the next product type. You know, all things
• 9:36
  Speaker 4: that are functionally equivalent, economically equivalent, substantially similar to interests,
• 9:42
  Speaker 4: yield and rewards for the holding and retaining and use
• 9:45
  Speaker 4: of a payment staple coin, you know, those are those
• 9:48
  Speaker 4: should be prohibited. And that's that's where the work is
• 9:51
  Speaker 4: right now.
• 9:52
  Speaker 1: Wow. With that being said, first of all, that's the
• 9:55
  Speaker 1: lobbyist that essentially is most likely in the negotiation tables
• 10:00
  Speaker 1: where a lot of this is being drafted with the
• 10:03
  Speaker 1: White House. And also what's going on with David Sachs
• 10:06
  Speaker 1: and Patrick Witt. Patrick Witt here is a tweet. Arguably
• 10:10
  Speaker 1: my favorite part of this reward yield debate is when
• 10:13
  Speaker 1: bankers say, if we allow this, then we will see
• 10:16
  Speaker 1: massive deposit flight that's the whole argument here. Crypto's already
• 10:19
  Speaker 1: been doing this for years. Where's the deposit flight? I agree,
• 10:24
  Speaker 1: where is the deposit flight? And in fact, you have
• 10:26
  Speaker 1: this already happening in money Marcus. There are other ways
• 10:30
  Speaker 1: for users to be able to gain yields, but this
• 10:32
  Speaker 1: is pure greed. They're just wanting your yields. They want
• 10:36
  Speaker 1: that so you don't have a chance to go out
• 10:37
  Speaker 1: there and get it. That's the issue that's playing out
• 10:40
  Speaker 1: right now. I want to go to another clip because
• 10:42
  Speaker 1: this is where they elude that they're using the OCC.
• 10:47
  Speaker 2: Take a look stablecoint issuers can't pay interest or yield.
• 10:51
  Speaker 8: And this is the one issue that we care about at.
• 10:54
  Speaker 2: ABA, and so we've also been I think supportive of
• 10:58
  Speaker 2: the direction the OCC. These regulations are going. They're just proposed.
• 11:04
  Speaker 1: There you go, just proposed, just propose the OCC. This
• 11:08
  Speaker 1: is the idea is that we can continue to push
• 11:10
  Speaker 1: the OCC to get these regulations across the line. The
• 11:13
  Speaker 1: bank's also admitted to wanting to target DeFi.
• 11:17
  Speaker 5: Next.
• 11:17
  Speaker 1: Take a look at this one.
• 11:18
  Speaker 8: There are a couple other issues that are really important here,
• 11:21
  Speaker 8: and one is known as DeFi. This is a system
• 11:25
  Speaker 8: in which users can borrow, lend and trade with one
• 11:29
  Speaker 8: another sort of without a middleman.
• 11:31
  Speaker 1: Imagine that without a middleman. Oh yeah, they understand that
• 11:35
  Speaker 1: part of it, and this is what they're targeting next.
• 11:38
  Speaker 1: And I think this is the one that is most
• 11:40
  Speaker 1: concerning to me because in many cases, I think a
• 11:42
  Speaker 1: lot of people assume that DeFi is being protected. We've
• 11:46
  Speaker 1: talked to Amnitudinality with the DeFi Education Foundation before. This
• 11:50
  Speaker 1: is the one area they are concerned with. And this
• 11:53
  Speaker 1: is the problem because they're also concerned about another thing,
• 11:56
  Speaker 1: and that is by banning all liquidity and lending in
• 12:01
  Speaker 1: DeFi as well. So this gets into all kinds of
• 12:04
  Speaker 1: products and services out there, morpho, what we'll see with
• 12:07
  Speaker 1: flare networks and XRP, what we're going to see with
• 12:10
  Speaker 1: bitcoin lending, what we're going to see with ethereum. All
• 12:13
  Speaker 1: these digital assets are going to be affected. Take a
• 12:15
  Speaker 1: look at this.
• 12:15
  Speaker 4: Clip holding payment stable coin creating liquidity in that DeFi world,
• 12:20
  Speaker 4: Like that's part of the crypto roadmap. But that's not okay, right.
• 12:25
  Speaker 1: It's not okay because we can't control it all, right,
• 12:28
  Speaker 1: So they have to do something so to be able
• 12:31
  Speaker 1: to go out and really push this narrative. What they're
• 12:34
  Speaker 1: doing now is building a whole data layer around this
• 12:38
  Speaker 1: to try to get people to basically address the issue
• 12:41
  Speaker 1: of I don't want yields, I hate yields. Take a
• 12:44
  Speaker 1: look at this one.
• 12:45
  Speaker 5: If you follow the policy debate here in DC, you
• 12:47
  Speaker 5: would think that everyone is eager to add stable coin
• 12:50
  Speaker 5: to their wallets. That is not exactly what our poll suggests.
• 12:53
  Speaker 5: Only seventeen percent are likely to buy, hold, or use
• 12:57
  Speaker 5: stable coin. What about the issue of the day, the
• 12:59
  Speaker 5: issue of the moment debate over stable coin rewards and
• 13:01
  Speaker 5: yield Our latest pull number show Americans share our concerns.
• 13:04
  Speaker 5: Americans say Congress should bar stable coin issuers and affiliates
• 13:09
  Speaker 5: from offering interest and rewards.
• 13:10
  Speaker 4: Three to one consumers are saying they don't want Congress
• 13:15
  Speaker 4: to take any action that's going to contribute to this
• 13:18
  Speaker 4: deposit flight.
• 13:19
  Speaker 1: All right, it doesn't stop there either. I mean, now
• 13:22
  Speaker 1: you're talking about the Americans, you guys out there saying Nope,
• 13:25
  Speaker 1: don't want that. And then the other fact that you're
• 13:27
  Speaker 1: dealing with is business owners. Business owners don't want this either,
• 13:31
  Speaker 1: so they go in and talk about it at the
• 13:33
  Speaker 1: point of sale level. Now, this is what happens when
• 13:35
  Speaker 1: you go out and you buy something, you give it
• 13:37
  Speaker 1: a credit card, right, they charge your credit card. That's
• 13:39
  Speaker 1: called a merchant fee that is transacted between Visa MasterCard
• 13:44
  Speaker 1: and the bank. Visa master gets a little cut and
• 13:47
  Speaker 1: the bank gets a big cut. This is another factor
• 13:50
  Speaker 1: they're going after. Take a look.
• 13:52
  Speaker 5: Sixty one percent would pose versus twenty five percent that
• 13:55
  Speaker 5: would support lowering demit interchange fees for retailers. If it
• 13:59
  Speaker 5: meant banks would have have to increase fees for checking accounts.
• 14:03
  Speaker 3: The merchant gets to choose which network over which the
• 14:06
  Speaker 3: transaction gets routed, and the merchant's priority is to drive
• 14:09
  Speaker 3: down the cost of acceptance. And it's out of everyone's
• 14:11
  Speaker 3: hands with the merchants.
• 14:12
  Speaker 7: So really bad.
• 14:14
  Speaker 6: So when you guys go up and storm the hill today,
• 14:17
  Speaker 6: this is summarized in the papers that you have.
• 14:20
  Speaker 8: Please don't co sponsor these pieces of legislation. Please oppose
• 14:25
  Speaker 8: them if there's ever a vote on the floor.
• 14:27
  Speaker 1: All right, So there you go. It is getting into
• 14:29
  Speaker 1: a point where the fight is now real. Now it's
• 14:34
  Speaker 1: been mostly the lobbyist. They have now enacted the army
• 14:37
  Speaker 1: of bankers through this summit to storm the White House.
• 14:42
  Speaker 1: And go in and try to get senators and congressmen
• 14:46
  Speaker 1: all around to understand their side of the story. That's
• 14:49
  Speaker 1: the point that they're going after. And they're coming in
• 14:52
  Speaker 1: with basically bad information, bad data, and they're definitely not
• 14:55
  Speaker 1: representing Americans. So this is what they're going in on.
• 14:59
  Speaker 1: They want to create another petition or a petition, take
• 15:03
  Speaker 1: a look at this one.
• 15:05
  Speaker 2: We need your continued advocacy. Please take a moment to
• 15:07
  Speaker 2: visit ABA dot com, slash take action and add your
• 15:11
  Speaker 2: name to the petition.
• 15:12
  Speaker 3: We have a petition that we're over four thousand signatures
• 15:15
  Speaker 3: on that.
• 15:15
  Speaker 1: So all right, four thousand signatures on this, guys. We
• 15:19
  Speaker 1: have got to be able to battle this one to
• 15:22
  Speaker 1: one at least. So we've created a petition right here,
• 15:25
  Speaker 1: defend the American right to earn a fair and return
• 15:28
  Speaker 1: on your savings out there, stop the banks from banning
• 15:31
  Speaker 1: my stable cooin yields. We'll leave a link down below
• 15:33
  Speaker 1: you guys. All you have to do is just go
• 15:35
  Speaker 1: fill it out real quick, hit sign the petition. Boom
• 15:38
  Speaker 1: we're in. There are some benefits that if we can
• 15:41
  Speaker 1: get enough signatures, there could be some impact on DC.
• 15:44
  Speaker 1: So we're going to continue to cover this so much more.
• 15:47
  Speaker 1: This fight is heating up, so get ready. If you
• 15:57
  Speaker 1: like this video, hit like and subscribe, drop a comment
• 15:59
  Speaker 1: down below, and also joined our free private member group
• 16:03
  Speaker 1: the links in the description