Latest / The Paul Barron Crypto Show / Elizabeth Warren Attempts To Slow Crypto Bills... FAILS🚨

Transcript

Elizabeth Warren Attempts To Slow Crypto Bills... FAILS🚨 · The Paul Barron Crypto Show

• 0:06
  Speaker 1: The crypto bills could be delayed, and a lot of
• 0:08
  Speaker 1: this might be on the back of Elizabeth Warren. We'll
• 0:11
  Speaker 1: break it down for you. My name is Paul Barrel.
• 0:12
  Speaker 1: Welcome back in the tech path. Let's cruise into it today,
• 0:15
  Speaker 1: and that of course is with our sponsor I Trust Capital.
• 0:18
  Speaker 1: This is a place where you, guys can go out
• 0:20
  Speaker 1: there and set up your own CRYPTOIRA. And if you
• 0:22
  Speaker 1: don't have an IRA in place, this is one of
• 0:25
  Speaker 1: the key cornosone strategies of any wealth building.
• 0:29
  Speaker 2: Get an IRA.
• 0:29
  Speaker 1: You can only put so much in it each year.
• 0:32
  Speaker 1: Consult your tax advisor. They'll tell you to do the
• 0:35
  Speaker 1: same thing. But the cool thing about I Trust is
• 0:38
  Speaker 1: you can put crypto in this gold, silver, all sorts
• 0:41
  Speaker 1: of digital assets out there. All you have to do
• 0:43
  Speaker 1: is use our link at one hundred dollars in funding
• 0:46
  Speaker 1: rewards to get started and.
• 0:48
  Speaker 2: You'll be going for it.
• 0:49
  Speaker 1: Just check it out, guys, believe link doun below. All right,
• 0:51
  Speaker 1: let's go into some of the topics today. And one
• 0:54
  Speaker 1: of the biggest issues right now, of course, and I
• 0:57
  Speaker 1: think this may have caused bitcoin to retrace back down
• 1:00
  Speaker 1: to one oh seven, and that is around the crypto bills,
• 1:03
  Speaker 1: so a couple more procedure votes tomorrow. There are some
• 1:07
  Speaker 1: objections to the bill. There is the Haggard amendment that's
• 1:10
  Speaker 1: been adopted. Key is we're going to know a little
• 1:12
  Speaker 1: bit more tomorrow afternoon today of how this is going
• 1:15
  Speaker 1: to play out. Most likely this has been delayed into
• 1:18
  Speaker 1: next week. All right, So I want to go to
• 1:20
  Speaker 1: this first clip, and this is going to get into
• 1:22
  Speaker 1: why this bill is actually happening in the first place.
• 1:25
  Speaker 2: Take a look.
• 1:26
  Speaker 3: The Genius Act will be the most significant digital assets
• 1:31
  Speaker 3: legislation ever to pass the US Senate.
• 1:36
  Speaker 4: Traditional financial institutions are said to be considering getting into
• 1:39
  Speaker 4: the stable coin business, and companies like Uber and Airbnb
• 1:43
  Speaker 4: are reportedly exploring integrating them into their businesses.
• 1:48
  Speaker 1: All Right, so guys, this is something we've talked about
• 1:50
  Speaker 1: for years, and that is when business adopts crypto, whether
• 1:54
  Speaker 1: it's in a stable coin or other, that is mainstream adoption.
• 1:59
  Speaker 1: We are now at the precipice of that happening. So
• 2:02
  Speaker 1: get ready, guys, it's going to happen. One lady that
• 2:05
  Speaker 1: is not happy about that, of course, is Elizabeth Warren,
• 2:08
  Speaker 1: and this is where she goes back at it against
• 2:11
  Speaker 1: the Democrats take a look.
• 2:13
  Speaker 5: I rise today to talk about the Genius Act and
• 2:16
  Speaker 5: the threat it poses to our financial system, our national security,
• 2:20
  Speaker 5: and our democracy. Now, before I outline the specific dangers
• 2:24
  Speaker 5: posed by this bill, it's worth taking a step back
• 2:28
  Speaker 5: to ask a simple question. Why is the crypto industry
• 2:33
  Speaker 5: so vigorously lobbing for a bill.
• 2:36
  Speaker 6: Thirty percent of Americans are unbanked or underbanked people who
• 2:40
  Speaker 6: would like access to capital.
• 2:42
  Speaker 5: I urge my colleagues to vote know on this bill.
• 2:48
  Speaker 2: All right.
• 2:48
  Speaker 1: So the reason, Senator Warren, that why the crypto industry
• 2:52
  Speaker 1: is so adamant about this is because you have taken
• 2:56
  Speaker 1: the congressional powers and pointed it directly at Americas who
• 3:00
  Speaker 1: are trying to do something. And that has been going
• 3:03
  Speaker 1: on for years and years. That's the reason that there
• 3:06
  Speaker 1: is so much passion behind the crypto industry that is
• 3:09
  Speaker 1: pushing not only for this legislation, but any legislation that
• 3:12
  Speaker 1: gives us guidelines going forward. Here is where Senator Warren
• 3:17
  Speaker 1: bloomuthal they go to war against metas new stable coin.
• 3:20
  Speaker 2: And this is another one where she calls this a threat.
• 3:22
  Speaker 1: A couple of points within this timing of the Congressional
• 3:25
  Speaker 1: inquiry proves particularly significant. The Senate is now preparing, of course,
• 3:30
  Speaker 1: up on this vote, and at the same time we're
• 3:32
  Speaker 1: getting this discussion coming in and big tech companies issuing
• 3:36
  Speaker 1: or controlling their own private currencies like a stable coin
• 3:38
  Speaker 1: with threatned competition across the economy. Now, I do agree
• 3:43
  Speaker 1: with the fact that I don't think a big tech
• 3:45
  Speaker 1: company should be able to control one. The beauty of
• 3:48
  Speaker 1: crypto is that there are going to be many options,
• 3:52
  Speaker 1: where in social you have very limited options. Now, the
• 3:55
  Speaker 1: power of social platforms could play into this, but I
• 3:59
  Speaker 1: feel like this is going to be something that needs
• 4:00
  Speaker 1: to be out on the open market. I hope that
• 4:02
  Speaker 1: Zuckerberg goes that direction. We will see if that actually occurs. Now,
• 4:07
  Speaker 1: much of this is centered around corruption, and when you
• 4:10
  Speaker 1: look at the amount of corruption that's been targeted at potus.
• 4:14
  Speaker 1: Part of this, of course is coming in on his
• 4:16
  Speaker 1: meme coin, how he's structuring his digital assets company. All
• 4:19
  Speaker 1: of that now coming to a head. Here's a clip.
• 4:22
  Speaker 1: Take a look.
• 4:23
  Speaker 7: They don't know where we stand on the crypto that
• 4:26
  Speaker 7: we're becoming so familiar with. You've all heard of a
• 4:29
  Speaker 7: meme coin. Maybe you haven't a meme coin you can own,
• 4:35
  Speaker 7: you can buy it, you pay a dollar and you get, well,
• 4:40
  Speaker 7: what do you get? Nothing? Nothing. You don't even get
• 4:44
  Speaker 7: an email with a picture of a coin. But you
• 4:46
  Speaker 7: can think of it like that. You get, you know,
• 4:50
  Speaker 7: a register on an investment site that shows you now
• 4:54
  Speaker 7: own a dollar coin. You get nothing. This coin can't
• 4:58
  Speaker 7: even be used to buy anything, nothing of tangible value.
• 5:04
  Speaker 6: I know the people who are adverse to this bill
• 5:07
  Speaker 6: have their own political view. It's extremely unhelpful that we
• 5:11
  Speaker 6: have a president who's involved in this industry, but that
• 5:14
  Speaker 6: does not diminish the excellent work in this legislation.
• 5:19
  Speaker 1: All right, So, as you guys know, the Trump meme
• 5:21
  Speaker 1: coin very successful. There is some basic utility around that,
• 5:25
  Speaker 1: but really it's more around the support of the president,
• 5:28
  Speaker 1: and I think that would go with almost any meme
• 5:30
  Speaker 1: coin out there.
• 5:31
  Speaker 2: You're supporting a.
• 5:31
  Speaker 1: Community in many cases out there, if you think of
• 5:34
  Speaker 1: value to value. There's all sorts of issues that are
• 5:37
  Speaker 1: playing out in this market, and meme coins are just
• 5:40
  Speaker 1: part of it. It's going to be a fun thing
• 5:42
  Speaker 1: that I think a lot of people will continue to
• 5:44
  Speaker 1: participate in now, whether or not they allow this to
• 5:47
  Speaker 1: happen in legislative branches is the question. House Democrats now
• 5:52
  Speaker 1: are introducing the mem Act, and this would be a
• 5:55
  Speaker 1: bill that would ban officials from issuing or endorsing meme
• 5:58
  Speaker 1: coins like Trump. To think about this for a second,
• 6:01
  Speaker 1: because if you could not do that, well, why would
• 6:03
  Speaker 1: you not be able.
• 6:04
  Speaker 2: To do insider trading?
• 6:06
  Speaker 1: I mean there's ETFs out there, one of which is
• 6:08
  Speaker 1: named Nancy for a reason, and that is just following
• 6:10
  Speaker 1: the trades of what's going on in Congress.
• 6:13
  Speaker 2: That's kind of the situation here.
• 6:15
  Speaker 1: If you were going to pass something like that, you
• 6:16
  Speaker 1: would have to directly go at insider trading as well. Now,
• 6:20
  Speaker 1: Christen Jillibrand, she goes in and she starts to talk
• 6:23
  Speaker 1: a little bit more around the anti crypto Deems, and
• 6:27
  Speaker 1: she starts to go head to head and kind of
• 6:30
  Speaker 1: serve up to them.
• 6:31
  Speaker 3: Take a look, I'm not going to be supporting the legislation.
• 6:34
  Speaker 3: I'll say, maybe it's not ninety eight percent, but I'll
• 6:36
  Speaker 3: bet you nine out of ten Americans agree with me.
• 6:39
  Speaker 6: Both Democrats and Republican administrations have repeatedly called on Congress
• 6:44
  Speaker 6: to do their job, regulate this new industry. Do your work,
• 6:49
  Speaker 6: write legislation, and pass a law I started working on
• 6:52
  Speaker 6: this legislation three years ago. This is not a bill
• 6:55
  Speaker 6: written quickly for any reason but to regulate an indo
• 7:00
  Speaker 6: that needs rules of the road. Congress's failure to act
• 7:04
  Speaker 6: has left the digital asset space as a wild West,
• 7:08
  Speaker 6: where American consumers are vulnerable to scams and businesses are
• 7:13
  Speaker 6: desperate for the regulatory clarity. It's unacceptable.
• 7:17
  Speaker 3: This bill is going to pass with votes from the
• 7:21
  Speaker 3: Democratic Party, even though there was not a single amendment
• 7:25
  Speaker 3: voted on. I object to that. As a Democrat, I
• 7:28
  Speaker 3: can't stop it because there's sixty votes for this legislation.
• 7:37
  Speaker 2: That is crazy, man. Defeat.
• 7:41
  Speaker 1: Defeat is hard to take sometimes, and that is where
• 7:44
  Speaker 1: they are right now. The Democrats are in a position
• 7:46
  Speaker 1: right now where they've not been able to shore up
• 7:48
  Speaker 1: a position against this, because it is true what Jillibrand
• 7:52
  Speaker 1: was saying, and that is we have to get some
• 7:55
  Speaker 1: sort of regulatory framework in place. At least now we've
• 7:58
  Speaker 1: got something moving forward, and I think this this is
• 8:00
  Speaker 1: going to continue to move quickly, so expect more bills
• 8:03
  Speaker 1: to start to play into this as well.
• 8:06
  Speaker 2: Now.
• 8:06
  Speaker 1: Reminder that Trump has been pushing for this very very hard.
• 8:12
  Speaker 2: He sends a reminder to Congress, take a look.
• 8:16
  Speaker 8: Many have called me the first crypto president. That's an honor.
• 8:20
  Speaker 8: On day one, we ended the Biden administration's war on
• 8:24
  Speaker 8: crypto was an absolute war and very unfair, and we
• 8:28
  Speaker 8: unleashed American innovators to do what you do best, lead
• 8:32
  Speaker 8: the world into new frontiers. We ended Operation Choke point
• 8:37
  Speaker 8: two point zero. I created the first Presidential Working Group
• 8:40
  Speaker 8: on Digital Assets. I named a pro freedom, pro innovation
• 8:45
  Speaker 8: SEC chair, a great man named Paul Atkins. And we
• 8:50
  Speaker 8: created the US Strategic Bitcoin Reserve and the United States
• 8:54
  Speaker 8: Digital Assets Stockpile.
• 8:57
  Speaker 2: But we are not done yet.
• 8:58
  Speaker 8: My administration is worked with Congress to pass the Genius Act,
• 9:02
  Speaker 8: supporting the creation of dollar backed stable coins, and we
• 9:07
  Speaker 8: also will be working to create clear and simple market
• 9:10
  Speaker 8: frameworks that will allow America to dominate the future of
• 9:14
  Speaker 8: crypto and bitcoin.
• 9:17
  Speaker 1: All Right, so Trump is getting a little bit I
• 9:19
  Speaker 1: think tensioned there in the sense that Congress is not
• 9:23
  Speaker 1: getting through with the proposal of where these bills are going.
• 9:28
  Speaker 1: If you consider what's happening around the world, and you
• 9:30
  Speaker 1: also look at the potential now for institutional capital, and
• 9:34
  Speaker 1: just remember that what Warren and a lot of these
• 9:38
  Speaker 1: Democrats have done is they've held out Americans that maybe
• 9:42
  Speaker 1: weren't in the financial system ever before, maybe never owned
• 9:45
  Speaker 1: stock before, but they were able to buy ethereum or bitcoin,
• 9:48
  Speaker 1: they were able to buy avalanche or Cardonal, whatever it
• 9:52
  Speaker 1: might be. The point is they were able to get
• 9:54
  Speaker 1: in and start an investment strategy on an industry that
• 9:59
  Speaker 1: was being pushed down by mostly Congress and what we've
• 10:02
  Speaker 1: seen law in our lawmakers, and I think that is
• 10:06
  Speaker 1: now positioning completely opposite. The interesting thing here is that
• 10:10
  Speaker 1: now retail is front running all of this. One of
• 10:12
  Speaker 1: the things you got to look at here is the
• 10:14
  Speaker 1: Finance CEO Richard Tangy's basically saying institutions are now going
• 10:18
  Speaker 1: all in on crypto, and for right reasons. You know,
• 10:20
  Speaker 1: a couple of points he's getting at. The adoption is accelerating.
• 10:24
  Speaker 1: Eighty three percent are planning to increase their crypto exposure,
• 10:27
  Speaker 1: and not only that, they're talking about launching projects on crypto.
• 10:31
  Speaker 1: So now we're getting actual businesses, or at least components
• 10:35
  Speaker 1: of components of businesses that are starting to launch within
• 10:39
  Speaker 1: this strategy. There's a few institutions now focused on how
• 10:42
  Speaker 1: to make crypto a cornerstone of their strategies. I think
• 10:44
  Speaker 1: we'll see more of that. Remember, micro strategy has already
• 10:48
  Speaker 1: gone this direction. We think that the ethereum model of
• 10:51
  Speaker 1: that is going to fall under SHARPLINGK gaming and as
• 10:54
  Speaker 1: bet that's another one that's going to continue. And I
• 10:57
  Speaker 1: imagine that we're going to see a lot more companies
• 11:00
  Speaker 1: starting to go with these kinds of strategies around digital assets.
• 11:03
  Speaker 1: Could happen around avalanche, could happen around XRP. There are
• 11:06
  Speaker 1: a lot of things that are going to start brewing here,
• 11:08
  Speaker 1: but a key here, regulation has to happen. President Trump
• 11:13
  Speaker 1: also says he's going to send letters to trading partners
• 11:15
  Speaker 1: next week in the next one to two setting unilateral tariffs.
• 11:19
  Speaker 1: This will be ahead of the July ninth deadline to
• 11:21
  Speaker 1: reimpose higher tariffs on dozens of countries. All of this
• 11:24
  Speaker 1: happening within the wake of a deal with China and
• 11:28
  Speaker 1: what could be a deal with India and Japan. So
• 11:31
  Speaker 1: there are some very strong trading partners starting to central
• 11:34
  Speaker 1: in the EU. I think all of this is strategic
• 11:37
  Speaker 1: to be able to put the EU in a difficult
• 11:39
  Speaker 1: position to negotiate. Canada most likely will fall in that
• 11:43
  Speaker 1: group as well. He's now extending this July eighth deadline
• 11:46
  Speaker 1: for trade talks, and I think when you look at
• 11:49
  Speaker 1: the point that he's going at is these are tactics
• 11:53
  Speaker 1: that they have been building for quite some time around
• 11:55
  Speaker 1: how to you negotiate, how do you get people to
• 11:58
  Speaker 1: the table so you can at least have the discussion.
• 12:01
  Speaker 1: All of that is now taking place. Other things that
• 12:04
  Speaker 1: of course are happening in is Canada kind of been
• 12:07
  Speaker 1: put out on the sidelines. So Carney is now pushing
• 12:10
  Speaker 1: for the US trade deal to happen much faster. And
• 12:13
  Speaker 1: We're not going to wait forever, is what he's saying.
• 12:15
  Speaker 1: But I think this is again another ploy from the
• 12:17
  Speaker 1: Trump administration to put more pressure on Canada. There are
• 12:21
  Speaker 1: some key things that Canadian markets supply to the United
• 12:24
  Speaker 1: States and vice versa. This, I think again goes back
• 12:28
  Speaker 1: into strategies around how do you put a deal together.
• 12:31
  Speaker 1: Let's go into another one, because this is where Scott
• 12:33
  Speaker 1: Bessen starts to defend a little bit about Trump's tariffs.
• 12:36
  Speaker 9: Take a look testing moment here between the Treasury Secretary
• 12:39
  Speaker 9: and the ranking Democrat on the committee, Ron Wyden, over
• 12:42
  Speaker 9: the question of who's paying the cost for the Trump
• 12:45
  Speaker 9: administration's tariffs. Are American consumers paying those costs.
• 12:49
  Speaker 2: Here's how that moment played out.
• 12:52
  Speaker 10: You are cherry picking because Walmart makes decisions based on
• 12:57
  Speaker 10: their customers. Two other very large retailers, and this is
• 13:01
  Speaker 10: not an advertisement for them, Amazon and Home Depot have
• 13:05
  Speaker 10: chosen not to pass on tariffs. And there seems to
• 13:09
  Speaker 10: be a new version of TDS, which I would call
• 13:12
  Speaker 10: tariff arrangement syndrome. And many on your side seem disappointed
• 13:17
  Speaker 10: that there is no inflation today.
• 13:19
  Speaker 9: So best endpointing a new term there of tariff derangement syndrome.
• 13:23
  Speaker 9: To push back against Democrats on the committee. He testified
• 13:25
  Speaker 9: Karl for about six hours on Capitol Hill yesterday. We'll
• 13:28
  Speaker 9: see how long this one goes.
• 13:29
  Speaker 1: Today, all right, So a couple of points there, and
• 13:32
  Speaker 1: just remember when it gets to tariffs, a lot of
• 13:35
  Speaker 1: this has not been realized in the market. So for
• 13:37
  Speaker 1: many of these companies, these major corporations who have been
• 13:40
  Speaker 1: feasting on American consumers for years, finally are in a
• 13:45
  Speaker 1: position where they're going to say, hey, we're not going
• 13:47
  Speaker 1: to impose these tariffs because they may not necessarily be
• 13:50
  Speaker 1: implicated here on our side in fact, maybe in some
• 13:53
  Speaker 1: of the countries from the origination may end up paying
• 13:56
  Speaker 1: for that. The real question is does this raise to
• 14:00
  Speaker 1: the American consumer. If it does, You've got to look
• 14:02
  Speaker 1: at this right here, twenty two billion during May alone.
• 14:05
  Speaker 1: Look at the spike right here in terms of teriff
• 14:08
  Speaker 1: for seats. Now, what I would say to Trump administration,
• 14:10
  Speaker 1: if we're getting that kind of revenue, why do we
• 14:12
  Speaker 1: need taxes? Because if we do, in fact get a
• 14:14
  Speaker 1: rise in expenses, if companies choose to continue to make
• 14:19
  Speaker 1: more profit and pass that on to American consumers, Okay, well,
• 14:24
  Speaker 1: then we need to lower taxes on many of the
• 14:27
  Speaker 1: things and proposals that have been talked about, including tips
• 14:30
  Speaker 1: people that make one hundred and fifty k in less.
• 14:33
  Speaker 1: Those are the kind of efforts I think that have
• 14:34
  Speaker 1: to go forward. If tariffs are going to create this
• 14:37
  Speaker 1: kind of revenue, hopefully that will be the case with
• 14:40
  Speaker 1: the Trump administration. The other thing that's happening right now
• 14:43
  Speaker 1: is hedge funds are now in the game. Hedge funds
• 14:45
  Speaker 1: bought a record of global equities in May, according to
• 14:48
  Speaker 1: Golden Sacks. This comes with four con consecutive months of
• 14:52
  Speaker 1: net selling, which included nearly a record dump in March,
• 14:56
  Speaker 1: so this means guys, they finally have come off the sidelines.
• 15:00
  Speaker 1: We're starting to take a look at more capital being
• 15:03
  Speaker 1: deployed into the market. This will start to move into
• 15:06
  Speaker 1: other strategic areas around institutional capital, family offices, high networth individuals,
• 15:13
  Speaker 1: money managers, all of those are next up in.
• 15:16
  Speaker 2: Terms of where this market is going.
• 15:18
  Speaker 1: Timing is very intriguing as well, because you've got all
• 15:21
  Speaker 1: these scenarios that could be playing around the Genius Act.
• 15:24
  Speaker 1: What we're going to most likely see with more crypto
• 15:26
  Speaker 1: bills coming through and maybe even the market structure coming
• 15:29
  Speaker 1: into play. So timing is very interesting here. These guys
• 15:32
  Speaker 1: do not do this by chance. There is strategy being
• 15:35
  Speaker 1: played out and they all have a bit of insider information.
• 15:40
  Speaker 1: Breaking again, United Treasury, they did it to us again.
• 15:43
  Speaker 1: Treasury now just brought back another ten billion of its
• 15:46
  Speaker 1: own debt and this of course is matching the largest
• 15:48
  Speaker 1: Treasury buyback in the history from what we saw last week.
• 15:52
  Speaker 1: So again, those are the things when we look at
• 15:55
  Speaker 1: that this is going to continue to put pressure on
• 15:58
  Speaker 1: the US dollar. Here's Paul Tudors Jones basically saying the
• 16:01
  Speaker 1: same thing that we are going to see a US
• 16:03
  Speaker 1: dollar drop of ten percent over the next year.
• 16:05
  Speaker 2: You guys know what to do.
• 16:06
  Speaker 1: When you have a dollar value that is lowering, you
• 16:11
  Speaker 1: know what to do. It's simple, get out there into
• 16:13
  Speaker 1: assets that are appreciating. There are only a handful of those,
• 16:17
  Speaker 1: whether you choose crypto, securities, real estate, whatever it might be.
• 16:21
  Speaker 1: The key here is go after the ones that make
• 16:24
  Speaker 1: you really for a future of how you're going to
• 16:27
  Speaker 1: handle your investments in your structure. One last point, this
• 16:30
  Speaker 1: of course is breaking from today.
• 16:32
  Speaker 2: That is Jeremy A.
• 16:33
  Speaker 10: Lair.
• 16:33
  Speaker 1: This is the CEO of Circle, a newly publicly traded company,
• 16:37
  Speaker 1: and they have now just launched USDC on ripples, xrp Ledger,
• 16:41
  Speaker 1: expanding the stable coin network into more ecosystems. This is
• 16:46
  Speaker 1: just a next step in where a lot of these
• 16:48
  Speaker 1: strategies are going to play out. And XORP, of course,
• 16:50
  Speaker 1: with many other tokens and chains, are going to be
• 16:53
  Speaker 1: a part of this. So if you're not part of
• 16:55
  Speaker 1: the Diamond Circle, get in right now. It's a great
• 16:57
  Speaker 1: place to get additional content from us. And of course
• 16:59
  Speaker 1: if you're not following me out there on x do that.
• 17:02
  Speaker 1: It's at Paul Baron We'll catch you next time, right
• 17:03
  Speaker 1: here on Techpath.