WEBVTT 1 00:00:00.040 --> 00:00:02.520 Clarity is nearly out of time, and today we're going 2 00:00:02.560 --> 00:00:04.360 to take a real hard look at where we go 3 00:00:04.480 --> 00:00:06.839 from here. We'll have a special guest on it, so 4 00:00:07.320 --> 00:00:08.640 you guys don't want to miss this one. I do 5 00:00:08.679 --> 00:00:10.839 want to thank our sponsor today before we do get started, 6 00:00:10.880 --> 00:00:13.320 and that of course is I Trust Capital. This is 7 00:00:13.320 --> 00:00:16.480 where you guys can get into your own CRYPTOIRA and 8 00:00:16.519 --> 00:00:18.640 make your retirement funds work for you. 9 00:00:19.000 --> 00:00:19.480 That's right. 10 00:00:19.559 --> 00:00:22.600 So what you can do is pretty much get anything 11 00:00:22.679 --> 00:00:25.399 out there in terms of digital assets for the most part, 12 00:00:25.800 --> 00:00:29.000 put that into a CRYPTOIRA. You can also use gold 13 00:00:29.039 --> 00:00:30.640 and silver. All you have to do is go in, 14 00:00:30.760 --> 00:00:33.039 set up your own account, sign up. It's very easy 15 00:00:33.079 --> 00:00:35.119 to do if you don't have an IRA. If you 16 00:00:35.200 --> 00:00:38.359 have one, you can also move it over. Very easy 17 00:00:38.399 --> 00:00:41.719 to fund this account. You can cash transfer or do 18 00:00:41.840 --> 00:00:44.479 a rollover, and then of course you can go buy 19 00:00:44.520 --> 00:00:47.840 and sell twenty four to seven so it's very very flexible. 20 00:00:48.159 --> 00:00:50.280 You guys of course can use our link down below. 21 00:00:50.320 --> 00:00:52.679 It's going to give you an additional one hundred dollars 22 00:00:52.679 --> 00:00:56.119 funding reward just to get started on your own CRYPTOIRA 23 00:00:56.359 --> 00:00:59.520 over at I Trust. So let's go over first before 24 00:00:59.560 --> 00:01:02.479 we bring on a Minehart, who is the policy guy 25 00:01:02.520 --> 00:01:04.840 over at hyper Liquid. I want to start with this 26 00:01:04.959 --> 00:01:08.799 clip from Cody Carbone talking about where we are today. 27 00:01:08.879 --> 00:01:09.359 Take a look. 28 00:01:09.840 --> 00:01:11.079 We won't have enough time for it to go to 29 00:01:11.120 --> 00:01:13.120 the House. The House is already out of session. I've 30 00:01:13.200 --> 00:01:16.120 changed my expectations of what success is over the next week. 31 00:01:16.280 --> 00:01:18.640 We need to start to have some of the procedural votes, 32 00:01:18.719 --> 00:01:20.640 a motion to proceed vote that needs to happen and 33 00:01:20.719 --> 00:01:22.840 needs to get on the Senate calendar first. Then there's 34 00:01:22.840 --> 00:01:25.000 a cloture vote. There's going to be amendments, so you 35 00:01:25.079 --> 00:01:27.879 need at least like thirty hours of debate before you 36 00:01:27.920 --> 00:01:31.200 can go to end debate. Can we then tee ourselves 37 00:01:31.280 --> 00:01:33.799 up where the first week they're back in September, all 38 00:01:33.840 --> 00:01:36.159 they need is just that one passage vote. Then all 39 00:01:36.159 --> 00:01:38.079 the House needs is that one passage vote and it 40 00:01:38.159 --> 00:01:40.400 can move very very quickly to the President's desk. That 41 00:01:40.519 --> 00:01:42.560 is success. Right now, as I mentioned, the House has 42 00:01:42.560 --> 00:01:44.359 already gone, so it's not going to pass the House 43 00:01:44.439 --> 00:01:47.200 anyway until September when they get back. To do that, 44 00:01:47.239 --> 00:01:49.560 we need to get the ethics deal. You have fifty 45 00:01:49.560 --> 00:01:52.519 three Republicans. You need sixty votes. That's at least two 46 00:01:52.560 --> 00:01:55.519 Republicans that are likely to know Mitch McConnell. We don't 47 00:01:55.519 --> 00:01:57.799 know where he is. That means then you have to 48 00:01:57.840 --> 00:02:00.760 get ten, at least ten Democrats have to begin voting 49 00:02:00.760 --> 00:02:03.200 next week on some of these procedural votes, because if 50 00:02:03.200 --> 00:02:05.519 you do not begin voting next week, you likely lose 51 00:02:05.560 --> 00:02:07.920 all chance that this bill is going to move forward 52 00:02:08.039 --> 00:02:09.719 in the fall. Again, if we were talking a week 53 00:02:09.719 --> 00:02:11.680 from today and we didn't begin that process, I would 54 00:02:11.680 --> 00:02:13.439 say this bill likely doesn't have a chance to move 55 00:02:13.439 --> 00:02:14.039 forward this year. 56 00:02:15.400 --> 00:02:17.879 All right, So what you're hearing there is two different 57 00:02:17.919 --> 00:02:20.840 angles and strategies that could still possibly play into it. 58 00:02:20.919 --> 00:02:23.039 So I want to bring on Adam Minhart's chief policy 59 00:02:23.080 --> 00:02:24.599 officer at hyper Liquid. 60 00:02:24.840 --> 00:02:26.240 How are you, Adam, Nice to have you. 61 00:02:26.199 --> 00:02:28.800 Back, Very good, good see again, Paul. 62 00:02:29.439 --> 00:02:32.319 Yeah, So let's get into a little bit about where 63 00:02:32.360 --> 00:02:34.639 we are right now, because you obviously heard what Cody 64 00:02:34.680 --> 00:02:38.599 said there, and his point is it's very light in 65 00:02:38.639 --> 00:02:40.560 the fact that we would get anything done this week. 66 00:02:41.000 --> 00:02:42.960 If anything, it's going to be just a handful of 67 00:02:43.080 --> 00:02:46.159 maintenance votes to try to get in play for September. 68 00:02:46.319 --> 00:02:49.479 How likely is that for September. 69 00:02:50.439 --> 00:02:54.000 Yep. I do think we're it's still an open question 70 00:02:54.080 --> 00:02:56.560 of whether or not we see a vote this week 71 00:02:56.879 --> 00:02:59.599 on the cloture vote to proceed. I think that would 72 00:02:59.639 --> 00:03:03.439 be a really really important vote to have pass or foul. 73 00:03:03.800 --> 00:03:07.240 I think getting something on record now is critical, and 74 00:03:07.280 --> 00:03:11.120 we saw it with Genius. Genius failed initially on the 75 00:03:11.120 --> 00:03:14.360 cloture vote for emotion to proceed, and that caused people 76 00:03:14.360 --> 00:03:17.199 to come back to the table. It's very hard to 77 00:03:17.280 --> 00:03:21.280 understand what the political ramifications of that vote will be. 78 00:03:21.719 --> 00:03:24.599 We can game theory game through it right now that 79 00:03:24.719 --> 00:03:27.080 it's good for THEMS to vote no against the sitting 80 00:03:27.120 --> 00:03:31.319 president and the cryptoethics issue. We can say it's a 81 00:03:31.360 --> 00:03:34.360 good vote for them to have going into midterms. We 82 00:03:34.400 --> 00:03:36.159 won't know until they take the vote, so I think 83 00:03:36.159 --> 00:03:38.919 that's why it's important to get that vote done. With 84 00:03:39.039 --> 00:03:45.080 regard to September, we've had a lot of supposed deadlines 85 00:03:45.439 --> 00:03:47.800 along the way, and I think we've discussed this when 86 00:03:47.840 --> 00:03:51.080 I was on before. Deadlines are a very important forcing 87 00:03:51.120 --> 00:03:54.759 mechanism in politics. We have a House, a Senate, and 88 00:03:54.800 --> 00:03:58.639 an administration. We have a very active media. The deadlines 89 00:03:58.840 --> 00:04:02.319 force people's attention to get something done. We're at another 90 00:04:02.400 --> 00:04:07.879 deadline now before the August recess. I believe September. There 91 00:04:08.000 --> 00:04:10.080 is the potential for there to be floor time in 92 00:04:10.120 --> 00:04:14.719 September to get this thing moving again. There's obviously a lot, 93 00:04:15.199 --> 00:04:18.319 a lot of power behind this bill, both on the 94 00:04:18.399 --> 00:04:20.839 hill and off the hill. So I say we have 95 00:04:20.839 --> 00:04:24.319 the month of September to do it as well. 96 00:04:23.319 --> 00:04:27.000 All right, so you're not totally out of the possibility 97 00:04:27.000 --> 00:04:29.839 of this still making it through. When you look at 98 00:04:29.839 --> 00:04:32.920 this right now, before I play another clip, that is 99 00:04:33.000 --> 00:04:35.680 kind of interesting because many people look at this as 100 00:04:35.680 --> 00:04:36.720 a different strategy. 101 00:04:36.759 --> 00:04:38.839 But when you look at. 102 00:04:38.680 --> 00:04:41.680 The whether you look at the Republicans or the Democrats 103 00:04:41.759 --> 00:04:44.319 right now, where do you think the sticking point? 104 00:04:44.399 --> 00:04:47.560 Is it still ethics or is this more about. 105 00:04:47.480 --> 00:04:52.399 The issue of the bank still pushing for stable coinal ethics. 106 00:04:52.519 --> 00:04:55.240 I mean, my view is that every day we get 107 00:04:55.279 --> 00:04:59.439 closer closer to that midterm election, it's more about politics 108 00:04:59.480 --> 00:05:03.959 and less policy. Right I think right now, on the 109 00:05:04.000 --> 00:05:08.480 precipice of the August recess, we are beginning the heavy, 110 00:05:08.639 --> 00:05:14.279 heavy political season where everyone is running campaigns, and right 111 00:05:14.319 --> 00:05:17.680 now I think this has shifted to a political messaging bill. 112 00:05:18.040 --> 00:05:22.000 This is really about your view about the Trump's families 113 00:05:22.920 --> 00:05:27.920 activities in crypto. Is it fair? No, there's a lot 114 00:05:27.959 --> 00:05:31.079 of very very good policy in that bill. I would 115 00:05:31.199 --> 00:05:36.240 argue there's that this bill is more democratic than Republican 116 00:05:36.279 --> 00:05:38.879 at this point. So I think on policy it's a 117 00:05:38.879 --> 00:05:41.800 good bill, but the politics right now have become very 118 00:05:41.920 --> 00:05:45.480 very muddled. Saw Paul's there, Well. 119 00:05:45.319 --> 00:05:47.560 I think the you know what we have seen over 120 00:05:47.800 --> 00:05:50.279 talking to senators on both sides of the aisle for 121 00:05:50.360 --> 00:05:54.480 quite some time, is that you have the Republicans positioning here. 122 00:05:54.639 --> 00:05:57.480 You also have the Democrats positioning here, obviously within the 123 00:05:57.480 --> 00:06:01.439 ethics framework, and this may be just in time to 124 00:06:01.720 --> 00:06:04.920 use this as the caveat and possibly the carrot to 125 00:06:04.959 --> 00:06:09.000 push into midterms as a way to beat the Republicans 126 00:06:09.040 --> 00:06:10.800 with all of what's been going on with the Trump 127 00:06:10.839 --> 00:06:14.680 administration around this ethic situation. So I agree with you, 128 00:06:14.759 --> 00:06:16.680 it's become very political. 129 00:06:17.360 --> 00:06:24.399 And the ad that Peggy Flanagan ran against Angie Craig 130 00:06:25.079 --> 00:06:29.399 in the Democratic primary for the Minnesota Senate seat to 131 00:06:29.439 --> 00:06:32.800 replace Amy Klobajar is really important. I don't think it's 132 00:06:32.839 --> 00:06:36.040 gotten a ton of airtime, but she basically did just 133 00:06:36.040 --> 00:06:40.240 what you were saying. She is saying a vote for 134 00:06:40.279 --> 00:06:44.439 this bill by Democrats is a vote to support the 135 00:06:44.480 --> 00:06:47.759 Trump White House and their crypto ambitions. So they're really 136 00:06:48.079 --> 00:06:51.600 this is the first time you're really seeing that message 137 00:06:51.600 --> 00:06:54.399 be tested really on the national stage. I think it's 138 00:06:54.399 --> 00:06:58.199 something we're all really worried about that it gets hyper political, 139 00:06:58.759 --> 00:07:00.560 and I think that's where we are. We're like right 140 00:07:00.600 --> 00:07:01.240 at the edge of that. 141 00:07:01.839 --> 00:07:04.439 Well, they're definitely going to have to fight this out 142 00:07:04.519 --> 00:07:07.600 with the ethics side because you have the Trump administration 143 00:07:07.600 --> 00:07:10.000 in the White House really pushing to try to agree 144 00:07:10.120 --> 00:07:11.079 with the ethics side. 145 00:07:11.120 --> 00:07:12.079 So it may be one of. 146 00:07:12.079 --> 00:07:14.199 Those things where they kind of put their hands up 147 00:07:14.240 --> 00:07:16.160 and say, hey, the Democrats got what they wanted and 148 00:07:16.199 --> 00:07:19.759 still didn't vote on this, so it was really just 149 00:07:19.839 --> 00:07:23.920 take me down individually, which in reality, this is kind 150 00:07:23.920 --> 00:07:25.519 of what we're facing right now. I want to play 151 00:07:25.560 --> 00:07:29.639 a clip for you from Christian Carlo, the former CFTC chair, 152 00:07:31.040 --> 00:07:34.319 and he mentions a very interesting idea here, and I 153 00:07:34.319 --> 00:07:35.399 don't want to get your opinion on it. 154 00:07:35.439 --> 00:07:35.959 Take a look. 155 00:07:36.959 --> 00:07:38.600 I worry that clarity doesn't pass. 156 00:07:38.720 --> 00:07:41.959 Now. What I'd say to the industry is perhaps it's 157 00:07:41.959 --> 00:07:44.120 time to stop making such a big deal out of clarity. 158 00:07:44.120 --> 00:07:45.800 Maybe there's a little bit of an own goal from 159 00:07:45.839 --> 00:07:47.560 the industry right now in the way that we talk 160 00:07:47.600 --> 00:07:49.240 about clarity, which you said totally. 161 00:07:49.399 --> 00:07:52.279 If we're out passed the industry over, say, well, we 162 00:07:52.360 --> 00:07:55.040 told you all that it had to be passed, and 163 00:07:55.079 --> 00:07:57.720 now we're still telling you keep investing, keep building. 164 00:07:58.120 --> 00:08:00.160 We need to back off and just simply say it's 165 00:08:00.199 --> 00:08:01.279 going to be what it's going to be. 166 00:08:03.199 --> 00:08:04.040 So what do you think? 167 00:08:04.079 --> 00:08:06.759 Do you think this is a situation where the industry 168 00:08:06.800 --> 00:08:07.720 just needs to back down? 169 00:08:07.759 --> 00:08:07.959 Now? 170 00:08:09.480 --> 00:08:11.399 I wouldn't say back down. I think there's a lot 171 00:08:11.399 --> 00:08:14.040 of important things in that bill that are both good 172 00:08:14.040 --> 00:08:16.519 for industry and good for consumers that it sets up 173 00:08:16.519 --> 00:08:18.959 a real framework. But I do agree with Chris on 174 00:08:19.079 --> 00:08:21.720 his broader point that I think we have made this 175 00:08:21.839 --> 00:08:25.879 bill the be all, end all, and I think the 176 00:08:26.040 --> 00:08:30.959 industry has operated without a framework since the beginning really 177 00:08:30.959 --> 00:08:36.799 of crypto globally, and it can continue to operate without clarity. 178 00:08:37.080 --> 00:08:41.720 And our regulators are very well positioned to deliver on 179 00:08:41.840 --> 00:08:44.799 a lot of the things within clarity. Would we prefer 180 00:08:44.879 --> 00:08:48.600 clarity to codify those in US laws? So it makes 181 00:08:48.600 --> 00:08:52.080 it harder to overturn one hundred percent. But I think 182 00:08:52.159 --> 00:08:55.480 Chris's point is spot on. I think we've put a 183 00:08:55.480 --> 00:08:58.799 lot of weight behind this bill so now that if 184 00:08:58.840 --> 00:09:02.080 it fails, it feels like the industry has failed. So 185 00:09:03.039 --> 00:09:05.559 there's a lot of ego involved, but there isn't everything. 186 00:09:05.600 --> 00:09:06.720 We just don't talk about it. 187 00:09:07.240 --> 00:09:09.840 Well, one thing that you said, I think that is 188 00:09:10.120 --> 00:09:14.039 very important here, and that is the difference in the 189 00:09:14.120 --> 00:09:18.480 current environment. When you go back and look at pre Trump, 190 00:09:18.799 --> 00:09:21.679 the current environment at the SEC was as toxic as 191 00:09:21.720 --> 00:09:24.000 you could ever imagine for any kind of innovation. So 192 00:09:24.559 --> 00:09:26.360 where we are right now at the SEC and the 193 00:09:26.399 --> 00:09:32.039 CFTC for that matter, is a much more understanding regulator 194 00:09:32.279 --> 00:09:35.200 that is going to get behind this. And it kind 195 00:09:35.240 --> 00:09:39.200 of reframes the entire situation because you could argue now 196 00:09:39.320 --> 00:09:42.559 as a Democrat that hey, we're not really in charge 197 00:09:42.720 --> 00:09:45.159 of trying to get this across the line. We really 198 00:09:45.200 --> 00:09:48.120 just want to beat up on President Trump. It's the 199 00:09:48.200 --> 00:09:52.159 SEC and the CFTC that's going to protect consumers by 200 00:09:52.399 --> 00:09:55.840 getting this in the right regulatory framework. So that may 201 00:09:55.879 --> 00:09:58.279 be an interesting point right now is looking at this 202 00:09:58.320 --> 00:10:01.759 tweet right here, Bernstein coming in as saying the Clarity 203 00:10:01.799 --> 00:10:04.360 Act Fayre will likely trigger a crypto sell off, but 204 00:10:04.480 --> 00:10:07.000 argues that the SEC and C, to my point, would 205 00:10:07.080 --> 00:10:10.840 respond by accelerating the rulemaking. I don't know, do you 206 00:10:10.919 --> 00:10:13.320 think there would be a sell off. I'm not sure 207 00:10:13.360 --> 00:10:14.799 if this isn't already priced in. 208 00:10:16.080 --> 00:10:17.879 I have a feeling it's already priced in. I mean, 209 00:10:17.919 --> 00:10:21.120 people are following the prediction markets on this. It's vacillated 210 00:10:21.159 --> 00:10:25.000 pretty significantly. So I think there's a lot of hesitation 211 00:10:25.200 --> 00:10:27.440 to be locked in that this thing's going to pass. 212 00:10:28.559 --> 00:10:30.720 And I think they're right. I think what we're talking 213 00:10:30.759 --> 00:10:34.559 about is spot on. These agencies have a lot of 214 00:10:34.600 --> 00:10:38.759 power under their existing statutory authorities to make a lot 215 00:10:38.799 --> 00:10:42.759 of changes. They rightfully held off why clarity is being negotiated. 216 00:10:43.399 --> 00:10:45.960 But if it looks like we're going to hit a 217 00:10:46.000 --> 00:10:47.759 spot where it's not, I think they're going to go 218 00:10:47.799 --> 00:10:48.159 all in. 219 00:10:48.559 --> 00:10:51.559 I want to go a different angle here, because Anthony 220 00:10:51.559 --> 00:10:54.639 Scaramoci looked at this with maybe a little bit of 221 00:10:54.679 --> 00:10:57.279 a different lens, and he said it was in reference 222 00:10:57.360 --> 00:11:02.879 to that the Republicans would be at maybe at blame 223 00:11:03.159 --> 00:11:06.480 for this if the key here, if they failed to 224 00:11:06.480 --> 00:11:09.120 put it on the floor. When you look at the 225 00:11:09.120 --> 00:11:12.120 current situation, because I mean it's kind of a It's 226 00:11:12.200 --> 00:11:15.720 really been a balanced issue where Republicans have been pushing 227 00:11:16.360 --> 00:11:19.279 the Democrats have been saying, hey, we're defending for the 228 00:11:19.320 --> 00:11:22.320 American people and what's right. But now you have the 229 00:11:22.320 --> 00:11:25.399 Republicans saying or potentially in a position where they don't 230 00:11:25.399 --> 00:11:28.200 get it on the floor, it be actually fail it. 231 00:11:28.320 --> 00:11:30.360 So how would you land here? 232 00:11:30.399 --> 00:11:33.559 Would you look at this at still the Democrats pushing 233 00:11:33.600 --> 00:11:37.159 back too hard or the Republicans just not going ahead 234 00:11:37.159 --> 00:11:39.039 and trying to get this underway. 235 00:11:40.120 --> 00:11:42.919 I'd give you a third one. I think this bank issue. 236 00:11:43.120 --> 00:11:46.080 I think the bank issue with stable coins is starting 237 00:11:46.080 --> 00:11:49.399 to give a lot of hesitation to three or four 238 00:11:49.480 --> 00:11:52.480 Republicans who may be in that note camp. And then 239 00:11:52.519 --> 00:11:57.919 I think you have Tillis, Cornyn and Cassidy, three Republican 240 00:11:57.960 --> 00:12:01.399 members that lost their primaries then also are kind of 241 00:12:01.399 --> 00:12:04.559 in this purgatory. So if you're John Thunan, you're thinking, 242 00:12:05.080 --> 00:12:07.600 can I really and Tim Scott, who's not only the 243 00:12:07.639 --> 00:12:09.639 Senate Banking Chair but also the head of the nr 244 00:12:10.519 --> 00:12:14.600 NRSC the campaign arm for the Senate, how can this 245 00:12:14.679 --> 00:12:17.120 be a vote against Democrats if you have five six 246 00:12:17.240 --> 00:12:21.120 or seven Republicans voting no on it. I think that really, 247 00:12:21.399 --> 00:12:24.759 I think that muddles the message. So to me, that's 248 00:12:24.799 --> 00:12:26.720 the issue here. If you knew you were just going 249 00:12:26.759 --> 00:12:29.559 to lose one or two, say Ran Paul and Josh 250 00:12:29.639 --> 00:12:33.200 Holly and the Democrats are going to take it down, fine, 251 00:12:33.240 --> 00:12:35.120 But if it's going to be five, six or seven, 252 00:12:35.879 --> 00:12:40.799 that's a real messaging problem for Republicans to basically put 253 00:12:40.799 --> 00:12:44.120 this solely on Democrats. So I think Democrats here are 254 00:12:44.159 --> 00:12:47.840 in a position of strength. They got very lucky that 255 00:12:47.840 --> 00:12:52.120 that yield issue with the banks took up so much 256 00:12:52.240 --> 00:12:55.759 time on the clock. You probably had four months there 257 00:12:56.080 --> 00:13:00.159 where Democrats could not be blamed. It was a it 258 00:13:00.200 --> 00:13:04.360 was a disagreement over a policy where it really wasn't political. 259 00:13:04.480 --> 00:13:07.639 It was industry versus industry. So I think DEM's really 260 00:13:07.639 --> 00:13:08.360 got lucky here. 261 00:13:09.240 --> 00:13:11.320 And you look at Cynthia Lamas, I mean, she's kind 262 00:13:11.320 --> 00:13:13.799 of at a frustration level right here. She says, hey, 263 00:13:14.559 --> 00:13:17.960 it's here, we are here, But Republicans are doing everything 264 00:13:18.000 --> 00:13:20.759 we can to get the bill on the floor and pass. 265 00:13:21.360 --> 00:13:23.000 I do agree this bill is fully. 266 00:13:22.759 --> 00:13:27.240 Baked, very reflective of a bipartisan negotiation, and we're ready 267 00:13:27.240 --> 00:13:30.000 and willing to get this cross the line if if 268 00:13:30.039 --> 00:13:32.720 we're only needing, because it sounds to me like most 269 00:13:32.720 --> 00:13:37.080 of the ethics concerns have been presented or at least 270 00:13:37.120 --> 00:13:41.799 ear marked. What would hold Thoon from being able to 271 00:13:41.840 --> 00:13:44.039 go ahead and put this up for a vote. 272 00:13:44.159 --> 00:13:47.960 I think if it fails, and it fails with those 273 00:13:48.000 --> 00:13:52.399 five six, seven Republicans voting though, I believe it's that issue. 274 00:13:53.639 --> 00:13:55.919 But if I was him, I would still put it 275 00:13:56.000 --> 00:13:58.480 up for a vote. I think there's more value to 276 00:13:58.559 --> 00:14:02.960 the Republican Party of having Dems have to take this vote, 277 00:14:03.320 --> 00:14:07.279 regardless if you lose three, four or five six Republicans. 278 00:14:07.759 --> 00:14:11.279 The value to me, even if it goes down, is 279 00:14:11.320 --> 00:14:13.879 really that this could be the forcing mechanism to get 280 00:14:13.879 --> 00:14:17.080 an agreement in September. You know, we've you've been following 281 00:14:17.120 --> 00:14:19.399 this so close, and you know the ups and downs 282 00:14:19.399 --> 00:14:22.720 with this process. But a no vote puts you into 283 00:14:22.759 --> 00:14:26.519 a defensive posture. It's it's just not quite clear that 284 00:14:26.559 --> 00:14:28.879 this couldn't splash back up on Dems. 285 00:14:29.799 --> 00:14:33.279 Okay, so you believe that the reason he wouldn't potentially 286 00:14:33.320 --> 00:14:35.440 could even be that the replay he doesn't have enough 287 00:14:35.440 --> 00:14:38.159 Republicans and yeah to support to get to fifty three, 288 00:14:38.840 --> 00:14:41.320 which is kind of a critical point that would look 289 00:14:41.360 --> 00:14:46.480 bad on the Republicans themselves, potentially muddying the water in 290 00:14:46.519 --> 00:14:47.200 the midterms. 291 00:14:47.320 --> 00:14:49.919 Or what is the payday here? 292 00:14:50.720 --> 00:14:53.840 Well, I think the payday there for Democrats would be 293 00:14:55.679 --> 00:14:59.759 you had bipartisan opposition to the bill. This wasn't a 294 00:15:00.000 --> 00:15:03.240 Democratic issue this, so I think to me, that's a 295 00:15:03.240 --> 00:15:05.960 political win for Democrats to go out. Yeah, we voted 296 00:15:06.000 --> 00:15:08.399 against it, but so did a bunch of Republicans. 297 00:15:08.679 --> 00:15:13.919 Yeah, listen, if clarity failure happens, what does that mean 298 00:15:14.039 --> 00:15:15.840 for hyper liquid in general? 299 00:15:16.759 --> 00:15:22.200 Yep, the bill itself is a spot market bill. What 300 00:15:22.279 --> 00:15:26.559 it's traded on hyper liquid are mainly derivatives. There are 301 00:15:26.559 --> 00:15:29.799 perpetual futures, So the bill in terms of having a 302 00:15:29.879 --> 00:15:34.879 tangible nexus to it, it's not as significant as it 303 00:15:34.919 --> 00:15:38.559 would be if hyper liquid was primarily engaged in spot 304 00:15:38.600 --> 00:15:44.879 market activity. So that said, crypto native, I mean there 305 00:15:44.960 --> 00:15:47.840 is a hype token. I think the bill would provide 306 00:15:47.879 --> 00:15:51.039 a sort of robust framework for consumers to invest in 307 00:15:51.120 --> 00:15:54.639 all sorts of crypto assets. So that said, I'd say 308 00:15:54.879 --> 00:15:59.000 a rising tide raises all boats. So I think kind 309 00:15:59.000 --> 00:16:04.320 of big picture, yes, good for everyone crypto related for sure, 310 00:16:04.799 --> 00:16:07.799 but for hyper liquid specific just given the bills spot 311 00:16:08.240 --> 00:16:12.440 and not derivative, nothing overtly specific there. 312 00:16:13.840 --> 00:16:17.320 I want to go to the lightning round here because 313 00:16:17.320 --> 00:16:19.360 this is going to get into more more detail on 314 00:16:19.360 --> 00:16:21.159 some of these and we do these from you know, 315 00:16:21.240 --> 00:16:22.039 quite a bit, guys. 316 00:16:22.080 --> 00:16:23.639 I know you guys love them in the comments. 317 00:16:23.679 --> 00:16:26.720 But I want to lead off with this one right here, 318 00:16:27.120 --> 00:16:30.039 Adam and is crypto industry would have gotten exactly the 319 00:16:30.039 --> 00:16:34.240 same thing they had had they not donated to the 320 00:16:34.279 --> 00:16:35.039 Trump campaign. 321 00:16:36.440 --> 00:16:36.960 We'd be right. 322 00:16:42.360 --> 00:16:49.600 I think that probably a no. I think the I 323 00:16:49.639 --> 00:16:54.559 think a lot of you know, influence works in non 324 00:16:54.679 --> 00:16:58.799 linear and often organic ways, and the access that is 325 00:16:58.840 --> 00:17:03.399 provided on the political side often translates to discussions on 326 00:17:03.480 --> 00:17:04.440 the policy side. 327 00:17:04.519 --> 00:17:10.000 So I'd say no, Okay, I'm going to go with no. 328 00:17:10.200 --> 00:17:13.480 But for a different reason, I'm going to say, had 329 00:17:13.519 --> 00:17:16.880 we not voted or put money into the Trump campaign, 330 00:17:17.200 --> 00:17:20.240 it might have actually spun this in a completely different 331 00:17:20.400 --> 00:17:24.759 frame all together, you know, away from any of the 332 00:17:25.279 --> 00:17:28.039 bad doing, you know, those kind of things, and you know, 333 00:17:28.160 --> 00:17:32.920 supporting the Democrats maybe even in their efforts to reduce 334 00:17:33.160 --> 00:17:36.240 bad behavior in crypto because listen. 335 00:17:36.240 --> 00:17:36.880 That's that's one. 336 00:17:37.119 --> 00:17:40.559 I think everybody out there's watching our show once. If 337 00:17:40.640 --> 00:17:45.000 Lummis adds four hundred more pages to Clarity, then most 338 00:17:45.039 --> 00:17:46.920 likely the status quo is better. 339 00:17:48.279 --> 00:17:49.480 If we get another four hundred. 340 00:17:49.559 --> 00:17:51.759 I mean we have a thousand page the thing. Now, 341 00:17:51.799 --> 00:17:53.720 who God knows what would be in that thing at 342 00:17:53.720 --> 00:17:54.240 that point. 343 00:17:55.440 --> 00:17:58.279 Regrettably, I got to agree. I think when bills start 344 00:17:58.319 --> 00:18:04.839 to become either Christmas trees to buy off specific constituencies, 345 00:18:05.279 --> 00:18:08.519 it's it's usually a bad sign worthless, I think it. 346 00:18:08.839 --> 00:18:11.400 I think it's a hefty bill as it is in 347 00:18:11.480 --> 00:18:14.000 a lot of different sections, So I think I think 348 00:18:14.039 --> 00:18:16.680 the current length it's probably as much as we want 349 00:18:16.680 --> 00:18:19.559 to go here. It's very complicated. This is going to 350 00:18:19.640 --> 00:18:21.640 take years of rolemaks. 351 00:18:21.759 --> 00:18:24.640 These bureausts are going to have, and God knows what 352 00:18:24.680 --> 00:18:27.000 they're going to decipher out of this is what to 353 00:18:27.039 --> 00:18:28.839 understand what Congress really exactly? 354 00:18:29.160 --> 00:18:29.359 You know? 355 00:18:29.440 --> 00:18:34.119 With so I totally agree what sticking point negatively affected 356 00:18:34.200 --> 00:18:36.599 Clarity odds more, do you think it was the rollover 357 00:18:36.640 --> 00:18:40.160 on the stable coin issue with the banks from Genius 358 00:18:40.279 --> 00:18:41.920 or was it the ethics theater? 359 00:18:44.119 --> 00:18:47.839 Both pretty critical. I'm gonna i mean, the ethics sounds 360 00:18:47.880 --> 00:18:49.720 like the obvious answer here. I'm going to go with 361 00:18:49.720 --> 00:18:53.839 the stable coin fight for the fun for the following reason. 362 00:18:54.039 --> 00:18:58.200 It ran almost six months off the clock, Like it's 363 00:18:58.319 --> 00:19:01.480 like too long, like this thing, like you said, your 364 00:19:01.480 --> 00:19:04.200 point about the banks was spot on like this, this 365 00:19:04.319 --> 00:19:08.240 basically delayed, delayed, delayed, And now we're in We're in August, 366 00:19:08.400 --> 00:19:11.599 right before the midterms, where it's the political season and 367 00:19:11.640 --> 00:19:14.240 we're kind of, you know, out of a out of 368 00:19:14.240 --> 00:19:14.720 space here. 369 00:19:14.839 --> 00:19:18.559 So yeah, if Republicans could get six Dems to vote 370 00:19:18.599 --> 00:19:23.519 for the nda A, then why couldn't we get easily 371 00:19:23.720 --> 00:19:26.359 ten Dems for Clarity? I mean because that that, to me, 372 00:19:26.680 --> 00:19:29.599 was a much harder thing to do than what this 373 00:19:29.680 --> 00:19:30.000 might be. 374 00:19:31.000 --> 00:19:35.799 I mean, it's it's a great question. I have to 375 00:19:35.880 --> 00:19:37.960 come back to the fact that we're just so close 376 00:19:38.000 --> 00:19:40.960 to the midterms right now, and the ethics issue is 377 00:19:41.000 --> 00:19:45.519 just heating up. So you know, I'm gonna I'm gonna go, uh, 378 00:19:46.079 --> 00:19:46.640 I'm gonna go. 379 00:19:46.599 --> 00:19:49.920 With disagree, all right, I got you with that one 380 00:19:49.960 --> 00:19:53.039 as well. Okay, in the same camp on that. 381 00:19:53.799 --> 00:19:54.079 Uh. 382 00:19:54.160 --> 00:19:56.440 If Thune fails to put Clarity up for a vote, 383 00:19:56.440 --> 00:20:00.039 it is because he is independently decided to do so. 384 00:20:00.160 --> 00:20:02.279 Back to your point, he may. 385 00:20:02.119 --> 00:20:04.000 Decide to do that because he doesn't feel like he's 386 00:20:04.000 --> 00:20:06.119 got the horses. 387 00:20:05.799 --> 00:20:06.880 In the Republican camp. 388 00:20:07.680 --> 00:20:11.000 I'm gonna say yes. I think it is a combination 389 00:20:11.160 --> 00:20:15.200 of floor time. I mean, they have Todd Blanche Namu, 390 00:20:15.519 --> 00:20:18.079 they have the CR, they may have another NOMS package, 391 00:20:18.680 --> 00:20:21.599 they may have Iran sanctions this week. It's only Monday, 392 00:20:21.799 --> 00:20:24.759 and that's all to do this week, and plus you're 393 00:20:24.759 --> 00:20:27.440 gonna lose six or seven Republicans. Yeah, I think he 394 00:20:27.480 --> 00:20:29.319 could independently, independently do the math. 395 00:20:31.359 --> 00:20:34.200 All right, So let's play this out for a second. 396 00:20:36.279 --> 00:20:38.720 Thune is the guy here that's kind of in charge 397 00:20:38.759 --> 00:20:42.039 of getting this done right. But yet you've had all 398 00:20:42.079 --> 00:20:47.519 of this pressure from one industry being the banks that 399 00:20:47.559 --> 00:20:53.000 have done all this pre damage work overall. So wouldn't 400 00:20:53.000 --> 00:20:57.799 he be able to easily push back into the banks 401 00:20:57.880 --> 00:21:00.599