WEBVTT

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<v Speaker 1>You've probably heard me mention Uphold before, and there's a

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<v Speaker 1>reason I keep talking about them. Uphold makes it incredibly

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<v Speaker 1>easy to bridge a gap between your portfolio and the

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<v Speaker 1>real world. This has not been done before. Their Uphold

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<v Speaker 1>debit card is the best example of that. It lets

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<v Speaker 1>you spend your crypto or your cash anywhere visa is accepted,

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<v Speaker 1>all while earning four percent back in XRP on every purchase.

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<v Speaker 1>It's the easiest way to stack rewards on your daily spending.

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<v Speaker 1>Download the Uphold app for more and get started. Let's

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<v Speaker 1>just jump right into it today. This is going to

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<v Speaker 1>be something that unfortunately maybe coming to head in reference

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<v Speaker 1>to clarity and will it fail, because we are at

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<v Speaker 1>that point right now, guys. As you guys know, this

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<v Speaker 1>is the week for all of this to either happen

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<v Speaker 1>or not happen. I have some inside information that is

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<v Speaker 1>now giving us a little bit of a direction on this.

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<v Speaker 1>Want to do a quick podcast to kind of give

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<v Speaker 1>you an update on it, and let's just get going,

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<v Speaker 1>all right. So a couple of points I want to

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<v Speaker 1>hit on first that really kind of go into the

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<v Speaker 1>whole concept of what's really happening in DC right now.

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<v Speaker 1>And it is boiling down to the Senate Democrats and

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<v Speaker 1>they are in a rooted out position right now in

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<v Speaker 1>terms of blocking the Clarity Act. So the likelihood of

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<v Speaker 1>a cloture vote getting across the line is probably the

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<v Speaker 1>lowest that I have seen so far, and from some

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<v Speaker 1>of the people that I'm talking to this afternoon, a

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<v Speaker 1>Senate floor cloture vote on Clarity is I think set

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<v Speaker 1>to fail, and this is coming from a unified block

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<v Speaker 1>of Senate Democrats. We're also looking at political donations and

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<v Speaker 1>pack influence that basically have no impetus anymore. There's just

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<v Speaker 1>nothing that's moving the needle right now. I'm also seeing

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<v Speaker 1>quite a bit of negativity coming out of the traditional

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<v Speaker 1>crypto x and that of course has been coming from

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<v Speaker 1>some of the big proponents out there. Brian Armstrong just

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<v Speaker 1>recently tweeted the issue of let's try to get this

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<v Speaker 1>across the line, and again it's kind of a last

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<v Speaker 1>ditch effort. Remember, Republicans hold a fifty three seed majority

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<v Speaker 1>in reference to this, and they all they need is

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<v Speaker 1>at least seven to nine Democrats that would cross over,

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<v Speaker 1>and that would be if they don't lose any seats.

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<v Speaker 1>Right now, we are seeing Senator Lambis talk about retrying

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<v Speaker 1>to retain those seats, so that in itself could be

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<v Speaker 1>huge around actual Republicans defecting late in the game. And

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<v Speaker 1>even when you look at the previous Democrat supporters from

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<v Speaker 1>the Banking Committee, and that includes Diego, also Brooks that

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<v Speaker 1>are also Brooks, they've also signaled a signaled that the

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<v Speaker 1>latest drafts still remain insufficient. And that's the problem that

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<v Speaker 1>we are facing right now, is that this cloture vote

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<v Speaker 1>is getting further and further away. Remember that banking has

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<v Speaker 1>been pretty much the primary situation that has pushed back

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<v Speaker 1>against this, and if you look at just the Senate

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<v Speaker 1>Banking Panel and how it passed the Clarity Act going

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<v Speaker 1>into the Senate, it was fifteen to nine, and there

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<v Speaker 1>was still quite a bit of pushback that was coming in.

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<v Speaker 1>And I think the point has now expanded much more

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<v Speaker 1>definitive to just stable coin yields. Hear me talk about

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<v Speaker 1>this all the time, is the ethics conflict. But now

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<v Speaker 1>illicit finance is starting to creep in. In the last

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<v Speaker 1>week of the Clarity Act, possibility here and if ilicit

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<v Speaker 1>finance is starting to make its way in, this is

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<v Speaker 1>one of those things that I think will draw in

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<v Speaker 1>a lot of attention, especially from both Republicans and Democrats,

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<v Speaker 1>that will make it feel as though they did something

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<v Speaker 1>that helped the American people, when in reality, this is

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<v Speaker 1>not helping the American people. Now, remember the ethics and

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<v Speaker 1>conflict of interest safeguards that were pretty much laid out.

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<v Speaker 1>The demands that were put on the Trump administration was

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<v Speaker 1>executive branch officials, including lawmakers and their immediate families would

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<v Speaker 1>be restricted from holding or promoting any kind of private

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<v Speaker 1>token ventures that I think has been agreed to. The

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<v Speaker 1>other key friction was the compromises around these blind trusts.

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<v Speaker 1>And I'm not sure to what extent the language has

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<v Speaker 1>moved into this, but what I'm hearing is there's a

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<v Speaker 1>lot more sensitivity around this because the Senate Democrats see

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<v Speaker 1>this as a very heavy loophole area that could be

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<v Speaker 1>sidestepped again by this administration. And the point behind illicit finance,

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<v Speaker 1>which is where we get into the aml side of things,

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<v Speaker 1>anti million laundering, this of course is you know Senator Warren,

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<v Speaker 1>She's been the champion of this forever and I think

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<v Speaker 1>she is now starting to make her way in Her

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<v Speaker 1>and Mark Warner both are arguing against that the text

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<v Speaker 1>basically lacks the requirement for this secondary intermediaries. That is

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<v Speaker 1>the problem that they are facing right now, and it's

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<v Speaker 1>starting to show up in a handful of Democrat lawmakers

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<v Speaker 1>and much of their staffers that are now hearing from

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<v Speaker 1>is that this looks like the friction is not going

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<v Speaker 1>to be overcome. This puts a lot of pressure on

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<v Speaker 1>them trying to get this done before the end of

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<v Speaker 1>the week. And I do not think at the current state,

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<v Speaker 1>unless there is a breakthrough, a last minute breakthrough, that

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<v Speaker 1>we see anything of this type making it to the

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<v Speaker 1>floor for a vote. So that's where we are right now. Guys.

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<v Speaker 1>This is unfortunate that we are bringing you this news

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<v Speaker 1>because I think when you look at the pack money

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<v Speaker 1>and what the shift is right now for what fair

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<v Speaker 1>Shake was trying to do, really repositioning, I just wonder

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<v Speaker 1>if we're going to see a reformat of how much

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<v Speaker 1>of the crypto lobbies will be going into the midterms.

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<v Speaker 1>And I think the voter based dynamics are really going

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<v Speaker 1>to start to change as well, because this is going

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<v Speaker 1>to get into a hardline stance against unregulated yields, which

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<v Speaker 1>many people will now know that's going to be out there,

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<v Speaker 1>because if we don't get this passed, the yield play

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<v Speaker 1>is still intact, and most of these organizations are doing it,

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<v Speaker 1>you know, kind of without any kind of guid guide rails,

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<v Speaker 1>and that of course puts everything on the SEC and

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<v Speaker 1>the CFTC to get this thing moving forward. Other thing

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<v Speaker 1>is that I think we're going to continue to see

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<v Speaker 1>the prediction market collapse. And this is in reference to

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<v Speaker 1>this itself. So the odds are continuing to fall. We'll

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<v Speaker 1>most likely see this drop under twenty percent, maybe within

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<v Speaker 1>the next twenty four hours. So these stalls are happening,

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<v Speaker 1>and it looks as though it is increasing, even though

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<v Speaker 1>some of the outreach that is coming through DC right

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<v Speaker 1>now is coming from different people. So I'm going to

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<v Speaker 1>try to cover more on this. I've been back and

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<v Speaker 1>forth with DC a couple of times today just in

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<v Speaker 1>reference to who is seeing certain senators and certain lawmakers

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<v Speaker 1>making any kind of last ditch effort, and it does

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<v Speaker 1>not appear as though they are. So the banks may

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<v Speaker 1>have won guys on this one. So prepare for something

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<v Speaker 1>unless we get a breakthrough, and I think the breakthrough

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<v Speaker 1>will come in the ethics provision self stay tuned for

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<v Speaker 1>that