WEBVTT 1 00:00:00.120 --> 00:00:02.319 Let's get into the Senate lockdown today because all of 2 00:00:02.359 --> 00:00:05.440 this is centered around Clarity. Of course, last week was 3 00:00:05.559 --> 00:00:08.759 huge today and this week could be even bigger. You've 4 00:00:08.759 --> 00:00:11.800 probably heard me mention Uphold before, and there's a reason 5 00:00:11.880 --> 00:00:15.000 I keep talking about them. Uphold makes it incredibly easy 6 00:00:15.240 --> 00:00:18.239 to bridge a gap between your portfolio and the real world. 7 00:00:18.519 --> 00:00:21.320 This has not been done before. Their Uphold debit card 8 00:00:21.440 --> 00:00:23.920 is the best example of that. It lets you spend 9 00:00:24.000 --> 00:00:27.800 your crypto or your cash anywhere Visa is accepted, all 10 00:00:27.839 --> 00:00:32.000 while earning four percent back in XRP on every purchase. 11 00:00:32.240 --> 00:00:36.039 It's the easiest way to stack rewards on your daily spending. 12 00:00:36.359 --> 00:00:39.359 Download the Uphold app for more and get started. The 13 00:00:39.399 --> 00:00:41.560 first thing I want to do is lead off with 14 00:00:41.759 --> 00:00:44.200 a clip from Mike Novagratz, and then we'll bring in 15 00:00:44.240 --> 00:00:45.159 our guests take a look. 16 00:00:46.600 --> 00:00:51.000 I think the Clarity Act is going to pass. I do, 17 00:00:51.079 --> 00:00:53.280 and I know right now doesn't feel like it at all. 18 00:00:53.479 --> 00:00:57.280 You just need a small compromise on ethics, and I 19 00:00:57.280 --> 00:01:00.159 think that ethics compromise is going to look like what 20 00:01:00.159 --> 00:01:03.280 they did with Lake and Riley, where they said the 21 00:01:03.320 --> 00:01:06.480 state ags can't suit congressman or the president, but they 22 00:01:06.480 --> 00:01:09.799 can suit the DOJ if they don't think the law 23 00:01:09.840 --> 00:01:13.239 is being applied appropriately, and that will be enough, I think, 24 00:01:13.280 --> 00:01:15.040 to get both sides to say, that's a tough enough 25 00:01:15.079 --> 00:01:18.560 ethics bill, let's pass this thing all right. 26 00:01:18.640 --> 00:01:21.120 So ethics has been kind of the hold up for 27 00:01:21.200 --> 00:01:24.079 quite some time, and we've had several analysts on. I 28 00:01:24.079 --> 00:01:26.719 wanted to bring on Summer Mersinger, who is of course 29 00:01:26.799 --> 00:01:28.680 CEO over at the Blockchain Association. 30 00:01:29.120 --> 00:01:30.239 Summer, Welcome into the show. 31 00:01:30.280 --> 00:01:33.079 How are you hey, Thanks for having me this afternoon. 32 00:01:33.599 --> 00:01:38.439 So you are absolutely very busy this week, Yes, and 33 00:01:38.799 --> 00:01:41.159 a lot is happening when you look at the current 34 00:01:41.519 --> 00:01:44.680 situation as it is right now with the Senate the 35 00:01:44.719 --> 00:01:47.640 combined bill. Of course, now we see all sorts of 36 00:01:47.719 --> 00:01:50.400 new copy and new text. First of all, what was 37 00:01:50.439 --> 00:01:53.560 your initial take on where the Clarity Act stands as 38 00:01:53.599 --> 00:01:54.519 it is right now. 39 00:01:55.640 --> 00:01:59.400 I think it's in a great spot. It's right where 40 00:01:59.400 --> 00:02:02.760 we wanted to be to get Senate consideration and honestly 41 00:02:02.879 --> 00:02:07.120 passage as well. I think that the players are in 42 00:02:07.200 --> 00:02:12.599 the room making the they're negotiating, they're making the decisions 43 00:02:12.639 --> 00:02:14.400 that need to be made to get this across the 44 00:02:14.439 --> 00:02:17.120 finish line. So We're in striking distance, and I think 45 00:02:17.159 --> 00:02:20.319 we will see this get done and out of the 46 00:02:20.360 --> 00:02:21.120 Senate very soon. 47 00:02:22.080 --> 00:02:25.840 All right, So within striking distance because the scenario and 48 00:02:25.879 --> 00:02:29.000 the concern that has been mostly within the industry has 49 00:02:29.000 --> 00:02:31.719 been able to get to that sixty votes, and there's 50 00:02:31.759 --> 00:02:35.000 been a handful of senators that have seen to kind 51 00:02:35.000 --> 00:02:37.919 of maybe cross the line here. Is there anybody specific 52 00:02:38.000 --> 00:02:41.159 that we should be watching for that could signal that 53 00:02:41.240 --> 00:02:43.840 this is a go from the Senate side? 54 00:02:45.080 --> 00:02:49.479 Yeah? Absolutely. Senator Corey Booker is someone to watch. He's 55 00:02:49.520 --> 00:02:52.599 been very involved on the Democrat side, especially with the 56 00:02:52.639 --> 00:03:01.759 agriculture text. Senator Reuben Diego, Senators Angela Alsobrooks again involved 57 00:03:02.000 --> 00:03:06.919 working very hard on a number of negotiations. And you 58 00:03:06.960 --> 00:03:09.199 know our people who have said they like to get 59 00:03:09.240 --> 00:03:10.960 to yes on this, they'd like to be able to 60 00:03:11.000 --> 00:03:14.319 support this. So keep an eye on those senators. 61 00:03:13.919 --> 00:03:16.759 All right, Summers, So we are setting at ten days 62 00:03:16.919 --> 00:03:21.080 right now, five hours? Okay, you tell me? Can this 63 00:03:21.199 --> 00:03:22.680 be done in ten days? 64 00:03:24.800 --> 00:03:27.319 Certainly can get past the Senate. It does get a 65 00:03:27.319 --> 00:03:30.560 little tricky because the House went out of session and 66 00:03:30.599 --> 00:03:32.520 this bill does need to go back to the House 67 00:03:32.560 --> 00:03:36.240 of Representatives because the Senate made changes, So we'll have 68 00:03:36.319 --> 00:03:40.479 to just keep pushing through the Congress's August recess and 69 00:03:40.520 --> 00:03:43.080 get the House to take up the Senate past bill 70 00:03:43.400 --> 00:03:46.199 as soon as they get back. But I have no 71 00:03:46.240 --> 00:03:48.439 doubt we can get this through the Senate this, you know, 72 00:03:48.840 --> 00:03:51.879 next couple of days or at least in the week, 73 00:03:52.520 --> 00:03:55.280 and kind of tee it up for the House when 74 00:03:55.280 --> 00:03:55.840 they return. 75 00:03:56.879 --> 00:03:59.879 Okay, so you have President Trump pushing hard to get 76 00:04:00.039 --> 00:04:03.000 Senate to stay in session to try to get this done. Yeah, 77 00:04:03.120 --> 00:04:06.439 Rick Scott, he's our senator out there pushing. He's obviously 78 00:04:06.439 --> 00:04:09.360 talking about Mike Lee. I will vote to stay in 79 00:04:09.400 --> 00:04:11.960 session unless we have passed the Save America thing. But 80 00:04:12.000 --> 00:04:15.000 this also could line up in a position where it 81 00:04:15.039 --> 00:04:17.199 could affect clarity as well in terms of the Senate 82 00:04:17.199 --> 00:04:20.879 being available. There is that doable in DC? Is this 83 00:04:20.920 --> 00:04:23.399 something that you have seen happen in DC before? 84 00:04:24.600 --> 00:04:28.439 I've seen the congressional recesses canceled before. That is certainly 85 00:04:28.800 --> 00:04:32.519 something that has happened, especially when there must pass pieces 86 00:04:32.519 --> 00:04:35.759 of legislation that need to get done. Sometimes when you 87 00:04:36.360 --> 00:04:38.879 put that kind of pressure on the senators, it's what 88 00:04:39.040 --> 00:04:43.199 gets them to the table to kind of finalize negotiations 89 00:04:43.519 --> 00:04:46.199 so that you can get the sixty votes. I do 90 00:04:46.279 --> 00:04:49.199 think Clarity is a little different than SAVE. I think 91 00:04:49.240 --> 00:04:53.199 that we're able to pick up a number of Democrats 92 00:04:53.480 --> 00:04:57.879 once we get some of these last minute negotiations nailed down, 93 00:04:58.480 --> 00:05:00.439 and I think it's a lot easier to get to 94 00:05:00.680 --> 00:05:03.160 sixty votes. But I know Save is very important to 95 00:05:03.199 --> 00:05:06.079 the President, so you know we'll be watching that as well. 96 00:05:06.120 --> 00:05:10.319 But I feel very good about Clarity kind of beating 97 00:05:10.399 --> 00:05:11.079 the clock here. 98 00:05:11.839 --> 00:05:12.279 Interesting. 99 00:05:12.360 --> 00:05:14.839 Okay, so one of the guys that has been on 100 00:05:14.879 --> 00:05:18.920 our show before an ex securities lawyer, and of course 101 00:05:18.959 --> 00:05:20.240 that's James over Metal law Man. 102 00:05:20.240 --> 00:05:21.720 You guys can follow him out there on Twitter. 103 00:05:22.439 --> 00:05:24.040 He kind of hits it right here and is that 104 00:05:24.079 --> 00:05:27.720 Trump does have the legal authority to cancel the Senate recess. 105 00:05:28.240 --> 00:05:31.079 And this, of course would get things rolling for both 106 00:05:31.079 --> 00:05:34.000 the potentially the Save America Act. But primarily what we're 107 00:05:34.000 --> 00:05:36.839 interested in is the Clarity Act with getting to that 108 00:05:36.959 --> 00:05:39.279 sixty votes. And I think if the fact that it 109 00:05:39.319 --> 00:05:41.319 can be done, and what you're saying is that you've 110 00:05:41.319 --> 00:05:44.199 seen it done before, that's a good possibility. 111 00:05:44.240 --> 00:05:45.959 Here, paint out. 112 00:05:45.759 --> 00:05:49.519 The next few steps. Let's assume that we do get 113 00:05:49.560 --> 00:05:53.040 clarity passed, Senate comes together, we get this done. Does 114 00:05:53.079 --> 00:05:54.680 it have to go back to the House to get 115 00:05:54.680 --> 00:05:56.920 a rubber stamp? What's the process at that point? 116 00:05:57.959 --> 00:06:00.199 Yeah, definitely has to go back to the House. I 117 00:06:00.240 --> 00:06:03.240 certainly wouldn't say it's a rubber stamp because this language 118 00:06:03.240 --> 00:06:06.759 has changed significantly, significantly from what the House sent over. 119 00:06:07.199 --> 00:06:11.399 So there will be you know, additional education and efforts 120 00:06:11.519 --> 00:06:13.519 to make sure that the House is comfortable with this 121 00:06:13.600 --> 00:06:16.560 bill so they can get it passed. And then once 122 00:06:16.600 --> 00:06:19.800 the House passes the Senate version, it goes straight to 123 00:06:19.879 --> 00:06:23.959 the President's desk. The Senate used the House bill number, 124 00:06:24.319 --> 00:06:27.360 and that allows them to change the text, put in 125 00:06:27.399 --> 00:06:29.680 the Senate text and send it back over to the 126 00:06:29.680 --> 00:06:32.480 House for one vote, versus having a conference committee between 127 00:06:32.519 --> 00:06:33.319 two bills. 128 00:06:33.759 --> 00:06:37.680 Okay, so we saw the obviously the both Senate Banking 129 00:06:37.680 --> 00:06:41.560 and the Agriculture Committee versions were put together. This also 130 00:06:41.600 --> 00:06:44.519 included the ethics provisions, which is really the biggest, I 131 00:06:44.519 --> 00:06:47.199 think the biggest concession coming out of the White House 132 00:06:47.319 --> 00:06:47.680 so far. 133 00:06:48.600 --> 00:06:49.720 But this is something that. 134 00:06:49.680 --> 00:06:51.480 I'm not aware of, and that is the motion to 135 00:06:51.639 --> 00:06:55.480 proceed is expected today or tomorrow, with the possibility of 136 00:06:55.480 --> 00:06:59.720 a floor vote this week. What is this motion to proceed? 137 00:06:59.879 --> 00:07:01.680 Is that just something saying hey, yeah, it goes to 138 00:07:01.720 --> 00:07:02.120 the floor. 139 00:07:03.319 --> 00:07:08.040 Yeah, it's a kind of procedural piece of kind of 140 00:07:08.160 --> 00:07:10.199 piece of the puzzle, but you have to do to 141 00:07:10.240 --> 00:07:13.720 get legislation depending on the floor. So we're expecting the 142 00:07:13.759 --> 00:07:17.000 majority leader to make a motion to proceed that is 143 00:07:17.079 --> 00:07:24.040 generally subject to culture. It is a debatable procedural vote, 144 00:07:24.079 --> 00:07:27.160 so usually they will file cloture and then that usually 145 00:07:27.160 --> 00:07:29.920 sets up a vote in a couple of days. There 146 00:07:30.240 --> 00:07:35.040 there are some interesting kind of different circumstances this week 147 00:07:35.079 --> 00:07:40.199 with the funeral arrangements for former Senator Lindsay Graham, but 148 00:07:40.360 --> 00:07:43.240 we do think they still can get to clarity this week. 149 00:07:43.759 --> 00:07:46.879 Okay, so getting clarity this week. You look at the 150 00:07:46.920 --> 00:07:49.759 potential over on polt market. Right now, it's on flatline 151 00:07:50.040 --> 00:07:52.040 and has been holding there for most of the day 152 00:07:52.920 --> 00:07:55.439 as and yesterday of course over the weekend, but holding 153 00:07:55.480 --> 00:07:59.439 at thirty eight percent. This seems very low versus what 154 00:07:59.519 --> 00:08:02.240 I'm here from many of the people who have been 155 00:08:02.279 --> 00:08:05.079 on our show over the last week, and including yourself, 156 00:08:05.639 --> 00:08:09.199 that the likelihood feels or at least am I reading 157 00:08:09.240 --> 00:08:11.160 this wrong, that you feel like we have a much 158 00:08:11.199 --> 00:08:13.240 better likelihood than this thirty eight percent. 159 00:08:15.120 --> 00:08:17.959 Yeah, I think that those who you know are really 160 00:08:18.000 --> 00:08:22.480 familiar with the procedures how these efforts come together, kind 161 00:08:22.519 --> 00:08:25.800 of the interaction of staff and senators that lead up 162 00:08:25.839 --> 00:08:30.160 to a major agreement and a major's legislation getting done. 163 00:08:30.240 --> 00:08:33.080 All that's in place. We're seeing it, we're feeling it, 164 00:08:34.320 --> 00:08:36.879 and I think it's really hard to know that from 165 00:08:36.919 --> 00:08:40.759 the outside. You know, there's a lot going on that 166 00:08:40.840 --> 00:08:43.519 you don't see. You see the public press releases where 167 00:08:43.840 --> 00:08:46.759 you know Democrats are slam in the language and saying 168 00:08:46.799 --> 00:08:50.279 ethics deal isn't good enough. But behind that's just kind 169 00:08:50.320 --> 00:08:53.799 of a negotiation tactic. Behind the scenes, they are actually 170 00:08:53.840 --> 00:08:56.840 working together trying to get to a good place on language. 171 00:08:57.120 --> 00:08:59.879 And I really do think there are a number of 172 00:09:00.039 --> 00:09:03.480 Democrat senators who do want to get to yes summer. 173 00:09:03.519 --> 00:09:06.480 As you probably have seen on our channel, I'm always skeptical, 174 00:09:06.639 --> 00:09:12.320 optimistically skeptical, because I have seen so many very interesting 175 00:09:12.799 --> 00:09:15.720 and strategic moves out of our opponent. I feel like 176 00:09:15.799 --> 00:09:17.480 for the industry and that has to be the banks. 177 00:09:18.120 --> 00:09:21.559 I look at that and you consider that we've had 178 00:09:21.720 --> 00:09:27.159 support now from all the police associations. That of course 179 00:09:27.200 --> 00:09:29.840 has started to shift, so law enforcement now starting to 180 00:09:29.879 --> 00:09:31.759 look like, hey, no, we support this, there's a way 181 00:09:31.799 --> 00:09:33.440 to use this as a benefit. 182 00:09:33.759 --> 00:09:34.960 Banks are very quiet. 183 00:09:35.000 --> 00:09:39.519 Are you anticipating anything unusual last minute coming in from 184 00:09:39.519 --> 00:09:40.000 the banks. 185 00:09:41.080 --> 00:09:43.440 So they're quiet publicly, but we're seeing a lot of 186 00:09:43.480 --> 00:09:47.039 behind the scenes activity. You know, there's a lot of 187 00:09:47.159 --> 00:09:52.360 kind of myth versus fact sheets out there, talking points 188 00:09:52.360 --> 00:09:55.279 that we're getting a hold of from the banks, and 189 00:09:55.440 --> 00:09:58.279 so they are working there, talking points, They are going 190 00:09:58.279 --> 00:10:01.320 in and meeting with senators, they are having their community 191 00:10:01.399 --> 00:10:04.919 banks call in. The good news is those talking points 192 00:10:05.000 --> 00:10:09.200 are very easy for us to counter. They tend to 193 00:10:09.240 --> 00:10:13.639 be kind of half truths or at least misinformed, and 194 00:10:13.799 --> 00:10:16.080 we were able to go in kind of in behind 195 00:10:16.120 --> 00:10:19.320 the banks and really help educate the lawmakers and their 196 00:10:19.360 --> 00:10:23.360 staff as to what this built really does do. I 197 00:10:23.399 --> 00:10:25.480 think the other piece of this is interesting is with 198 00:10:25.559 --> 00:10:29.639 the yield debate and kind of those negotiations. Honestly, the 199 00:10:29.639 --> 00:10:33.120 banks lost some credibility. There was you know, there was 200 00:10:33.200 --> 00:10:35.720 a lot was given up by crypto on the yield deal. 201 00:10:36.960 --> 00:10:39.399 We were all at the table, we were there in 202 00:10:39.440 --> 00:10:42.000 good faith and to have the banks at the last 203 00:10:42.039 --> 00:10:46.200 minute pull out of those negotiations. Really, I think set 204 00:10:46.399 --> 00:10:50.559 kind of left the bad taste in a number of offices, 205 00:10:51.200 --> 00:10:53.320 you know, just because of how hard they had worked 206 00:10:53.320 --> 00:10:54.240 to get to an agreement. 207 00:10:55.159 --> 00:10:57.600 Well, and I mean, let's be clear, You've got a 208 00:10:57.639 --> 00:11:01.200 lot of banks and institutions that have really come in 209 00:11:01.200 --> 00:11:05.120 in support of this. Black Rock, Charles Schwab, Fidelity, Goldman 210 00:11:05.240 --> 00:11:09.240 is in Greyscale. Of course, these are all mostly institutional 211 00:11:09.840 --> 00:11:12.399 layers that have already started to implement a lot of 212 00:11:12.440 --> 00:11:15.600 blockchain technology, so rightly so they are kind of going 213 00:11:15.600 --> 00:11:17.840 in that direction. Do you think it's that the banks 214 00:11:18.320 --> 00:11:21.440 are still feeling that they are just further behind for 215 00:11:21.559 --> 00:11:22.320 this industry and. 216 00:11:22.320 --> 00:11:24.759 They weren't quite ready for this advancement in tech. 217 00:11:25.639 --> 00:11:29.559 Yeah. I think that's exactly the case here. This bill 218 00:11:29.679 --> 00:11:35.000 is going to benefit banks and cryptoco industry equally. This 219 00:11:35.120 --> 00:11:37.279 is going to give the banks a lot of opportunity 220 00:11:37.360 --> 00:11:42.480 to you know, access new technology, to implement faster movement 221 00:11:42.480 --> 00:11:46.519 of money into the system. You know, I expect most 222 00:11:46.559 --> 00:11:49.519 of the large banks to actually you know, be in 223 00:11:49.559 --> 00:11:54.200 this industry, be in crypto fully, you know, supportive of it. 224 00:11:54.240 --> 00:11:56.000 I just think that there may be a little bit 225 00:11:56.039 --> 00:12:00.440 behind technologically, and some of this is a effort to 226 00:12:00.519 --> 00:12:03.320 kind of slow down the progress. But I think at 227 00:12:03.320 --> 00:12:04.919 the end of the day, this bill is going to 228 00:12:04.960 --> 00:12:06.200 benefit them as well. 229 00:12:06.879 --> 00:12:07.720 Yeah, for sure. 230 00:12:07.879 --> 00:12:10.039 Well, speaking of those who it could benefit, I want 231 00:12:10.080 --> 00:12:11.840 to play a clip for you because it's really kind 232 00:12:11.840 --> 00:12:14.600 of boiling down to two sectors in the banking industry. 233 00:12:14.679 --> 00:12:15.559 Let me play this clip. 234 00:12:16.440 --> 00:12:19.159 Monopoly is a good thing if you own the monopoly. 235 00:12:19.399 --> 00:12:22.559 So I always worked for very large banks and GP 236 00:12:22.679 --> 00:12:25.480 Morgan Chase being the largest. The large what's called the 237 00:12:25.519 --> 00:12:29.679 community banks, the smaller banks, and they often were on 238 00:12:29.759 --> 00:12:33.120 the opposite side of the large banks. But they have 239 00:12:33.279 --> 00:12:37.440 tremendous political cloud. It's who the congressman and the Senator 240 00:12:37.480 --> 00:12:40.720 has lunch with. They belong to the same country club, 241 00:12:41.080 --> 00:12:44.399 they play golf together. It's very tough to go up 242 00:12:44.399 --> 00:12:46.960 against the community banks. And I think the community banks 243 00:12:47.399 --> 00:12:53.039 are even more vocal against some of this legislation than 244 00:12:53.080 --> 00:12:54.679 the large banks. 245 00:12:54.720 --> 00:12:58.240 Interesting, all right, so that's intriguing to that, But do 246 00:12:58.360 --> 00:13:00.720 you do you agree with that analyst there in terms 247 00:13:00.759 --> 00:13:02.799 of kind of the framework of what the banks are 248 00:13:02.879 --> 00:13:03.360 looking at. 249 00:13:04.480 --> 00:13:08.360 Yeah, I mean, historically, these small the small community banks 250 00:13:08.399 --> 00:13:11.559 have had a lot of political capital on Capitol Hill. 251 00:13:11.960 --> 00:13:15.120 Exactly what he said. They're you know, their neighbors, their 252 00:13:15.200 --> 00:13:19.480 friends of these senators. They they've been meeting with them 253 00:13:19.519 --> 00:13:22.960 for you know, years and years, and so they have 254 00:13:23.120 --> 00:13:27.159 a good relationship. I think what's different this time is 255 00:13:27.200 --> 00:13:32.200 that their arguments don't add up. So this idea that somehow, 256 00:13:32.919 --> 00:13:36.679 you know, stable coins are going to cause you know, 257 00:13:37.039 --> 00:13:40.840 deposit flights from community bank is absurd. I grew up 258 00:13:40.840 --> 00:13:44.440 in a small town. My dad banks at a community bank. 259 00:13:44.440 --> 00:13:47.279 He's a farmer. He would never move his money from 260 00:13:47.279 --> 00:13:49.080 the community bank to stable coins. 261 00:13:49.080 --> 00:13:49.519 He can't. 262 00:13:49.559 --> 00:13:52.480 He has all his operating loans there, his home mortgage, 263 00:13:52.679 --> 00:13:57.200 everything's at that community bank. So those are different customers 264 00:13:57.360 --> 00:14:00.559 than who you see buying into stable points to this 265 00:14:00.639 --> 00:14:04.120 idea of deposit flight. Really there's no proof of it, 266 00:14:04.399 --> 00:14:07.799 and I think I think that's realized on Capitol Hill. 267 00:14:08.840 --> 00:14:09.039 Well. 268 00:14:09.039 --> 00:14:11.559 And you also looked at the most recent numbers coming 269 00:14:11.559 --> 00:14:14.120 in from banks where we were seeing deposit increases. I 270 00:14:14.120 --> 00:14:16.000 think it was seven percent across some of the bigger 271 00:14:16.759 --> 00:14:20.559 banks out there. So deposits are increasing, customer accounts increasing, 272 00:14:20.639 --> 00:14:23.879 revenues are obviously going way up for Banks. All of 273 00:14:23.879 --> 00:14:25.879 this kind of flies in the face of what they've 274 00:14:25.919 --> 00:14:29.600 been saying in terms of anti Clarity, So maybe this 275 00:14:29.679 --> 00:14:32.000 is an opportunity for them to get into the game. 276 00:14:32.399 --> 00:14:34.480 I do want to play a clip though, of Anthony 277 00:14:34.519 --> 00:14:35.799 Scaramucci because this is. 278 00:14:35.759 --> 00:14:36.480 A concern I have. 279 00:14:37.279 --> 00:14:39.759 Are we still at a position where we could still 280 00:14:39.840 --> 00:14:42.600 lose this in the last second or two, Because I 281 00:14:42.639 --> 00:14:45.120 know Mikero Novograts he's kind of saying, hey, this might 282 00:14:45.159 --> 00:14:48.440 go through. But Scaramucci has a little bit of a 283 00:14:48.440 --> 00:14:49.320 different spin on this. 284 00:14:49.399 --> 00:14:49.919 Take a look. 285 00:14:50.000 --> 00:14:52.440 The enemy of my enemy is my friend. If you're 286 00:14:52.519 --> 00:14:56.559 doing something and your adversaries do not like what you're. 287 00:14:56.399 --> 00:14:59.159 Doing, then they look through your pick of the litter 288 00:14:59.200 --> 00:15:01.600 and they say, well, what is this this guy really want? Oh, 289 00:15:01.639 --> 00:15:03.480 he wants the Clarity Act to pass. 290 00:15:03.679 --> 00:15:03.799 Oh. 291 00:15:03.840 --> 00:15:08.759 By the way, he's actually physically invested and it will 292 00:15:08.799 --> 00:15:12.440 monetarily benefit him if Clarity Act passes, So he obviously 293 00:15:12.519 --> 00:15:15.600 wants it to pass. I'm his adversary. Let me do 294 00:15:15.639 --> 00:15:17.679 everything I can to block it from happening. 295 00:15:17.840 --> 00:15:19.799 It's that bulk of his network. Well, let's put this way. 296 00:15:19.799 --> 00:15:23.240 If a nine hundred and twenty seven page disclosure document 297 00:15:23.279 --> 00:15:26.720 think Obamas was like nine pages prompts his nine hundred 298 00:15:26.720 --> 00:15:29.080 and twenty seven pages, So he hit you with a 299 00:15:29.120 --> 00:15:34.600 phone book, and you know, it's so egregious, it's sort 300 00:15:34.639 --> 00:15:36.440 of like almost wonderful in a weird way. 301 00:15:36.519 --> 00:15:38.799 You're like, oh my god, this guy just doesn't care. 302 00:15:39.799 --> 00:15:40.159 All right. 303 00:15:40.200 --> 00:15:45.159 So, to Scaramuchi's point, this ethics situation, which has been 304 00:15:45.279 --> 00:15:47.960 the real line in the sand for really the last 305 00:15:48.039 --> 00:15:51.559 six months, he's kind of pointing on the fact that 306 00:15:51.600 --> 00:15:53.759 this could actually get a little ugly at the very 307 00:15:53.919 --> 00:15:57.159 end if in fact they don't get a final you know, 308 00:15:57.720 --> 00:16:01.039 concession on one side or the other. When you look 309 00:16:01.080 --> 00:16:03.240 at that, are you at all concerned? Are you still 310 00:16:03.799 --> 00:16:05.639 in the camp of this is going to go through 311 00:16:05.639 --> 00:16:07.240 with what Anthony said. 312 00:16:07.000 --> 00:16:09.679 There, Yeah, I'm still in the camp that this is 313 00:16:09.679 --> 00:16:12.159 going to go through. I think when you know, you 314 00:16:12.240 --> 00:16:15.519 have to look at the language that the president, that 315 00:16:15.600 --> 00:16:18.360 the White House sent up to the Senate for their 316 00:16:18.360 --> 00:16:21.759 ethics agreement. I mean, this is extraordinary to have a 317 00:16:21.799 --> 00:16:25.879 sitting president, you know, say I will be subject to 318 00:16:26.320 --> 00:16:30.480 ethics agreements based on one sector of the economy, one industry. 319 00:16:30.559 --> 00:16:36.320 That's that's definitely you know, landmark as well. And you 320 00:16:36.480 --> 00:16:39.240 have a number of Democrats again who do want to 321 00:16:39.279 --> 00:16:42.480 get to Yes, they've been kind of using ethics as 322 00:16:42.519 --> 00:16:46.159 there to hold them back, but now they have language 323 00:16:46.200 --> 00:16:48.759 to react to. Now they have a proposal to react to. 324 00:16:48.799 --> 00:16:50.559 I think this is the first time they've really had 325 00:16:50.600 --> 00:16:55.039 anything to react to, and I do believe that they're 326 00:16:55.159 --> 00:16:57.919 able to redline this and get to a place where 327 00:16:58.240 --> 00:17:02.440 both Republicans and Democrats are going to be satisfied. I 328 00:17:02.440 --> 00:17:05.319 think there's a number of members and on the Democrat 329 00:17:05.400 --> 00:17:08.920 side who really worry about what happens if this doesn't 330 00:17:08.920 --> 00:17:13.759 get done. Clarity brings a lot of customer protections to 331 00:17:13.880 --> 00:17:18.759 the table, and if there's another FTX like incident, you know, 332 00:17:19.000 --> 00:17:21.359 they don't want to get blamed for not getting Clarity 333 00:17:21.400 --> 00:17:24.680 done when Clarity could have prevented an FTX if it 334 00:17:24.680 --> 00:17:29.079 had been in place. When when FTX failed, Yeah. 335 00:17:28.799 --> 00:17:33.200 Well I would agree, not only the issue on consumer protection, 336 00:17:33.759 --> 00:17:37.400 but it's also a scenario now that we're facing a 337 00:17:37.440 --> 00:17:39.680 flight of innovation. You know, I was just looking at 338 00:17:39.680 --> 00:17:43.480 this crazy list of number of projects that shut down 339 00:17:43.559 --> 00:17:46.640 or disappeared in twenty twenty six. Some of these, yes, guys, 340 00:17:46.640 --> 00:17:49.480 they should go away, but some of these are probably 341 00:17:49.640 --> 00:17:54.000 really good projects that are trying to build and innovate 342 00:17:54.119 --> 00:17:57.359 in this industry, and because of no clarity, essentially these 343 00:17:57.400 --> 00:18:01.160 companies were unable to basically hang on. And then you've 344 00:18:01.160 --> 00:18:04.839 got the stranglehold on the EU with what's happening in Mica, 345 00:18:05.079 --> 00:18:08.039 only three hundred firms over there approved. Do you think 346 00:18:08.079 --> 00:18:12.759 this will put more of a constraint on innovation in 347 00:18:12.839 --> 00:18:15.480 the US or do you think this completely opens it 348 00:18:15.599 --> 00:18:17.720 up for opportunity for new businesses. 349 00:18:19.000 --> 00:18:21.640 I think it opens it up, and it's not because 350 00:18:21.799 --> 00:18:25.720 they're somehow you know, free for all. This is going 351 00:18:25.799 --> 00:18:28.960 to put strict rules in place, put a regular federal 352 00:18:29.000 --> 00:18:31.799 regulatory framework in place. But I think it's a legal 353 00:18:31.839 --> 00:18:35.319 certainty that people need. There's a lot of great ideas 354 00:18:35.319 --> 00:18:39.480 out there, a lot of really you know, new innovation 355 00:18:39.759 --> 00:18:43.319 that we are seeing that could come on shore, but 356 00:18:43.400 --> 00:18:46.599 without that legal clarity, they're going to stay off shore 357 00:18:46.799 --> 00:18:50.359 and innovate over you know, overseas where they don't have 358 00:18:50.480 --> 00:18:53.880 to worry about a future SEC coming in saying hey, 359 00:18:53.880 --> 00:18:59.599 you're offering unregistered security. So it's the clarity that the 360 00:18:59.680 --> 00:19:05.079 legal clarity, the certainty that these innovators and developers need 361 00:19:05.559 --> 00:19:09.359 to fully be you know, on board with us and 362 00:19:10.000 --> 00:19:11.200 make us their home. 363 00:19:12.319 --> 00:19:13.960 Well, I think the key here is going to be 364 00:19:14.079 --> 00:19:18.599 a lot of companies are going to one either decide 365 00:19:18.599 --> 00:19:20.559 to stay in the US or we're going to start 366 00:19:20.599 --> 00:19:23.680 to see real innovation. I know several founders that have 367 00:19:23.759 --> 00:19:27.119 talked about this about moving offshore, and they're in the 368 00:19:27.160 --> 00:19:29.960 midst of building a business, and so it is real. 369 00:19:30.440 --> 00:19:32.319 And I think the innovation side of it plus the 370 00:19:32.519 --> 00:19:35.759 just the consumer protection side, to me, that's the paramount 371 00:19:35.759 --> 00:19:40.279 issue here for new you know, new acquisition of crypto 372 00:19:40.880 --> 00:19:43.200 in general, because I think the adoption curve is going 373 00:19:43.240 --> 00:19:46.200 to leap forward dramatically once we get something like this 374 00:19:46.279 --> 00:19:50.240 in place. All right, so Trump is saying Senators, you're 375 00:19:50.279 --> 00:19:53.000 not going home until you get this done. You, of 376 00:19:53.000 --> 00:19:57.119 course put up a Clarity for America website to tell 377 00:19:57.160 --> 00:19:59.400 the Senate to go ahead and get this done. 378 00:20:00.039 --> 00:20:01.119 They need to do so. 379 00:20:01.200 --> 00:20:03.519 For our listeners and viewers, what's the one thing they 380 00:20:03.559 --> 00:20:05.880 can do right now, Yeah. 381 00:20:05.720 --> 00:20:07.880 We'd love for you to log on to Clarity for 382 00:20:08.000 --> 00:20:11.599 America and create a letter. We've made it very simple. 383 00:20:11.680 --> 00:20:13.920 It's just a couple of clicks of the button and 384 00:20:14.319 --> 00:20:17.759 the letter will be sent to your senators, and it's 385 00:20:17.839 --> 00:20:21.160 really important for them to get these individual letters. We've 386 00:20:21.200 --> 00:20:24.119 had over one thousand sent over the weekend. In fact, 387 00:20:24.240 --> 00:20:27.000 it crashed our system for a little bit. We were 388 00:20:27.039 --> 00:20:29.359 able to get it back up and running. But this 389 00:20:29.640 --> 00:20:33.599 is how you make sure your voice is heard. You know, 390 00:20:33.680 --> 00:20:36.640 these letters don't just go into the the you know, 391 00:20:36.759 --> 00:20:40.640 kind of universe. They actually are read by staff and 392 00:20:40.680 --> 00:20:44.200 they're counted, and the staff tell the members, hey, we 393 00:20:44.279 --> 00:20:47.119 have X number of letters and support of the bills. 394 00:20:47.279 --> 00:20:49.359 Yeah, guys, I want you to stop everything you're doing 395 00:20:49.440 --> 00:20:51.559 right now. Just go over to Clarity for America and 396 00:20:51.640 --> 00:20:54.599 whether you're a business or an individual, hit it. Follow 397 00:20:54.680 --> 00:20:56.799 Summer's lead. I like the fact that you've kind of 398 00:20:56.799 --> 00:20:58.960 got the. 399 00:20:58.039 --> 00:20:59.160 Priorities that matter. 400 00:20:59.279 --> 00:21:01.279 Those all matter to me right there, so you can 401 00:21:01.319 --> 00:21:04.160