JUST IN! TRUMP JUST NUKED THE CLARITY ACT... (MAJOR XRP NEWS)
Summary
The Clarity Act is nearing a vote in the Senate, with a key focus on ethical limitations for elected officials regarding cryptocurrency profits. While most of the bill is agreed upon, the specifics of these ethical guidelines remain a point of negotiation. International developments, particularly in Japan, highlight the urgency for the US to establish clear crypto regulations to maintain its global leadership.
Key points- Senate leaders aim to vote on the crypto bill before their August recess, but Democratic support is uncertain.
- A major sticking point is whether the bill will restrict the president and other elected officials from profiting from crypto.
- Negotiations are ongoing for the bill's language, with an updated draft expected but not yet public.
- Industry representatives believe the Clarity Act is not dead and expect a Senate vote soon.
- Other countries, like Japan, are advancing their crypto industries, creating pressure for the US to act.
- The debate also touches on whether restrictions should extend to family members of elected officials.
Chapters
Notable quotes (4)
“President has made you billions in his family off of this. We're going to suddenly go forward and say, you know, and elected officials can take advantage of that situation going forward. I think that would be pretty outrageous.”
“I want this done and I am tired of being in crypto hell, but we got to do it in a way that doesn't make this circumstance worse.”
“or they can go to a vote expecting a vote next week probably early next week.”
“It's going to enable us to take a very positive step in the direction of ensuring that the United States is a positive environment for cryptocurrency technology.”
0:00Top Democratic senators are making their positions known as far as the Clarity Act and we have a lot of updates and new information to go over. This is all stuff I was able to compile and put together over the last 12 hours. So, this will give you a brand new picture of where we stand and what's going on behind the scenes. Let's just jump in here on a Sunday. It's so nice to see you guys. I hope you're having a fantastic weekend. Thank you for your support on all the Clarity Act content.
0:26I hope I've been able to give you a clear picture of what's going on day by day. It's an honor to spend this time with you. Here we go on CNBC. Let's get it. >> Hey Carl. Well, yeah. Look, Senate leaders really want to have a vote on this rules of the road crypto bill in the next few weeks before they break for their August recess. Big question right now whether they're going to be able to get enough Democratic support to pass.
0:49that is increasingly hinging on whether the bill is going to put in place some strict limits on the president's ability to profit from crypto. Now, Democrats, they've been pushing for this ethics language for months, but it's become even more pressing just in the last few weeks when President Trump's financial disclosures showed him making roughly 1.2 billion from crypto-related ventures alone during his first year in office.
1:12Spoke yesterday with Senator Mark Warner. He supports the goals of the broader bill, but he said that it is critical for lawmakers to limit the ability for elected officials, including the president, to profit from crypto. >> President has made you billions in his family off of this. We're going to suddenly go forward and say, you know, and elected officials can take advantage of that situation going forward. I think that would be pretty outrageous. Senator Bernie Moreno, who met with Trump yesterday on the bill, said it would prevent any elected official, including the president, from issuing or promoting a digital asset, although it would not apply that restriction to other members
1:51of the family, including, of course, Trump's family. Now, lawmakers are still negotiating over the language of the bill. An updated draft was expected this week, but has yet to be made public. And of course, guys, as we know, the devil's always in the details. So, we're keeping a close eye out for that to see how Democrats and industry respond and exactly what kind of vote we might expect later this month or in early August.
2:12>> Speculation on my point here is the reason we haven't seen the new text is because pro people probably can't agree on it yet and they haven't figured out this last piece around ethics. I do think you haven't heard many people bring up the BRCA anymore or the agricultural side of the bill. It's mostly just the ethics fight that continues. And you know, will there be something that that limits congressmen, senators, uh the president from engaging in crypto activities? Does it go to their families? Does it go to their spouse? I think that's still something we're trying to figure out here. My personal thought here is the families, I
2:49think that's a stretch here. Like, if you have a son or daughter that's full grown and they're chasing their passion, they're in in the crypto industry and you're not promoting their specific thing, but they're they're doing whatever that they want to do. I think that should be fine. But if you're in office and you're promoting something or your wife's promoting something, I think that's maybe where the line is for me.
3:08Obviously, you guys are going to tell me what you think below. And I always value your content and your comments even though we don't always agree on everything. And I think that's the best part of this channel. Everybody has a voice and I do want to hear from you. All right, here is Senator Mark Warner. just saw him in the clip and this was him in a hearing about kind of expressing, you know, more concerns around ethics and and the president making money off of crypto.
3:31>> I just because I do want you to hear this. You know, is the person bipartisan group still trying to get a clarity act done. We we touched on this briefly. You would not want a clarity act that increased the ability of illicit finance to take place suddenly with the blessings of law, would you? Well, thank you, Senator. I mean, it's vital that the Clarity Act provide tools.
3:54>> Could you speak a little closer? >> It's vital that the uh that the Clarity Act provide rules and tools for the Treasury Department um and the administration to be able to counter elicit finance. >> So, you would be concerned if the Trump Department of Justice with technical assistance said that the the standard proposed by industry and some of my Republican colleagues would actually make it easier for illicit finance to take place. This just happened the last couple days. We That would concern you, wouldn't it?
4:22>> It it would be concerning. Yes, senator. >> Good. I intend to work with you and and and the secretary. You know, I want this done and I am tired of being in crypto hell, but we got to do it in a way that doesn't make this circumstance worse. I want America to lead in digital assets. But if we get it wrong, the downside ramifications could be huge as well.
4:43>> The good news is 99% of the bill is done. The last part, the last issue is the 1% is the biggest issue still to be figured out. It's still undecided. And we've heard a lot of from from from congressmen and senators that a vote is going to be scheduled in the next week or two. I would imagine next week is going to be full of updates and news and information. So, make sure that you are subscribed, guys. I will bring it to you as soon as we get it. All right. This is the A16Z. Head of government affairs Colin Mcun says that Clarity Act is not
5:16dead. Expects the Senate vote in the near term. All right, let's hear this. >> Passed and and pushed this through. I'm really curious your thoughts on this. Is the bill sunk or do you think President Trump is going to be able to actually finally get this through Congress? What's your outdated updated outlook on the Clarity Act here?
5:32>> Well, first and foremost, the bill is not sunk. Um, I I do believe that the Senate is going to move forward on a vote in the near future, which I think is going to be a big moment, but if I had a nickel for every time that I read a headline or someone else in the industry was telling me that the bill is dead, I think I would be a very um maybe not a rich man, but I would be wealthier than I am today. It has died and been uh, you know, brought back to life, it seems like a million times. So, I I I
6:01will very firmly say the bill is not dead. I does that guarantee that the bill is 100% going to happen? There are no guarantees in Washington. Period. So I I do think though that we're in very strong position. I think there is a really really strong group of bipartisan members in the Senate and in the House. Um and certainly we know very well where the president stands on these issues and I think everyone is still at the table and everyone's working to try and wrap this up hopefully before the August recess in the next couple of weeks.
6:30>> All right, let's continue here. There was this clip from the Injective had kind of a special uh summit over the last few days and this was one of the clips that came out of it. This is 27 seconds. This is CEO uh blockchain association co summer messenger who's been a key negotiator for the crypto industry for the clarity act >> or they can go to a vote expecting a vote next week probably early next week.
6:55So, and that will really be, you know, that's that's kind of the test. Um, you know, to see if we we've got 60 votes to invoke closure on the motion. So, we're at the like, you know, I'm like, we're at the 10 yard. We're at the one yard line right now. And I feel like we can we can get it across the the finish line.
7:14>> I love that when when industry leaders are saying that we can get it across the finish line. These with the people that are are there negotiating. They know more than uh you know some of these news agencies that are just kind of hearing things and rumors in the hallways. These are the people behind closed doors uh negotiating the final details and she's sure we're going to get to a vote and she thinks we're going to get it done.
7:35That's good enough for me. I've been very optimistic about the Clarity Act being passed over these last few months. I think you have to be right. You want to see this happen. You hope America is going to put itself in a position to be a leader globally. And you know, we don't want to see ourselves fall and fail and and and and just throw all of this time, energy, and and and commitment away. Americans want to see crypto legislation. They want to be able to maybe even to use their assets in inside of their traditional banking system, right? Some people are like, "Hey, I'm nervous about where my crypto
8:07is. I don't want to keep it on a hardware wallet. I don't want to keep it on exchange. I'd love to keep it at my bank." And I know what you're saying, Sensei, that's not for me. But some people, you know, think differently from you. And that's going to be a huge tailwind for the industry when banks can not only offer crypto, but they're going to offer custody and other services.
8:25That's how you really get to this this this explosion for the industry and and trillions of dollars invested. It won't just be invested in infrastructure, but also if you're going to invest in the infrastructure, you might as well invest in some of the assets, the [clears throat] tokens as well. And that's excite that's exciting. All right. Japan isn't waiting for US on crypto and if the US doesn't act, other countries will. That's exactly what we've been hearing this week. Japan took some huge steps on Wednesday to push their crypto industry forward and uh here we go.
8:55>> I do want to get your perspective on what's happening with the regulatory landscape around the globe. Uh China has been anti- crypto for years, but whenever Trump brings up crypto, he seems to mention a race with China. And we've also seen Japan go full steam ahead this week on crypto, classifying tokens as financial assets and approving Bitcoin ETFs. So take us through this global race to lead on crypto.
9:18>> Yeah, well I think you know it's an interesting thing with technology, right? It it is not something that uh you know one country can stop from happening. You know there's there's a world out there. There are a lot of different governments, a lot of different regulatory environments and you know the the what we see going on with Japan like they're not waiting for the US. And I think if the US doesn't put these foundational rules in place that allow for the technology to flourish, other countries will and then we're going to be behind. I mean, I think for a long time, the US has been
9:46number one in tech. It's been number one in finance. I think we want to keep it that way. And in order to do so, we need to make sure that we can modernize our markets and the way that we trade and issue assets. And so, I think there's a real opportunity here. I think Donald Trump was talking about uh late last week getting the Clarity Act done uh and cited the need to get ahead of China.
10:08And so I think this is a message that really does resonate with both sides of the aisle on Capitol Hill and is one of the reasons why, you know, Congress and the White House is so eager to get this done. It's interesting that the key negotiator for the White House, Patrick Wit, actually has to head home to Georgia for a stint in um I think he's trying to become a JAG officer and there was kind of reserves were called up and he had to go for a month of training and so he is trying to do his job from kind of this new place. Uh but you know this
10:41is kind of the final moments and you really do need all hands on deck. this this um this session for Patrick Whit was postponed already, but it was kind of forced to go this time. So, the the White House right now might be without its key negotiator going into the most uh you know busiest week yet for clarity. All right, here is Stand with Crypto. You know what? I'm going to play this first.
11:02>> Is gain this bipartisan support because it presents [music] common sense rules that protect consumers, promote competition, and foster innovation. It's time we provide the clarity and stability that our country and [music] its innovators so desperately need. It's going to enable us to take a very positive step in the direction of ensuring that the United States is a positive environment for [music] cryptocurrency technology. Stable coins is is one of these issues that I think the United States [music] can be a leader on.
11:28>> Today we're voting on the sixth sixth version of the Genius Act [music] drafted with input from both Republicans and Democrats. And if senators [music] would like the opportunity to make further modifications of the bill, I encourage them to vote for poultry. >> This is the gentleman who's actually his decision it is to move the bill forward.
11:48He decides kind of what goes up for votes. And so, uh, this is Senate Majority Leader Thun. >> Over the weekend, Democrats walked away saying there need to be real changes to this bill and that Republicans will not jam us. it would be a real mistake to roll over and give away our votes without fixing this bill.
12:09>> What she's doing is using a political argument to stir up controversy because she's been focused on the central bank digital currency. [music] By its nature, this is decentralized. She's been opposed to this from the from the beginning. She fought this in the banking committee [music] and after close to four hours of debate in the banking committee, she was able to hold four Democrats on her side, but five came over with me and voted for us to put this out of committee. Every Democrat today just voted shamelessly to stop our debate, to not even [music] allow debate on this bill.
12:36>> It should have been a historic day for Americans, a historic day for workingclass Americans, bluecollar Americans to see their financial system democratized. [music] >> Question is, can we get past the partisan politics and allow us to actually have a victory? >> And I look forward to making history hopefully [music] this week as we continue to make progress on the Genius Act. Last week, in a bipartisan vote, the Senate passed the Genius Act.
13:02>> Tennessee Republican Senator Bill Hagerty, who is [music] the lead sponsor of the bill, very enthusiastic about the stable coin legislation that I've led. We've been working on this for [music] months. We have a strong bipartisan product. >> The House passing the Genius Act that will now head to President Trump's desk. This is [music] a very big thing and I want to thank the bill's author, Senator Bill Hagerty, a very good friend of mine. Thank you, Bill. Thank you, Bill.
13:27Thank you very much everybody. [applause]
13:38I'm trying to see if Bill Hagerty is running for reelection. Yes, that's why he put this together. The gentleman is running for reelection in Tennessee in 2026. This is this is the politics, right? We are entering the phase where people are going to be voting in November and you might be up for reelection. And if you're not swinging the way the people want, that could be devastating for your political career.
14:01And I think you're going to see a lot of money coming from Fair Shake and other crypto packs supporting people that are pro- crypto, pro- innovation here in the United States. Doesn't matter what aisle side of the aisle they're on, they want pro crypto candidates in office. All right. This was where we heard that there is going to be a vote that it was that's supposed to be scheduled. We don't have the date or the time publicly, but uh Mr. French Hill here from the House side says something's been going on behind the scenes.
14:26>> We're here at Federal Hall in New York today to hold a field field hearing to commemorate that one-year anniversary of passing clarity with 78 Democratic votes last summer. I want to commend Senator Senator Lamus, Senator Scott, and many others on both sides of the aisle that have been trying to get clarity through the Senate. I think we're on the cusp of doing that. This is, as Cynthia said, a key time. I'm so pleased John Thun, the leader in the Senate, has set a date to bring this bill to the floor. We've done four years of work on this under the leadership of former >> Right there. Yo, right there. He said it
15:00all. Ready? >> I'm so pleased John Thun, the leader in the Senate, has set a date to bring this bill to the floor. We've done four years of work on this under the leadership of former chairman Patrick Mckenry. Brian Style, who you just had on, has done a marvelous job this Congress. And it's time to close the deal. We need to get clarity in place because of a key point I always make. If you have genius and dollarback stable coins, which we have signed into law by President Trump last July, but you do not have a market framework, market structure bill, then you have like passed the authorization
15:34to have a cell phone, but no cell network. there's no ecosystem to support the use of that cell phone. So that's what I think that is so critical that we get the companion legislation framework legislation completed to be married then to the implementation of genius for dollar back stable coin. >> Does it get done this week guys? Let me know down in the comments. I'm going to wrap it up there. That's a full picture and understanding of where we stand today. As soon as we get new news and information I will drop it like it's hot. Turn the bell notification on. Make sure that you are subscribed. It is an
16:07honor to spend this time with you. My name is Crypto Sensei. Have a good week ahead. Aloha.
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