EMERGENCY BROADCAST! CLARIY ACT SENATE VOTE RIGHT NOW

追加: 2026-05-17

[00:00:00]And frankly, as my colleagues on my right recognized, I threw out amendments on our side as well and had to talk to our folks about that. At this time, I'll recognize Mr. Chairman, >> Sure. might I might I reply on that? I appreciate the work we do together.

[00:00:17]But I want to correct the record on one important issue. It is your call and your call alone to rule these amendments out of order. When we talked last night, I made clear I'm happy to have all of the amendments in. All of the Democratic amendments in, all of the Republican amendments in. You and you alone have decided which amendments are in and which amendments are out. And that creates a problem because there are some very important amendments that address some very important issues that I think we should hear from. So, I will reiterate my lack of objection today. Let them all be heard. Let us vote on all of them. Thank you. That doesn't change the fact on how we got to where we are, however. It was brought by my staff. It was brought by your staff. Number one, number two. Let me just say this very clearly because I'm not going to go back and forth on this issue.

[00:01:11]He's right. Democrats have frankly worked hard on this bill.

[00:01:17]Our bill first came out in June of last year. Smash the like button today, guys.

[00:01:22]>> we've added 33,000 words, 219 pages in an effort to make this legislation as bipartisan as humanly possible.

[00:01:36]I can't imagine how much time Senator Alsobrooks has spent on this legislation. Frankly, frankly, >> where credit's due. during very difficult and challenging times, her focus remained on getting things done. I can tell you I worked with her on on parts of the very legislation that we're talking about where the negotiation allowed us to get to where we are.

[00:01:59]Gallego has spent ton of time talking with members on this side, Bernie Moreno and others trying to find a path forward. So, the truth of the matter is as frustrating as this process has been, without question, well, I talked to members on your side of the aisle, including Warnock and and Senator We call her CCM, but Catherine Catherine Cortez CCM Warner. The one thing I can tell you What can you tell Let me tell you something, man. We have disagreed vehemently, but respectfully, and consistently, and working towards an end result that makes America better.

[00:02:39]As a kid who grew up in poverty, the thing that attracts me to this issue the most is democratization, an opportunity to lower prices, create access points that today does not exist.

[00:02:51]This ought not be about Republicans and Democrats. It ought not be about who's on which side of the aisle, or whether you agree with what we've done. This should be about the American people and nothing else. I want single mothers like the one that raised me to have more opportunities, more access at a lower price. And so, we won't disagree on this today.

[00:03:13]But I hope that what we end up with is a legislative product that is good now and gets another bite at the apple as it heads to the floor. This is not over.

[00:03:23]And I hope that no one thinks >> like 43 amendments?

[00:03:26]>> this process has been transparent, and it has been hard, Yo, he's fed up, dude.

[00:03:33]>> Get it [ __ ] over with.

[00:03:35]>> for the American people who are watching this process. I tried my very best to take the expertise of an AG who understands issues better than others.

[00:03:45]And they got people watching, big money.

[00:03:47]county supervisors I was to understand the local impact and community banks.

[00:03:53]We've done a very good Bermuda just came on stellar.

[00:04:06]Mr. Chair, stay in your lane.

[00:04:10]Someone should say amen before he takes over an offering. We have so much money.

[00:04:18]We're so corrupt.

[00:04:23]So, get it done.

[00:04:25]Sitting around [ __ ] talking still.

[00:04:31]It's under covenant.

[00:04:33]What the [ __ ] >> [snorts] >> 180, here we come. Oh [ __ ] we're at 140.

[00:04:45]Oh boy.

[00:04:46]It looks like the prices are going down a little bit.

[00:04:52]What's your point?

[00:05:10]Because we want to move on.

[00:05:16]It's literally that simple. Like they just want to move it along and you people are [ __ ] holding it up.

[00:05:24]So, they come up with some technicality.

[00:05:41]Yeah, explain.

[00:05:44]HR and it is a strike and replace of text in the HR that was not in there because it is of it's in the ANS. We talked to the floor and they said >> They're just saying [ __ ] amendment like this that it's a strike and replace that it's written as a put in the appropriate place, it would not have been accepted on the floor. So, just so we have a clarification for the future for all of us so we don't get caught in the this or that these aren't ours. Um I asked the parliamentarian if this was out of order, um and she said no. And so, I do think it will be helpful in the future um so that we don't get caught up in this craziness and we still can move forward as a body that works together on amendments, has conversation discussion, that we have an understanding uh of of these amendments. So, I just appreciate you taking my point of order.

[00:06:32]>> Absolutely.

[00:06:34]Yeah, just smash the like button.

[00:06:35]>> I will submit the parliamentarian's response to to the question that I had about my amendment number 16. What was your amendment? bunch of [ __ ] or was it actually something useful? to the parliamentarian as well.

[00:06:46]Senator Lummis, the floor is yours.

[00:06:47]Thank you, Mr. Chairman.

[00:06:49]>> add coin.

[00:06:50]>> to start by >> [clears throat] >> a casual conversation among friends that are around this dais.

[00:06:57]For a sexy old woman like me.

[00:06:59]>> you so much for working so hard on this bill over the last 9 months.

[00:07:04]Um Senator Cortez Masto, thank you. You brought a level of expertise on illicit finance that none of the rest of us have.

[00:07:13]>> And I want to thank you so much for them.

[00:07:15]>> Uh your thoughts, Mr. Warren, have been >> bro, with the five buck. been added uh since sin Oh my god, Jesus died for our sin. Uh Mr. The us, okay? So, I don't know what the hell she's still squawking about. Oh, we got to pass the Bitcoin Act. Yo, this is the Clarity Act. Fool, the same here. No, but all jokes aside, I'm not to Smasher. She she has been very pro Bitcoin maxi in the beginning, but then she eventually changed her tune because probably enough people sat her down and go listen this is how this is going to go and then she's like oh I'm in digital assets now. So she she came around to her senses let's say.

[00:07:51]Let's all hit the like button. Zera, I appreciate that five.

[00:07:54]I appreciate that my guy.

[00:07:56]Senate has to pass it and then it has to go through still a handful more steps after this and then the house has to vote it and then Donnie's got to sign it. So we're we're not out of the water yet. This is big though.

[00:08:07]Mr. Marino uh Mr. Thune and Mr. uh Mr. Kennedy Cuz if it doesn't pass here it's going to take you [ __ ] a long time even more.

[00:08:17]>> [laughter] >> And and especially Senator Scott who has kept us on track for nine months. This is the hardest piece of legislation I've ever worked on. I served 14 years in the Wyoming Yo, what if this doesn't pass right now and the market's [ __ ] tank?

[00:08:35]Oh my god, I would be scooping up the hardest piece of legislation I've ever worked on. And you're calling out Kristen Gillibrand Does with the five dollar super smacko, the five British smackos my guy. I appreciate that my guy. Appreciate the love. You're too kind.

[00:08:49]>> And it's because this is a case of first impression.

[00:08:52]>> Yo, I'll feel what the [ __ ] what the freak is going on dude? Is money Thursday? What's going on? I appreciate money Thursday. Commodity Yo, opulence with the 10 Canadian smackos bro.

[00:09:01]Live with Mike. Smash the like. I got up so early for this. Yo, let's go dude.

[00:09:05]This is important [ __ ] Appreciate [clears throat] that guys.

[00:09:09]You're too kind. chain technology.

[00:09:12]And that's why it's taken such a vital >> bags effort heavy What's in his What is that? of negotiations [clears throat] involved with from those people who are in the industry and it has morphed since we began this bill five years ago because the industry has matured over those years. This is new and to have something this innovative uh come to us >> uh by a legislation >> phone. really is quite remarkable.

[00:09:47]So, I want to thank the people in this room uh both in the audience and at the table for their time >> of views right now.

[00:09:57]Treasury, the White House, the industry.

[00:10:01]We have all worked hard together This is a big This is a big moment The big moment is here.

[00:10:07]>> continue to work hard together after today and before this bill hits the floor to address that maybe 1% >> Judgment day, y'all. What the [ __ ] >> issues uh that didn't come to fruition uh before today >> right now, baby.

[00:10:27]>> of our round-the-clock uh negotiations.

[00:10:31]This is >> this market's going. America's innovative >> went out of like the Pearl Harbor plane, dude, like when you the whistle.

[00:10:41]>> There's been nothing like it in our history. Um this bill continues the legacy of America by ensuring innovation happens here on US soil. South Africa.

[00:10:54]Yo, what up?

[00:10:55]>> pro-consumer guidelines.

[00:10:57]>> the thing is And I can't resist saying Chairman >> 06, even if it passes here, yet again, that's huge. There still are steps until Donnie signs it. So, it's Like it the the the the thing is still in limbo until his pen hits the paper. Because there is no regulatory framework. There is no way Get your buys in.

[00:11:19]I don't know.

[00:11:20]>> that this >> [clears throat] >> innovative >> buy. That's it.

[00:11:24]can protect >> Yeah, that's what the good actors Saying it won't be.

[00:11:29]>> discover that and punish the bad >> even if it passes here, it won't be finalized by their July target?

[00:11:36]It's impo- Why is it impossible? Both at the SEC and the CFTC >> think they'll pass it today. We're about to find out, dude. This is history in the making.

[00:11:44]>> continue to innovate. We can return this industry to the United States because the majority of it has already left for overseas because this legislation wasn't ready until today.

[00:12:00]Let me go through a couple of the things.

[00:12:02]>> Uh, can we just sign the bill?

[00:12:04]Sign the bill. and address some of the issues that have been raised.

[00:12:11]Regard to anti-money laundering and illicit finance, it creates risk-based examples of >> It expands Treasury's special measure authority to act >> When she chimes in, you got and she's like, you guys have done nothing to protect against like Donnie's family from getting [ __ ] billions and billions. And I'm like, all right, on that front, it's true. Like there's there's a lot of games being played, bro.

[00:12:30]Game of Thrones. with US AML CFT standards.

[00:12:35]It requires what is called 311 special measures points.

[00:12:41]It requires mandatory educational materials on digital asset risks, insider resale restrictions to prevent pump-and-dump schemes. It has timely disclosure requirements, broker-dealer insolvency disclosures, >> a federal regulatory floor for crypto kiosks. This is very important. This has been a problem in my state. You can lose your money in a day, it's yeah.

[00:13:06]securities remain securities under SEC jurisdiction.

[00:13:10]>> Yo, good evening, crypto.

[00:13:13]Yo, what up?

[00:13:14]What up? What up? Jay Clayton was on the last night. He doubts we pass. through 2031 for FinCEN.

[00:13:20]>> Yo, come on now. No way with this smash a pass on [ __ ] Cynthia Loomis, bro.

[00:13:24]There's no way. What up, Bill? I think his name is Bill.

[00:13:27]Crypto kiosk. I think she's talking about like [ __ ] Bitcoin ATMs and [ __ ] I think hope and pray this gets passed. Yeah.

[00:13:34]I mean, of course we all hope. The market's kind of rumbling a bit, you know, a little bit rumbling. But if it doesn't pass, I feel like I said, I it we're going down like a [ __ ] torpedo dropped out of a plane, dude. But I I honestly like won't be bothered by that too much because I'll be [ __ ] buying them up pennies on the dollar. Is yet again, the conversation's always like, "Oh, XRP and all these These are the ones kind of like don't even need regulatory clarity." But at the end of the day, do think we need it just for the overall hoorah for the space. So, we got Cynthia Loomis up here right now.

[00:14:05][ __ ] fighting for us.

[00:14:07]But me and Abs, Cynthia Loomis is out there [ __ ] swinging amongst the big dicks, bro.

[00:14:12]Screw Clay, what What's Rectum say? I haven't tuned into Rectum in a bit. Yes, this is Abs.

[00:14:18]Haha. This guy's channel's great, y'all.

[00:14:20]Let's go. Let's hear what she's saying.

[00:14:26]How long do we know if it gets passed? I don't know. It depends how long They gave Warren a bunch of time to sit up there and and a bunch of squawking. She's like going off about I don't even know what.

[00:14:37]Bitcoin. Oh, the Bitcoin. Only Bitcoin.

[00:14:42]Bitcoin needs to be protected because it's We have a lot invested in the mining.

[00:14:48]And secure. And we're inviting that consumer environment into our country under a very Shout out FTX.

[00:15:02]of rules.

[00:15:04]And it's because of all the work that has gone into this by the people in this room. Smash the like for Mike, yo. Here we go, dude. This is it. that I will work with you before this bill gets to the floor. Hurry up. We know those few Let me get a poll going. Let me get a poll going real quick.

[00:15:22]Let's see. let's see. I want to see how we're feeling today optimistically.

[00:15:27]Yeah, we trust you.

[00:15:34]Here we go. Here we go. Only 38 likes working numbers. Yo, guys smash the like button, bro.

[00:15:39]What the hell? This is history in the making. So, tell us.

[00:15:54]Here we go. Here we go. Guys, I just did the poll. Hit the poll.

[00:15:58]Do you think this is passing right now?

[00:16:03]Let's see. Let's see.

[00:16:19]She's talking her moment. She is.

[00:16:22]Turn moment.

[00:16:29]What's up with this guy?

[00:16:31]Woah, relax. With the glasses.

[00:16:34]What the [ __ ] on his neck?

[00:16:36]I don't know what is that.

[00:16:39]Looks like a little sombrero or something.

[00:16:41]Oh, Celsius.

[00:16:43]Yo, not a sponsor but absolutely should be a [ __ ] sponsor, dude. You kidding me?

[00:16:51]I don't like the camera being this close to him.

[00:16:58]That shield?

[00:17:01]Let's watch. Levi.

[00:17:04]You're not Lebanon Levi, the leader of the Amish mafia, dude.

[00:17:08]Yo, he's a secret member of the Celsius chat. He really is.

[00:17:11]Going live in 25, yo.

[00:17:14]Hopefully there's some more this some crazy bombshell out of this committee.

[00:17:18]Crazy bombshells dropping within this time frame.

[00:17:21]Elizabeth already had her moment to talk, bro. She was up there squawking.

[00:17:27]Why they only mention Bitcoin? Cuz haven't you got the memo? Bitcoin's the only thing that's literally curing every single problem in the universe.

[00:17:34]You know what oxygen's made out of?

[00:17:36]Bitcoin. It it [ __ ] it solves your problems.

[00:17:45]Thank you, Mr. Till Asbro.

[00:17:48]What the hell? Why is he sitting in the pit like that? Who the [ __ ] is that?

[00:17:52]Oh, he's the photographer.

[00:17:54]Yo, he's he's on it, dude. He's like on the floor and [ __ ] What the hell is this guy?

[00:18:04]Jared Richards, if you got AIDS. No, dude, that's [ __ ] up.

[00:18:16]Talk in the microphone.

[00:18:34]Why is that?

[00:18:35]Oh, dude, what? We missed [ __ ] something.

[00:18:38]He's crying about something.

[00:18:53]They're nullifying all the amendments?

[00:19:01]Damn.

[00:19:13]Be adopted by voice vote.

[00:19:16]All in favor say I. I. All opposed? No.

[00:19:20]The eyes have it.

[00:19:22]The ayes have it and the amendment is agreed to. I now call up Rep.

[00:19:26]Uh-oh. Amendment is 133. There we think what is Lacy Clay's being.

[00:19:30]>> Thank you. Thank you, Mr. Chairman. My amendment number 133 Why is it never a chairwoman?

[00:19:37]co-sponsors Senators Kim and Warner and I would thank them for their participation in this.

[00:19:42]This amendment would require financial regulatory agencies to establish AI innovation labs What do we send? This is a crypto bill, dude.

[00:19:52]>> These will enable regulated financial institutions to experiment with AI test projects without expectation of enforcement action taking a balanced approach that encourages both innovation and responsible adoption of AI.

[00:20:06]This amendment would create a venue, a sandbox, for institutions to safety test and experiment with cutting-edge technologies while allowing regulators to learn about the tools that will transform financial services.

[00:20:20]It closely aligns with the purpose of the bill we are considering today which is why I urge my colleagues to support this amendment and I thank you, Mr. Chairman, and I would ask for a vote.

[00:20:31]All right. Thank you, Mr. Chairman. I mean Yes, ma'am. Uh I'd like to be recognized on this amendment. Is that all right? How about you recognize us about the [ __ ] dude?

[00:20:39]>> a sandbox as um Senator Rounds says for artificial intelligence products and services.

[00:20:46]>> yelling at clouds, that's what this is.

[00:20:48]Look, I appreciate my colleagues' interest in this issue, but boy, I am not ready to support this proposal. This is not the place to make decisions about AI regulation. True.

[00:21:01]>> Um the committee should hold hearings Dude, for real, what the [ __ ] >> of AI. We should have a debate about the policy options. I am happy to work with my colleagues to see if there's a version of this amendment that we can support. But this provision is not there yet, and I don't think it's appropriate to >> of these sandboxes over the past decade This is the live footage of why nothing ever gets done.

[00:21:27]should give us much confidence It's crazy.

[00:21:30]>> actually turns out to have good results for the American people and that it ensures safe innovation for AI. So, I think this is way too big for a little amendment like this, and open stores we should not be opening without a much fuller discussion and >> That is funny, man. Come on. So, I would urge my colleagues to vote no on rounds 133. Is there anything you can vote on?

[00:21:55]I mean, what the [ __ ] >> [snorts] >> Uh >> Aye.

[00:22:00]Mr. Crapo? Aye.

[00:22:02]Mr. Rounds?

[00:22:03]>> Aye.

[00:22:04]Mr. Tillis? You're not the smash or pass dude. No way. Mr. Kennedy? No chance.

[00:22:10]Mr. Hagerty? Hagerty's aye.

[00:22:12]Ms. Lummis? Aye.

[00:22:15]Mrs. Britt? Aye.

[00:22:16]Mrs. Britt?

[00:22:17]>> Mr. Ricketts? Aye.

[00:22:19]Don't spit on the Britt.

[00:22:21]>> Mr. Cramer? Aye. Yeah, she's over there making a Burger King crown.

[00:22:26]Mr. McCormick? Aye.

[00:22:29]I relax.

[00:22:32]Mr. Reed? The sky is blue now. Mr. Warner? Aye.

[00:22:36]Dude, these guys they're like Mr. Van Hollen?

[00:22:41]No by proxy.

[00:22:43]No by proxy? What the [ __ ] does that mean?

[00:22:45]>> No.

[00:22:47]Ms. Smith? No.

[00:22:49]Mr. Warnock? No. Dude, we're just trying We're we're just trying to get the iPad.

[00:22:53]Aye.

[00:22:54]Just get the clarity iPads.

[00:22:56]Mr. Gaiego? No.

[00:22:59]Ms. Blunt Rochester? No.

[00:23:01]What a name.

[00:23:02]>> Brooks? No.

[00:23:04]Roxie Miash isn't there. The vote is 15 in favor and nine opposed.

[00:23:09]The agreement >> Roger that. The amendment is agreed to.

[00:23:11]I now call up Warren number 74.

[00:23:15]Uh chair All right. Here we go. Let's talk about some of the people who would be hurt Dude, this is This is going to go on a long time going through these amendments.

[00:23:24]>> People saving for retirement and people with pension plans. Okay.

[00:23:29]>> draft fails to address one of the biggest concerns that retirees face in this bill, the tokenization loophole.

[00:23:36]What does that mean?

[00:23:37]>> biggest workers unions and groups representing the largest pension funds have said that this is a catastrophic problem. Why?

[00:23:47]>> companies could escape basic securities laws by raising money through tokens rather than traditional securities like stock, exposing Americans to a host of risks by removing necessary investor protections. What do you mean by necessary?

[00:24:06]>> kneecaps federal and state law enforcement authorities' ability to crack down on crypto fraud and scams. In other words, Dude, what the [ __ ] ever happened to like people just just having a brain and being like oh my oh she can't they can't think for themselves if this [ __ ] company out of someone's basement just made FUPA coin and it's oh it's going up five If you yo if you [ __ ] seriously like that network on FUPA coin, you probably weren't going to make it too far in life anyway, you know?

[00:24:33]Like it's not really that hard to like spend [ __ ] 30 minutes online trying to just get a general gestalt about the space and which ones kind of like oh they've stayed at the top, maybe I'll just start looking at the top Like what the [ __ ] is going on?

[00:24:44]>> And I urge my colleagues to support Warren amendment 74.

[00:24:48]>> Things aren't safe. Who gives a Rebuttal Rebuttals are only 60 seconds.

[00:24:53]Thank you, Mr. Chairman. This amendment would single out digital assets for a special presumption of non-compliance and create unnecessary litigation risk.

[00:25:05]This amendment should not be adopted. It requires fiduciary >> City of New Miss. I mean, that's why what's what's that 250k threshold law about? What is that? You can't invest in private private companies unless you you hit a certain net worth. Something like that. You're [ __ ] crazy crazy. You they're like oh you need a certain net worth to like basically judge your own risk. [ __ ] wild.

[00:25:27][ __ ] wild. Clerk will call the roll.

[00:25:31]Chairman, no.

[00:25:34]Mr. Crapo? No.

[00:25:36]Mr. Rounds?

[00:25:37]>> No.

[00:25:38]Is that a ping pong table?

[00:25:38]>> Mr. Tillis? No. That's what they should have to do instead all this [ __ ] Whip out the ping pong table like gladiator style. That's a cool vibe in there for a a game of that. Give them [ __ ] laser beams.

[00:25:49]Be sick.

[00:25:51]Mr. Rickets? No.

[00:25:53]Mr. Accredited investor. Yeah, yeah.

[00:25:55]Mr. Cramer? Yeah, yeah, yeah, yeah, yeah, yeah. Mr. Moreno? No.

[00:26:00]Thanks for the deep in the Democrat I mean dude they're deep in literally all their pockets. That's why literally nothing ever gets done or good for the people cuz they got them on both sides.

[00:26:09]That's it. You can't advance anything when it's like there's no side like you go to that uh Miss Cortez Masto?

[00:26:17]Whole [ __ ] thing.

[00:26:17]>> Miss Smith? I.

[00:26:19]Mr. Warnock? I.

[00:26:21]Mr. Kim? I.

[00:26:23]I. Mr. Gaetz?

[00:26:24]>> I. Hawthorne.

[00:26:26]Ms. Blunt Rochester? I. Going to get them a craps going in the middle.

[00:26:29]>> Brooks? I.

[00:26:31]I. The vote is 11 in favor and 13 opposed.

[00:26:34]The amendment is not agreed to. We'll now go to Britt 14. Oh my god.

[00:26:38]>> Senator Britt, you are now recognized.

[00:26:40]Thank you, Mr. Chairman. I'd like to offer Britt number 14. My amendment regarding 403b savings accounts. This bill is bipartisan. It is very simple.

[00:26:49]It is widely supported. It allows employees of non-profit organizations like public school teachers, ministers, nurses, and it allows them the same access to the 401K retirement plans that most Americans can enjoy.

[00:27:02]CITs offer a wider investment vehicle along with lower fees and even higher returns, and this will allow them to participate in that. This levels the playing field so that more hard-working Americans can access more investment options and ultimately retire sooner. I want to thank Senator Lummis for leading this standalone bill with me and a number of my colleagues here on this committee, both Democrat and Republican, who have co-sponsored it.

[00:27:29]I am committed to finding a vehicle for this to move. I am also committed to making sure that the Clarity Act moves out today. So, we will look for a different vehicle and will continue to build support. I withdraw my amendment, but look forward to working with the chair and the ranking member to actually get this done. Thank you very much, and I'll call up Warren 64.

[00:27:51]Thank you, Mr. Chairman. I appreciate the opportunity to Guys, isn't it a wild concept? Like, imagine you got to keep your own money. Imagine that.

[00:28:01]What the [ __ ] dude? This guy's parked out of his mind.

[00:28:05]Dude, he's parked out of his mind.

[00:28:07]This bill fails to restore sanctions authority to isolate them.

[00:28:12]While we're at war, Iran is openly gearing up to collect crypto fees from oil tankers to pass through the Strait of Hormuz. Good luck with that. They froze They froze a bunch of their Tether transactions, like 344 million.

[00:28:28]are using crypto to evade our sanctions and launder their money. Dude, she did 40-something amendments. I swear to god.

[00:28:35]Crypto crime jumped at least $154 billion last year, driven in large part by a 694% increase in crypto funds sent to sanctioned entities. Sanctioned entities are receiving these.

[00:28:54]>> Yeah, I guess she did though. We need to fix the hole in our sanctions authority and crack down on crypto money laundering. In October of 2022, the United States sanctioned a notorious mixer called Tornado Cash that had been used to launder more than $7 billion for criminals and foreign adversaries. What about FTX? laundering more than $450 million for a North Korean hacking group. These types of crypto services are designed >> Does anyone remember her tune when FTX unraveled because there was a lot of Democrat involvement in that? I'm sure there was Republican, too. But I remember the narrative was very much hot that, like a lot of the top Democrat money, like money laundering.

[00:29:37]I don't know. I don't remember her tune during that. Did she kind of just ignored or downplay it?

[00:29:41]>> said Treasury needed Congress, us, to act before it would be able to sanction the mixers like Tornado Cash. So this amendment is simple.

[00:29:52]It restores the authority to isolate and sanction decentralized crypto platforms that were No [snorts] one uses Tornado anymore, yo, for real.

[00:30:02]with terrorist organizations like ISIS or Al-Qaeda or with North Korea, Russia, or Iran. And I encourage my colleagues to support this amendment. Yeah, okay.

[00:30:13]Senator Lummis for a rebut. Thank you, Mr. Chairman. Um The reason that's happening is because this bill is not law. Can we send it a bread?

[00:30:22]>> becomes law, it includes robust provisions in titles two and three to address illicit finance and sanctions.

[00:30:32]And it focuses these provisions where they'll be most effective.

[00:30:35]>> Yeah, I appreciate that.

[00:30:38]Matt, Matt, Matt, to trace and disrupt money laundering and clarify sanctions and anti-money laundering requirements for digital assets.

[00:30:46]>> Dude, that is true. I don't know the super specifics regarding that, but I remember people will point in the blame back at all I remember Peter Schiff saying it because of the spear going down like JetBlue wanted to acquire them a while ago because they were having a little bit turbulent waters and [ __ ] And then yeah, I saw something like she something that she was involved in. I don't know specific I like blocked that merger from happening cuz they were like ah they're like monopolizing, but it's like they're going out of business. So I mean what Yes, sir. Yes, sir, Senator Kennedy. Uh do I have your permission to ask Senator Warren a quick question?

[00:31:18]15 seconds. Yes, sir.

[00:31:20]Yes, sir. Yes, sir.

[00:31:22]Sen- Senator Warren Warren I don't understand why this bill doesn't already accomplish the very worthy goal that you've articulated.

[00:31:33]What the [ __ ] are you saying? Chairman May I answer? 15 seconds. It's the tornado problem. Oh my god.

[00:31:40]>> Remember tornado mixer.

[00:31:42]What this amendment does is it says that the government can sanction and wall off a mixer like tornado.

[00:31:51]What purpose does tornado serve except to hide where the money came from and where the money's going to and who needs to hide where the money came from and where the money's going to?

[00:32:03]It's the terrorists, it's the money launderers, it's the wrong, it's the sanctioned entities. So all this is doing is it's saying let's give the power doesn't actually isolate them in the bill. Let's give the power to government to say when this is what you're doing they can they can isolate you.

[00:32:24]>> that. They just did it with Heather.

[00:32:27]You're mixing up the money so that you advance money laundering. What the [ __ ] is she even saying? stablecoin provider that the the [ __ ] government's had a hand in since the beginning. This bill provides for a of the use of mixers and tumblers.

[00:32:39]They're a very complicated entity, plus provides $30 to FinCEN, uh which does have the expertise to unravel mixers and tumblers, uh and already has >> Are Gensler will like brother and sister at some point or something? Can I just say on that?

[00:32:56]Yes, they have >> [laughter] >> the expertise, but they don't have the legal authority according to >> have your mother. They need legal authority from Congress so that they will be able to isolate these mixers. Right now, they can't do that. So, put your money where your mouth is.

[00:33:14]Go use tornado and know that >> You know, she's worried about [ __ ] tornado. How about a briefcase stack of 100s? How about that?

[00:33:21]>> And that this is how Iran can stay in the game and keep using its money. This is how North Korea stays in I'm sorry.

[00:33:28]Buddy, Scott Bessent's on top of this [ __ ] already. At project economic fury, he's [ __ ] on top of this [ __ ] Um and it's in um illicit finance sanctions focus on providing law enforcement with the tools they need to trace and disrupt money laundering including mixers and tumblers.

[00:33:48]>> Well, it the law enforcement tools are also in this bill.

[00:33:57]ABC Clerk, call the roll. 1 2 3 >> [laughter] >> This is such a [ __ ] mess. Dude, this is literally like the Muppet Show. This is the dude some of these guys are like they're [ __ ] 97 hanging on by a thread voting on [ __ ] crypto infrastructure bills.

[00:34:16]They're like, "When I grew up, [ __ ] TV was black and white." Like all these That's not a bad thing, but these the people we want at at our forefront of technological infor- Mr. Moreno?

[00:34:33]Guys, I'm going to go I'm going to go hit a little smoke real quick.

[00:34:38]Well, we'll wait wait a sec. Wait a sec.

[00:34:40]I mean Mr. Warner?

[00:34:42]Yo, Abs, am I wrong though? I mean, come let's be real here.

[00:34:45]Let's be real. We got to get some [ __ ] young blood in there.

[00:34:50]Literally collapsing at the microphone.

[00:34:52]They can't grasp a thought.

[00:34:56]Mr. Kim?

[00:34:58]Mr. Gaigo?

[00:35:00]Mr. Gecko for Gaigo.

[00:35:03]Ms. Alsobrooks? This feels like a [ __ ] Mr. Beast video, I swear to god.

[00:35:07]Like Yo, they're shutting them down.

[00:35:16]Yo, dude, you sure you're on 2032?

[00:35:19]We sure as hell know no one good's getting in.

[00:35:27]Who's this cool guy down here?

[00:35:32]Dude, you got to McFlurry in that Yo, Johnny Crypto, you're MVP.

[00:35:47]This dude 10 push-ups.

[00:35:50]Yeah, I want to enjoy my day after, you know?

[00:35:54]Dude, I've been [ __ ] I've been beast mode with the working out again, bro.

[00:35:58]Been getting my friends back into it.

[00:36:00][ __ ] couple mile runs, calisthenics like every day. Back in beast mode, get dialing the food back in. We'll [ __ ] we're locked in. The runs.

[00:36:09]We do like a mile run as like the warm-up calisthenics workout, and then we could do the mile back or what however we're feeling that day, but getting that back in the flow.

[00:36:21]I love calisthenics [ __ ] outside.

[00:36:28]Not only is this essential for customer protection during times of market stress, but the amendment also explicitly prohibits SIPC advances from covering digital commodities or swap positions, which protect traditional securities customers.

[00:36:43]Digital assets are being folded into the fabric of the financial system. This amendment >> Fab. recognizes that reality and its passage is important to every single market participant. The banks, crypto and customers. This amendment is the result of the >> I want to do the sauna. I've always wanted to do the sauna.

[00:37:02]I just Yeah, I never done I never did one. I'm dying to do one though. to be adopted by voice.

[00:37:06]>> Dying. But I'm open to a roll call vote, Mr. Chairman. Thank you.

[00:37:10]Mr. Chairman.

[00:37:11]Voice vote is carried by Do you do infrared? Infrared or the the legit sauna? Section 402 of this bill directs the CFTC and SEC to issue >> Red light sauna. Like where do you even Well, like where do you go to yours?

[00:37:23]Like you pay for a gym and then they got it?

[00:37:25]Cuz I don't I haven't gone to a gym in a long time. I just I like working out.

[00:37:29]Working out just feels so much better to me. Just being outside.

[00:37:34]allows calculation of margin requirements based >> What's your training music? I just kind of got like my Spotify with tons of [ __ ] So I'm I'll go to my discover weekly to try to find new stuff. My friends' playlists I'll check out every now and again to see if they have liked anything good.

[00:37:51]But mainly like just rock and indie. in our financial system has time and time again been a culprit in crash Legit sauna and then I have a red light I use 20 minutes per day. You know, that's [ __ ] legit. I definitely have always wanted to do one.

[00:38:07]unregulated crypto upon our economy. Oh, sauna is a must, bro. I got to get access to one then.

[00:38:15]Crazy. I don't know where to go Like I'm not paying for a [ __ ] gym membership just for that. I think they do got little offshoot places with like cold plunges and saunas and [ __ ] Has Have you guys ever tried um that cryo stuff? Literally that. They've gone on Shark Tank. You stand in the pod and then it's like and it it it it's like a cold plunge, but it's with that [ __ ] Gas or something.

[00:38:36]People say that's real good, too.

[00:38:42]All right.

[00:38:42]She's going to be squawking for a minute. I'll I'll be back in like a minute. Just going to go like grab a drink and [ __ ] Take a little little smoke and that's it.

[00:38:49]I will hit a couple push-ups while I'm out there. How about that? I can get rock and rolling.

[00:38:54]I'm sure nothing nothing of substance probably is going to be happening right now.

[00:39:01]Voice vote?

[00:39:02]All in favor, say I. I. I I actually I'd like to have a recorded vote on this. I think this one's going to matter in history.

[00:39:09]Clerk, call the roll.

[00:39:12]I.

[00:39:14]Mr. Crapo? I.

[00:39:16]Mr. Rounds? I.

[00:39:18]Mr. Tillis? I.

[00:39:20]Mr. Kennedy?

[00:39:23]Mr. Haggerty? Haggerty's I.

[00:39:25]Ms. Lummis? I.

[00:39:27]Mrs. Britt? I.

[00:39:29]Mr. Ricketts? I.

[00:39:31]Mr. Banks?

[00:39:33]I, by proxy.

[00:39:36]Mr. Cramer? I.

[00:39:39]Mr. Moreno? I.

[00:39:42]Mr. McCormick? I.

[00:39:45]Ms. Warren? No.

[00:39:47]Mr. Reed? No.

[00:39:49]Mr. Warner? I.

[00:39:53]Mr. Van Hollen? No.

[00:39:56]Ms. Cortez Masto? I.

[00:40:00]Ms. Smith? No.

[00:40:02]Mr. Warnock? I.

[00:40:05]Mr. Kim? No.

[00:40:08]Mr. Gaigo?

[00:40:09]I.

[00:40:11]Ms. Blunt Rochester? No.

[00:40:13]Ms. Rosen Brooks? I.

[00:40:18]The vote is 18 in favor and six opposed.

[00:40:22]The The emotion The amendment has been adopted. We now call up Oren 52.

[00:40:28]Thank you, Mr. Chairman.

[00:40:31]So, when banks take excessive risks in pursuit of windfall profits, we know what happens next. The bets blow up, businesses on Main Street are shuttered, workers lose their jobs and retirement savings, families are thrown out of their homes, and the economy goes into recession. Oh, and then Wall Street comes to Congress and begs for bailouts and gets them.

[00:40:55]That's why our laws are supposed to keep the banks safe and sound, in part by limiting the kinds of assets that banks can own and the activities they can conduct. There are plenty of traditional assets that banks are prohibited from owning and traditional activities that banks are prohibited from conducting.

[00:41:13]This bill would throw out these sensible restrictions on crypto assets. For example, the bill allows banks to transact in the wild west of decentralized finance, where a platform seems to face a run, get hacked, or otherwise implode pretty much every week. The bill also allows banks to lend against crypto as collateral, to own crypto directly, to trade crypto derivatives, and more.

[00:41:45]The bill also repeals a key pillar of the Dodd-Frank Act for digital assets, known as the Volcker Rule. The bill allows bank holding companies to buy and sell digital assets for any investment or trading purpose, including the type of dangerous proprietary trading and hedge fund activities that helped cause the 2008 crash. But, innocent businesses and families that have never even heard of the blockchain will suffer if the next crypto crash also causes a banking crash. My amendment would strike these dangerous provisions from the bill. I urge my colleagues to vote for Warren 52.

[00:42:32]60 seconds.

[00:42:33]>> Thank you, Mr. Chairman. There are three states that already allow banks to do this. One is Virginia, Wyoming, Louisiana. And after this bill passes, other states will allow it to do it. The bank permissibility language in our legislation does one thing. It simply confirms that banks can use digital assets to conduct activities that they already allowed to perform by law. The US dollar is going to be digitized. It is going to be a digital asset. And so we need to integrate all of these assets into the banks that are allowed to do them to continue to do them. There are no special carve-outs. This amendment would strike three key provisions of the bill related to bank permissibility, portfolio margining, and netting agreements. I urge my colleagues to oppose this amendment. Clerk will call the roll.

[00:43:31]The Chairman. What's going on? Nope.

[00:43:34]All right, we're back. We're back.

[00:43:35]What's going on here? What's up?

[00:43:38]Mr. Tillis.

[00:43:39]>> No.

[00:43:40]Mr. Kennedy.

[00:43:41]>> Shut up, you old bag. Mr. Hagerty.

[00:43:43]Hagerty's no.

[00:43:44]Hagerty's no.

[00:43:46]Mrs. Britt. No.

[00:43:48]Mr. Ricketts. No.

[00:43:50]Mr. Banks.

[00:43:52]Yo, yeah, how's hot in Florida? Yo, what party?

[00:43:55]>> No.

[00:43:57]Mr. Moreno. No.

[00:43:59]Mr. McCormick. No.

[00:44:01]I'll send a mic I have out here near me with a float. Mr. >> Dome and sauna in one room. You're for real. I got to look into that. They make portable saunas that are easy to set up in a garage.

[00:44:12]I've done that. Super overrated in my opinion. Cold plunge way more efficient.

[00:44:15]Yeah.

[00:44:16]Mr. Warnock? Yeah, cold plunge is tough.

[00:44:18]>> Mr. Kim? [ __ ] it's tough.

[00:44:21]Mr. Gaigo? It's good just mentally.

[00:44:23]People look at it like pseudo science.

[00:44:24]Like, no, dude, if you could do that mentally, I mean, things are definitely easier to a certain extent.

[00:44:29]>> is 11 in favor and 13 opposed.

[00:44:32]The amendment is not agreed to. We now call the vote.

[00:44:34]>> pass. 66 >> Just kidding, we're still going through our [ __ ] 40 different amendments.

[00:44:38]We're going to be here a while, guys.

[00:44:40]Strap in. Epstein was an early backer of crypto. But that's actually true. Here we go.

[00:44:47]True.

[00:44:49]True.

[00:44:59]But as the crypto ecosystem was new and just developing, Wall Street banks were happy to provide the financial services that Epstein needed to facilitate his crimes. You might think that big banks would have severed their ties with Epstein following his 2008 conviction for soliciting a child for sex, and you would be wrong. Yeah.

[00:45:23]>> For more than a decade, banks like JP Morgan, Deutsche Bank, and Bank of America generated massive fees off of Epstein's business while ignoring very obvious red flags. It wasn't until Epstein was arrested once again in 2019 that JP Morgan finally disclosed more than 4,000 >> Time to strap up. [ __ ] do inbound.

[00:45:49]Loving the channel, bro. Thanks for sharing this. I'm in the UK. Yeah, I appreciate that, my guy. totaling more than a billion dollars, including payments to Russian banks Bro, those are secret bong hits. Don't even lie. I said I was going out for a smoke.

[00:46:03]>> to use their authorities to investigate the bank >> that happened like 10 minutes ago.

[00:46:08]>> Jeffrey Epstein's crimes and to turn over any information they have gathered over the years to Congress. Over the years to Congress? This amendment would require the federal banking regulators to publish >> guy is like He's got like a puppeteer rig under the desk like he's not real, you know?

[00:46:27]It's like it's like a puppet.

[00:46:30]You got to keep the illusion.

[00:46:34]You think Donnie's watching this in China? No, Donnie's out there I don't even know what's going on. Oh, actually I covered it in the video this morning and on Patreon guys the content has been blowing up well not blowing up in terms of like views and [ __ ] but I'm saying like I'm trying to output more. I got to focus on the videos more. So I posted a video right before this live. So you can go check that out and I posted Patreon exclusive this morning too. So the Patreon is definitely the best place to support if you want more streams and just like continued content. That's the best place. Race for Impact.

[00:47:04]I urge my colleagues to oppose the amendment. Clerk call the roll. Mr. Chairman, can I ask a question? Like what yeah what does that have to do with the current moment in time now? I >> [laughter] >> I'm I just wanted to ask Senator War how are you defining co-conspirators?

[00:47:24]That's This is exactly what we want to find out. When you don't have the information, you don't know.

[00:47:30]But what we do know is that Jeffrey Epstein was using crypto early on that he was involved in illicit financial transactions >> True.

[00:47:40]>> that three of the largest financial institutions >> sorry I I get I get that. But you say the regulators have to release stuff about Epstein and his co-conspirators. How are they going to know who his co-conspirators are? Well, they have already been named in court documents. One is identified is Ghislaine Maxwell as an identified convicted co-conspirator, and I think her records should be released as well.

[00:48:08]I look forward to you all continuing this conversation after the hearing.

[00:48:13]Clerk, call the roll. We're not here to talk about Jeffrey.

[00:48:17]Oh, I.

[00:48:18]Oh.

[00:48:19]>> Mr. Crapo? No. You know? Mr. Rounds?

[00:48:23]Mr. Tillis? Damn son. Mr. Kennedy? I mean she's she's clinging on to anything she can cling on to right now just to [ __ ] cause mayhem as always.

[00:48:33]Mr. Ricketts?

[00:48:35]Mr. Banks?

[00:48:37]We're not through the banking records, yeah.

[00:48:40]A lot of stuff that we have to almost get into Mr. Cramer?

[00:48:45]Mr. Moreno? No.

[00:48:47]Mr. McCormick? No.

[00:48:49]Ms. Warren? Yes. Mr. Reed?

[00:48:54]Mr. Warner? I think the guy's there's so many more from her we have to get through. This is going to take forever.

[00:49:00]An idiot.

[00:49:01]>> Ms. Smith?

[00:49:03]Mr. Warnock?

[00:49:05]Mr. Kim?

[00:49:06]And yet again, that's a valid thing, but it's like dude, we lost. It's we lost.

[00:49:11]We lost.

[00:49:12]>> Ms. Also Brooks? I. Got to take the L like they're out there doing it. No one's doing anything. The amendment is not agreed to. We will now move to Mr. Chairman I'm going to get in trouble again, I know, but I've got another point of order. I would I would consider voting for this amendment if if you think about taking out co-conspirators.

[00:49:34]I'd be glad to amend it.

[00:49:36]What? That's a weird thing to take out.

[00:49:38]What the [ __ ] What does that even mean?

[00:49:41]What the hell? That's a weird request, no?

[00:49:44]>> Mr. Chairman, point of order, the vote's been held, the amendment's been disposed of. That would require an additional amendment at this time.

[00:49:50]Dude, can you take out the thing where Call up read number 90. That's a little sketch now. My amendment allows the government to block foreign illicit transactions that occur using stable coins. Bro, they already do it.

[00:50:05]>> They were dollars in a bank. This will primarily crack down on Iran's use of stable coins to fund their nuclear program. They just did it with Iran.

[00:50:15]340 something million supposedly is what they said.

[00:50:18]>> engaging According to blockchain analytics firm TRM Labs, Iran continues to use cryptocurrency to source sensitive goods.

[00:50:29]Chinese chip resellers have shown the willingness and capabilities to apply drone components, electrical equipment, AI critical hardware, etc. And these unmanned systems, these drones, are what is wrecking havoc on our forces and our allies in the Persian Gulf today. We've lost >> FUPA coin.

[00:50:46]>> 14 Americans >> [laughter] >> and What's Canali doing? I don't know.

[00:50:50]He's just sitting there like an idiot. I don't even know what Canali Is that Hardy? This guy, Mr. Reed, Mr. Reed Richards.

[00:50:57]That's what that is, bro.

[00:51:00]The leader of the Fantastic Four.

[00:51:02]And they're making money on that, too.

[00:51:04]Now, Treasury cannot 57% in the poll say Clarity Act is not passing or passing. I forget.

[00:51:12]>> They have to go hat in hand to Tether and say, "Please, Tether, would you voluntarily And they will. They just did. doing this. We need structures.

[00:51:21]Everyone stands around here talking about how much they support the troops.

[00:51:24]If you really support the troops, cut off the funding for the Iranians.

[00:51:29]True, I guess. What's our next step?

[00:51:31]What is equity, please? The world's going to turn off the neutral [ __ ] >> includes dedicated illicit finance and sanctions provisions for digital assets.

[00:51:39]Title two and title three address anti-money laundering, sanctions compliance, information sharing, digital asset kiosks, D5 risk controls, and other illicit financing risks. The amendment creates a broad extraterritorial rule for dollar-denominated stablecoins. I'm concerned that actually could undermine responsible use of stablecoins abroad.

[00:51:59]So, I'm going to urge my colleagues >> Ew, what the hell is he doing? Mr. President. The clerk will call the roll.

[00:52:05]Proxy and sneaking chicken fingers under there.

[00:52:08]Chairman No.

[00:52:11]Mr. Crapo.

[00:52:12]No, by proxy.

[00:52:14]No, by proxy.

[00:52:15]>> surrounds No. Proxy, proxy.

[00:52:18]None of that [ __ ] >> Mr. Hagerty. Hagerty's no.

[00:52:23]Mr. Lankford.

[00:52:24]>> Hagerty no. I can almost hit his his Hagerty no.

[00:52:28]Mr. Ricketts.

[00:52:30]Mr. Banks.

[00:52:30]>> Jim Ricketts >> Mr. Cramer. is good at racketball.

[00:52:34]>> Mr. Rubio.

[00:52:35]Unbelievable backswing and spin. A spin that'll spin your head around twice.

[00:52:41]Then good luck playing after that. Mr. Warner. I.

[00:52:45]Mr. Van Hollen.

[00:52:46]>> Chewing some mushies? Yeah, right. Ms. Cortez Masto.

[00:52:50]I.

[00:52:50]>> Ms. Smith.

[00:52:52]We're here to pass the Sakovia Accords.

[00:52:54]>> Mr. Kim.

[00:52:56]>> [clears throat] >> Mr. Gaetz.

[00:52:58]Ms. Blunt Rochester. The bots. Ms. Rosen Brooks. I.

[00:53:03]The vote is 11 in favor and 13 opposed.

[00:53:06]The amendment is not agreed to. We will now move to read number 100, Senator.

[00:53:10]>> Oh my god. Thank you very much, Mr. Chairman.

[00:53:13]My amendment number 100 attempts to do what I tried to do in the Genius Act, which is to make the US [clears throat] dollar the official currency of the United States of America, and it cannot be replaced by alternatives as legal tender.

[00:53:27]I was struck when uh Senator Lummis said that the dollar will be digitized, and I think that's the plan of many people.

[00:53:34]And if it is digitized, the dollar will no longer be controlled by the Federal Reserve, it'll be controlled by companies like World Financial. Oh, no.

[00:53:43]I don't [laughter] think that's a good development for the United States, our economy, or the world. And my amendment would also ensure that the dollar cannot be supplanted by currencies like the Chinese yuan and others.

[00:53:58]So, I think we've got to move and make this very clear. Everyone will not understand, of course, the dollar is always going to be the prince currency United States.

[00:54:08]As I said, as I've heard today, the dollar will be digitized. And if we don't recognize that, prepare for it, a shame on us.

[00:54:17]Thank you, Mr. And I knew it's a shame on me. Mr. Chairman.

[00:54:23]Senator Moreno. Uh this amendment's outside the scope of the bill before us.

[00:54:26]Uh the Clarity Act is a market structure bill.

[00:54:29]It does not make crypto legal tender. It does not require any state to accept crypto for taxes. It does not disturb the status of the United States dollar as legal tender.

[00:54:40]This amendment tries to resolve a broader issue that is not necessary to the framework we're considering today.

[00:54:45]We should keep the focus on building a workable regulatory structure for digital assets, not add unrelated legal tender language. And on a personal note, uh in 2016, I became the first person in the United States of America to pay my taxes with Bitcoin to show the capabilities of the technology. Had I met the senator from Rhode Island, I would not have done that as I paid $3,000 in taxes with two Bitcoin. So, I would absolutely be in a better spot had I not done that. So, we should have met each other back then.

[00:55:17]Well, if I may, I had three Bitcoin. uh You have about 9 seconds. 9 seconds.

[00:55:23]I just uh we sit down what Senator >> It's like Hogwarts back in the '90s.

[00:55:28]Dollars will be digitized.

[00:55:30]>> Zero freedom. If we don't make it clear that #freedom digital currencies will can and may supplant the dollar, will be in very difficult economic positions.

[00:55:41]We will move on. I do want to make a note that the $3,000 that you used for the Bitcoin would today be worth how much?

[00:55:49]Too soon. Okay, thank you. I don't know how much it was worth back then. I would like to make that clear.

[00:55:57]The chairman?

[00:55:59]No.

[00:56:01]Mr. Crapo? No. Mr. Crapola?

[00:56:03]>> Mr. Rounds? Let's be confused with Crayola. Mr. Crapola. Mr. Kennedy?

[00:56:08]>> What a circus.

[00:56:09]Yo, if you look closely enough, you could see like I don't know, nothing. These freaking names, Rick. It's Crapo over here telling you we got [ __ ] Mr. Hagerty?

[00:56:18]Hagerty's no.

[00:56:19]Hagerty's no.

[00:56:20]>> Mr. Lankford?

[00:56:20]Yo, that's got to be a soundbite that plays every time someone subscribes to the channel. Hagerty's no. Mr. Banks?

[00:56:28]Mr. Cramer? Hagerty's no. Mr. Moreno?

[00:56:31]No.

[00:56:32]Let's see clowns.

[00:56:33]>> No.

[00:56:34]Dude, get the They all need to be wearing a hat with one of those propellers. All of them. I.

[00:56:39]Mr. Warner? I think it'll pass. Mr. Van Hollen? If I'm just guessing, I think it'll pass today.

[00:56:46]Ms. Smith? I.

[00:56:47]Think it will.

[00:56:48]>> Mr. Warnock? I.

[00:56:49]What? Mr. Kim? You're prepared for anything. I just think it's all very too coincidental. China Waltz gets in and this going down literally kind of all in the same day. The vote is 11 in favor and 13 opposed. Thank you. The amendment is not adopted. now call up Warner 131, but to answer the question of Senator Moreno, the answer is $161,774.

[00:57:14]Damn, that's a lot.

[00:57:16]A lot of dollars.

[00:57:17]>> [laughter] >> Do you know how much is a dollar actually worth today?

[00:57:19]>> you, Mr. Chairman. I want to start by thanking you and your staff. We have worked through um thousands of hours. I want to particularly thank Senator Loomis. He's like, I haven't seen my family in years.

[00:57:32]Yo, this guy is playing Flappy Bird on his [ __ ] iPhone 3G S. I wrote it with genius cuz I thought we needed a stable coin basis for this country.

[00:57:39]>> dude.

[00:57:40]And I think we need a market structure bill.

[00:57:42]Um for this country as well. Yo, get this poor guy a [ __ ] tall ass microphone.

[00:57:47]>> to work on this past committee. Now, I also want to take a moment to acknowledge I think it continued good faith from the chairman and Senator Lummis. There are a series of bipartisan amendments Yo, they're just [ __ ] them up with the microphone. accepted. So, I again absolutely trust that we can get this get this done. I I'm My amendment and I just particularly for my friends His and his crypto biases is a phenomenal comment.

[00:58:13]that Look at the XRP price right now.

[00:58:15]Look at the XRP price right now. on DeFi. [clears throat] Now, we have worked dramatically since that time hearing some of the industry's concerns. We've made over 40 changes and most of that will be included I think in Senator Lummis's amendments. Um I still think there are some issues to work through particularly make sure that law enforcement has the tools it needs to make sure bad actors find a way to avoid the law. Senior government >> be sure to do that. Turn notifications on. officials can't use these tools to enrich themselves.

[00:58:49]>> Solidify. Um I'm committed to working to get a bill that um moves moves this bill forward on the floor as I said.

[00:58:58]>> We've been in crypto I've been in crypto hell the last couple months. Oh, [ __ ] >> to get to crypto heaven. I guess I'm right now in crypto purgatory, but I'm looking forward to getting all the way there. Thank you, Mr. Chairman. And I withdraw my amendment. Oh, yeah. You withdraw. You withdraw.

[00:59:12]>> I'll call up.

[00:59:13]Actually, before I do so, we are >> Guys, hit the like button, too, por favor.

[00:59:18]around 11:45 which means that we're about 17 minutes away from the 2-hour window. Dude, no way.

[00:59:25]>> permission to continue beyond that.

[00:59:28]Are you kidding me? I'm glad to continue beyond that. Great. Thank you. Okay. I will now call up Senator uh uh I thought there were going to be like number 33.

[00:59:36]We need a lunch break. I thought you guys [ __ ] just started. They need a break. Last year the volume of digital assets involved in illicit activities blew through all previous records by one estimate What happened? Estimate $154 billion was sent to illicit crypto wallets up from $59 billion in 2024.

[01:00:01]That's the point of the regulation.

[01:00:03]>> DeFi, services play an important role in this illicit ecosystem. I think we all know that. Bad actors use tools like tumblers and mixers to launder money, evade law enforcement, and move funds.

[01:00:15]Just look at what North Korean hackers did last year. They hacked $1.5 billion from the crypto exchange Bybit. That's rude.

[01:00:25]>> services and exchanges to switch between crypto tokens to launder funds and evade investigation.

[01:00:31]>> a smoke also, not just you.

[01:00:33]>> that can now help support the North Korean nuclear program or other illicit activities. Or look at Iran. Iranian actors have been documented using DeFi exchanges and techniques to launder funds and evade sanctions. That's >> In some cases, it's clear that these DeFi tools are created because their developers plan plan to profit from illicit activity. Okay.

[01:00:58]>> bad actors will exploit these tools. In fact, that's the whole point for some of them. And so, we need to hold them accountable.

[01:01:06]Addressing the illicit finance risk in DeFi overall is not straightforward. We know that. But this amendment is straightforward and it's limited and simple. It would simply make it unlawful to release a DeFi protocol for the purpose for the express purpose of enabling money laundering, sanctions evasion, and financing of terrorism. That's what it does. There should be consequences if you set out to enable drug traffickers, scammers, North Korea, or Iran, and I hope my colleagues will agree with that premise and support this amendment. I mean, I get it, I guess. Mr. Chairman.

[01:01:46]And people [clears throat] are just going to argue about freedom.

[01:01:48]>> existing statutes uh and embed digital assets under them, whether it's the SEC, the CFTC, or criminal penalties. So, the same conduct that uh the gentleman uh is trying to address is already chargeable today under 18 USC 1956 and 1957 and existing sanctions laws. So, if somebody builds or uses software to launder criminal proceeds or evade sanctions, prosecutors can already bring cases under these statutes without needing a specific What time is it?

[01:02:25]add-on. It's getting almost noon. So, if you carve out one thing uh for um specific treatment, it sends >> crazy town USA. a signal that DeFi software is not welcome in this country and we don't want to send that signal.

[01:02:39]We want to use the existing structures uh and embed digital assets in the US. So, for that reason, I oppose the amendment.

[01:02:48]Clerk, we'll call the roll.

[01:02:50]All right, I'm going to end this poll.

[01:02:51]60% of you think it's getting through today. That's crazy. 141 votes. Mr. Crapo. Wild. Mr. Crapo.

[01:02:59]Crapo was his name-o.

[01:03:02]Mr. Kennedy. No by proxy.

[01:03:04]Oh, here we go. Mr. Hagerty. Hagerty's no. Hagerty's no.

[01:03:08]Ms. Lummis. No.

[01:03:09]Mrs. Britt.

[01:03:11]No.

[01:03:12]Mr. Ricketts. No.

[01:03:14]Mr. Banks. Ricky Cricket. Mr. Cramer?

[01:03:17]No.

[01:03:18]Mr. Moreno?

[01:03:20]Mr. McCormick? No.

[01:03:22]Ms. Warren?

[01:03:23]Yes.

[01:03:25]Mr. Reed? I.

[01:03:27]Mr. Warner? I.

[01:03:29]Mr. Van Hollen? I.

[01:03:31]Ms. Cortez Masto? I. So chat if it was chat GPT said it then. Yes.

[01:03:36]Mr. Warnock? I.

[01:03:38]Yeah, I mean just if I'm a betting man I'm thinking it's more likely than not right now that it's going to pass. Ms. Shaheen? I.

[01:03:45]Ms. Rosen? Ms. Rosen? I.

[01:03:48]The vote is 11 in favor and 13 opposed.

[01:03:51]The amendment is not agreed to. We will now move to Van Hollen number 35, Senator Van Hollen.

[01:03:56]Uh thank you, Mr. Chairman. This amendment is straight forward and is designed to prevent conflicts of interest. It also requires greater transparency.

[01:04:10]It also requires greater transparency.

[01:04:14]We have all seen the president and You do the same with gold? involved in corrupt crypto ventures. Is it always 13 versus 11? Then it's easy. Through World Liberty Financial, the Trump family has raked in Mr. Mr. Margarita? must have much of that gained through corrupt deals with members I just want to change after clarity act. They're all playing as he says. The euro guy.

[01:04:40]Guys, this is going to be a while.

[01:04:43]Melania. have allowed Trump to rake in hundreds of millions if not more in cash even as investors lost 4.3 billion. The way that scam works is that whether retail investors win or lose, Trump is like the house at the casino. He always wins. I don't know about that. I mean just I have a half a brain and be like, "Oh, I'm going to invest in Melania coin." Like who the [ __ ] is doing that?

[01:05:10]people know that we're not going to allow self-dealing by the president or members Oh, this guy just loves to hear him talk. Guys, hit the like button, subscribe, notifications.

[01:05:21]Support on Patreon. I just posted an exclusive video over there and I posted a YouTube video this morning. So, there's a bunch of content you can go around and check out.

[01:05:30]That's a new right on the scene that talking more about the China trip going on and Scott Bessent floating around that Bretton Woods thing. This guy is still talking. assets and coins. So, that's what the amendment does, uh Mr. Chairman, and I ask for the ayes and nays. Super man behind him, probably.

[01:05:48]Senator Moreno? Uh this is the Banking Committee, not the Judiciary Committee.

[01:05:52]The inclusion of a criminal penalty and references the Attorney General made this amendment not germane to this committee.

[01:05:57]>> I'm dipping. That's out of order. Just in case I missed something. I feel like this is going to go on for a while. So, Patreon, all that.

[01:06:05]And I'll see you guys in the next one. I guess we'll find out at some point today whether this passes or not.

[01:06:10]Uh you can join or follow the X at Maxx account, too. I think that's in the description.

[01:06:16]That's