XRP JUST CHANGED FOREVER??!!! MAJOR XRP-CLARTIY ACT WARNING!!!!!

[00:00:00]The Clarity Act talks hit a snag. The Salana Policy Institute President Kristen Smith was just on Fox Business and she said negotiations have stalled with sticking points around how certain assets are defined and consumer protection rules. We also hear from Representative Dusty Johnson says that the House can move quickly on the Clarity Act if the Senate sends over a workable bill. We do understand that time is running out to be blunt to get the Clarity Act signed into law this year. And we do understand if the Clarity Act does get signed into law, it will forever reshape how crypto is used here in the United States for tokenization. And this is really what we need to take the industry forward here.

[00:00:44]Let me get into all of these brand new updates. I got a ton of other related crypto news around regulations, but we got to start with the hottest and best stories first, guys. Let's dive in here.

[00:00:54]I'll give you all of the additional context that I can muster as well. It's always a pleasure to spend this time with you.

[00:00:59]>> I think President Trump has the right vision. We want the US to be the crypto capital of the world and getting the Clarity Act enacted is the final step.

[00:01:10]We're incredibly grateful that Trump has a strong adviser and Patrick Wit who has been negotiating successfully with the Senate with leaders like Senators Lemus, Mareno, Ggo, and others. I do think that there are some people out there, including Jamie Diamond, who have the wrong impression that this bill is deregulatory. It's really quite the contrary. This bill creates regulation for markets. It creates new consumer protections, new tools for law enforcement. It fills gaps that exist today, and now is the time to get it done.

[00:01:43]>> All right. Now is the time to get it done. The White House has been very active on crypto. There was a lot of promises made on the campaign trail and Trump and his administration have tried to live up to those promises. We probably wouldn't be this far on crypto.

[00:01:57]Without the administration's push towards uh blockchain adoption and so we are very close to the finish line.

[00:02:04]There's just a few points here that we need to come to an agreement on and time is running out. Now here is representative Dusty Johnson. It sounds like a western. Dusty Johnson says the House can move quickly on the Clarity Act. If the Senate sends over a workable bill, but if not, if if it's if it's a big box of horse manure, we're dead game over. What? What?

[00:02:28]>> If we can get a product out of the Senate, things are going to go fast.

[00:02:30]>> Are you saying that the House could pass clarity by the time August recess happens if the Senate sends it down to you all by that time?

[00:02:38]>> It really depends on what they deliver.

[00:02:40]If it is a big box of horsemanure, then we're dead. Game over. There's not enough time on the clock.

[00:02:48]And and so the House gets jammed by the Senate a lot. If you're not an insider in DC, maybe you don't know that, but but we get jammed a lot. And so if the Senate uh makes some common sense adjustments, listen, they're going to have ownership of this, too. But if they have something that is a bridge too far, then we will not be able to pass it.

[00:03:10]>> Oh man. Okay. So, if you're saying sensei, what do you mean the house has to repass the bill? The Senate has made so many changes to the House bill that they had, I think, 70 Democrats vote yes on that I think there's 33,000 words of text that have been changed with the House version of the Clarity Act, with the Senate version of the Clarity Act.

[00:03:28]And so, it is just two different bills here now. And so the House needs to go look at what the Senate did and say, "Yes, this is doable. We can agree to this." Or uh if if the House can't agree, it all falls apart. Right? So the Senate has to get through ethics. It has to get through BRCA. It has to get through the agricultural side. It has to get through the consumer protection stuff. If they can get all of that done, the House still needs to approve it. So there's still a lot that needs to be done here. And also Kristen Smith uh when she was on Fox getting interviewed with Maria Baroma, she also said this >> uh and maybe lesser talked about there were a lot of criminal investigations of individual software developers for uh you know writing code and then making that software developer accountable when somebody else used it for a bad purpose.

[00:04:18]And so we need to make sure that we prevent those types of actions happening. And it's one of the reasons why the clarity act that has, you know, the new rules for the road, the protections for developers who build and make these products that is going to attract the talent back here to the US and ensure that the US is the crypto capital of the world. There were a lot of investigations uh under the Biden administration under the previous administration against software developers who were just writing code and then bad actors were using that code to do illicit financing and then they went after the people that wrote the code which is really not the way that you should have handled that. Also all of the debanking that went on around crypto that obviously wasn't wasn't right and should be addressed. And so they're trying to make sure that some of these protections are put into the Clarity Act so that can never happen again regardless who's in control, who's president. And so Poly Market betterers now give a 51% chance that the Clarity Act gets signed into law into 2026. Now down 14% from its recent high. So as you can see here, the prediction markets are not looking at what's going on. All of the news around this not saying, "Yeah, this is looking good." They're saying this is uh not looking so hot. We're down to a 50/50 flip of a coin type situation. So that is rough. Here's here's Dust Dusty Johnson at another clip. Pow.

[00:05:41]>> But urgency kind of a message to all of your listeners on the pod. We the window is closed.

[00:05:47]>> I like this guy.

[00:05:49]>> And if it closes without the passage of clarity, it is really hard to say when it might open back up.

[00:05:57]I'm a little more optimistic about Republicans chances to hold the House than most prognosticators, but let's assume that they're right. If they're right, we will have and particularly if if Democrats also take the Senate. Now, you're dealing with chairman Maxine Waters and Chairman Elizabeth Warren.

[00:06:14]You're dealing with an egg committee chairman in the House that we don't really know who it'll be, but all of the finalists for that job voted against clarity.

[00:06:24]So, we really need urgency. Yeah, >> we really need to have all of our public and private messages to the Senate be that hey, the House did their job one year ago. Keep in mind, two years before that, we've done Fit 21. And we have got to close this out. We have got to close this out before August. Senator, we have to close this out. We need a constant drum beat. And you know, I don't want to criticize Matt Hogan with Bitwise, but maybe 10 days ago, he said, "Well, the industry is going to do fine without without clarity." And technically that might be true, but from the long I mean we we're going to have another Gary Gendler villain at some point be the we just need to get it done guys. We do not want to leave this up to chance in the next administration regardless of how that shakes out. There are going to be other players in control and those players might not be crypto friendly.

[00:07:14]That is that is everything, right? And uh really if we can't get this done here in July, early August, it's just not going to get done. And um that'll be that'll be a very kind of sad moment I think for all of us because I think we've all put a lot of time and effort to understanding a lot of emotion.

[00:07:32]Obviously our financial well-being in the crypto market, you know, hangs in the balance of regulation getting past the United States because that could be a boom that even Patrick Whit of the White House said trillions are sitting on the sidelines. Trillions. I mean, that is a lot of capital that will flow into this industry like that if we just get our together. We have to get this done, man. Time is running out. I did post something on my ex account a few days ago about contacting your senator. I gave a really easy link to provide you here. I'll just show it to you, man. I'll I'll take the second and just show you this. If you haven't if you're not following me on X, it's cool.

[00:08:12]You know, I'm not that cool. Anyways, but I did post this. It's somewhere here in this post. I give you a way to pull up how to look up the senators in your state and how to contact them. All you need to do is say, "Oh, I'm from California." You click on California and they're maybe not California, but you get what I'm saying here. You click on any state here. It's going to bring up who the senator's in. You can click on contact them. It'll give you their email. I even gave you a template down here on what you can copy and paste to them. It literally took 5 minutes for me to email both senders telling them how important the Clarity is. The banks are all acting against the Clarity Act. We need to join up and get this thing done for ourselves. Now, let me get back to this clip here as I got super sidetracked as we often do here. Last minute push to get the Clarity Act passed.

[00:09:03]>> If we look at policies and the Clarity Act and the Genius Act, what can we expect in that sense? What can we see from these two as an impact on tokenized assets and tokenization in general?

[00:09:16]>> Yeah, I think what Genius already did is signal that stable coins are here to stay.

[00:09:23]They're not going anywhere. And it's be it's it's causing a bit of a mad scramble among the banks in particular to try to figure out how do we deal with this stable coin thing, right? Because everyone knows it's not going well. And you look at the volumes and the TVL into stable coins, it's only gone up since, right? Or a more institutional capital is flowing in because now for the first time there is a framework at least for stable coins even though if the specific rules haven't necessarily all been finalized, the big institutions know stable coins are here to stay. So they're they're they're flowing into it.

[00:09:56]I think market structure will cause a similar thing for tokenized securities more broadly. Basically just says, hey, tokenized securities are great. uh they're here to stay. The SEC is going to have full authority over rulemaking, right? Yeah. But then it's still going to take the SEC to come up with a bunch of rules around these tokenized securities. But that in and of itself, I think, will have a similar impact that Genius had on stable coins. Basically signaling, hey, this stuff isn't going away. You should prepare for a world in which tokenized securities coexist with normal securities. So get ready.

[00:10:28]>> All right. Listen, I'm going to link this all of this down below. So you don't have to go on X. You don't have to go follow me. You don't have to go find it. Uh I'll give you the link to look up your senators and I will uh you know I'll I'll link to the post that has the information. I'm trying to make this as easy as possible. I get that description doesn't want to be like a mile long. Uh but please just take five minutes. I it could make the biggest impact of the world if we start getting a flurry and a flux of people messaging their senators.

[00:10:55]Over half of you that watch are from the United States. That means half of you, if you if 30,000 20,000 people watch this video, 10,000 people, 15,000 people could be sending emails right now to their senators. Think about the impact that that could have. Just one email could make or break this entire thing.

[00:11:14]Really, that's what it comes down to.

[00:11:16]Just the acts of individuals in specific states. Do do what you can, guys. All right. Just in there will be a sprint of meetings next week to finalize key details on the Clarity Act. Okay.

[00:11:26]There's only tomorrow senators are off because it is uh it is Junth. It's June 19th. It is a holiday here in the United States and then they have a week to get stuff done and then they go on vacation for that kind of July 4th holiday and they'll be back on July 6th. And so we definitely are running out of time here and we just got to get it through.

[00:11:45]Here's another clip from Eleanor Turret and our favorite our favorite comedian Dusty Johnson. I've heard you say, and I've heard other people say this as well, that the Clarity Act has parallels to the Telecommunications Act of 1996.

[00:12:00]>> Nobody said that. It's all me. That's just me. It says >> they both unlock innovation in the same kind of way.

[00:12:05]>> Yes. And >> and in ways that we don't even really understand. I mean, the sections of the 1996 Telecom Act that talk about advanced services are tiny. It's just a few paragraphs. And yet those sentences unleashed the modern internet. And in in the same way I don't the reasonable rules of the road that we put together in clarity which is a lot better than our first attempt. Fit 21 was good but not great. It was a big leap forward but it didn't get us to where we need to go.

[00:12:31]Clarity is really standing on the shoulders of FIT 21. But now I see I just I get so excited about what is possible and uh and clarity is going to be a big big step forward in that way.

[00:12:42]>> This is an important clip. the Telecommunications Acts of 196 uh 1996.

[00:12:47]I'm going to do a complete video on that. There was just too much there.

[00:12:50]When I started looking up and the comparisons of what Clarity could do compared to what that did for the internet back in the 1990s and so look out for that video over this weekend, I do expect that to be a fun one and a good one. We also heard this from Chris John Carlos in a recent interview. Just made a point that deserves more attention. Everyone's scared of CBDC surveillance, but stable coins already have zero privacy burned. That's true.

[00:13:15]Anti-CBDC act protects you from a threat that isn't even live yet. While this loophole sits wide open, >> let's get one thing clear as as custard here, okay? There's no privacy in stable coins.

[00:13:28]>> None.

[00:13:29]>> Right?

[00:13:30]>> Zero. The word privacy barely appears in the Genius Act. So for people are saying, "Oh, CBDC is dangerous.

[00:13:40]Government's going to have all this data.

[00:13:42]There's no data protection. There's no privacy protection in stable coins."

[00:13:47]>> So, but Chris, real quick, if if let's say I'm a bad actor and I did something with the stable coins, the government doesn't need a warrant. They could just walk up to Circle or whoever.

[00:13:55]>> The Bank Secrecy Act applies. So, the same government agencies that go to City Bank and say, "Give us all that information you've got." the same IRS that goes to Coinbase and says, "Give us information on all your crypto holders can go to to Circle and can go to Heather and say, "Give us all your information of all the transactions that were done last Thursday in Washington DC."

[00:14:18]>> So, what's the solution here? Is it uh stepping back and not so much worry about the boogeyman of CBDC, but we need privacy laws in place where all of these >> So, so look, I'm a big fan of the Genius Act. M I think it was genius to assign to the American private sector the moderniz digital modernization of the dollar. I don't have any faith our government could could modernize the dollar for a modern generation the way that I think circle and and and tether and paxos and others are going to do.

[00:14:50]Okay. So when it comes to the technical modernization, you know, making it available in wallets and making it the payment system of the future, highest marks possible for Genius Act, but Genius was a missed opportunity to reconsider the privacy of our financial transactions. I think it was it was the opportunity. All right, I think that was a great clip. All right, guys. I'm going to wrap the video up there. We have gone a little bit long on the time here and I don't want to stretch this into 20 minutes. Thank you so much for being here. Please support the content. Like, share, comment below. As always, it is on us to try to get the Clarity Act over the finish line here. You have the power to send an email today that could change the course of history in the United States for crypto regulation. If you want your crypto to grow into something that we could all dream and and and really envision uh retirement here sooner rather than later, you need regulation. You need trillions of dollars to flow. You need institutions using XRP and HAR and XLM and all these assets at scale. The only way you're going to do that is if they have it written in in black and white ink that they will not be prosecuted or they will not be uh sued by the SEC for using a digital commodity or a digital whatever digital security in order for GU to get that done. Clarity Act has to see its way through. So, let's get it. I'll continue to bring you updates. Thank you from the bottom of my heart. Always a pleasure to spend this time with you. Uh thank you.