It's time to land this plane. That is Senator Cynthia Lumis this morning on Fox Business. Crypto news today getting crazy.
10 months of daily work on the Clarity Act. Bill text actually dropping within days now. And really a hard August 7th deadline is on the table.
Today we're walking through exactly what she said, what the White House is signaling, and what it means for crypto. What I want to do is I want to go straight to this video from this morning of Senator Lumis on Fox News and check out what she said here at a minute mark because this is where we have to start kind of following the the breadcrumbs, the trail that is left here to figure out is this really going to hit the Senate floor even maybe next week. Listen to what she says here.
Absolutely. So, is it fair to say this bill will be back on it will be on the Senate floor the week of July 20th? Well, I expect it'll be that week, but uh considering first off, she expects it will be that week, which is literally six days away, the 20th.
This is next week. She's expecting, but listen to what she says next because I think this is the wild card. The important things that we have to deal with in these four weeks, um Senator Thun will make the final decision about which week to bring clarity to the floor.
Uh we're voting today on the motion to proceed to the national defense authoriz Senator Thun. That's who we're waiting for. And so I wanted to kind of dig into well what's he been saying?
What is Thoon signaling? Because he's the one that's going to make the decision. Is this getting to the Senate floor?
Could you imagine after all like a year of us just every month that the the carrot being dangled for the crypto market? Imagine if next week it's we're at the Senate hearing or we're at the Senate voting. We're at the floor and we're doing a live stream and we're watching to see how this plays out.
This could be as soon as next week. But Senator Luma said, "We've been working on the Clarity Act every day for 10 months and we'll introduce bill text in the next few days. " So that's the other thing I want to talk about is the bill text because that's the money maker.
Is this thing going to pass? We have a hearing that is a few days away this Friday and we're going to get strong signals probably between the hearing and whatever this new text is. It all lies within what this text says because we need Democrats.
We need a bunch of Democrats on board to get this thing passed. And so that's what we're going to talk about today and speculate what is that text that is going to come out in the next few days. She said it's time to land this plane.
What I wanted to do was I wanted to look into Senator John Thun. What has he been saying or signaling? I found this clip.
There was not many clips or anything about him talking about Clarity Act, but I found this clip from just over a month ago, June 10th. Check this out real fast. Banks to the table.
But at the end of the day, if we're going to get this done, Maria, um it's going to take uh uh some give on both sides on that issue. And the other thing that's going to have to happen to get any Democrats to vote for that because this will be at 60 in the Senate. Um is the administration is going to have to work with the Democrats, Mark Warner, and others on this issue of ethics.
Yeah. Uh that's a that's a I think it's that's it. It is the key word ethics.
Thun, Senator Thun bringing this to the Senate floor, I think requires some type of agreement when it comes to ethics because that is what's missing right now. And that's what we're going to discuss a little bit in this video. But I think that is one of the tweaks that Senator Lumis is hopefully introducing in this bill text in the next few days.
And this is why we're going to have to just really watch as this text come out comes out to see what this says. This is Patrick Wit over here. Now, Patrick Wit, he is in the White House.
He's president's council of adviserss for digital assets. He's been leading on all of like the negotiating all all the negotiations with everything going on with Clarity Act. Critical week for Clarity, which also happens to be the one-year anniversary of genius, a reminder of the incredible amount of hard work that has gone into this bill, but also of the time we've already lost.
We cannot afford to delay any longer. It sounds very nice. Patrick Wit.
He's a lead man in terms of negotiating as I said. But check this out. When it comes to Mr Wit, the White House's top crypto adviser, Patrick Wit, is taking a monthsl long military leave to begin Army National Guard JAG training.
He wraps up next Friday and reports July 27th. The timing matters. The Clarity Act is entering its most critical stretch with Senate Republicans racing to bring it to the floor before August recess.
widely seen as the last realistic window to pass the bill this Congress. So, let me just say something. I'm gonna continue reading this.
It looks kind of negative, right? Man, Patrick Wit is he's leaving, right? He he's like a lead negotiator.
He's running things and he's leaving at like the most critical time. But I want to give you an optimistic spin in just a moment. Wit has been the administration's chief negotiator, brokering compromises on stable coin yield, navigating the ethics provision fight, and working with law enforcement groups on the most contested parts of the bill.
The biggest bottleneck remains the ethics provisions around Trump's crypto interests. So, it's saying, you know, he's been a huge player even in navigating ethics provision fights. When we're looking at Thoon and what he's saying, this has to get covered.
This has this is over a month ago. This has to be like fixed the ethics part for Democrats to come on board, right? And Lum Lumis is saying the bill text is coming out a few days.
The optimistic spin here is you can look at this like man Patrick Whit he's he's bailing but you know what it might be fine that he's leaving now because the deal might be done. Okay, the text is probably in place. is coming out in a few days and if it does have to do with ethics, right?
And if all the all the text is set and it's like here's the plan, this is hopefully what goes to the Senate floor, like Patrick Whit did his thing like he can go he can go take a month like military leave, right? And so that's the optimistic view. It's not like he has to be sitting around, you know, on uh this Friday at the hearing to be there to do something.
what he has been responsible for doing hopefully is already done, right? And we we have that text now hopefully coming out that is going to be a compromise that brings some Democrats on board. So, I wanted to correct something kind of that I said I think it might have been in yesterday's video or previous Clarity Act video that I did.
I was talking about kind of the SEC and the CFTC doing their thing. Even if Clarity fails, at least we got them doing their thing. But I saw this post cuz Chad over here kind of echoing something I was saying just so we're all clear.
If clatter clarity act does not pass, we fall back to agency rulemaking which will be good enough for now, right? It'll be difficult to unwind those rules. This the law simply codifies them.
I was thinking something similar, but Sen S Senator Cynthia Lumis said no rule can give the CFTC spot authority over digital assets, grant new sanctions authority against adversaries or protect developers from unwarranted prosecution. Only Congress can. The Clarity Act is the only path that works.
And so I want to kind of step back what I said previously like the Clarity Act is that important. And so I'm always trying to find the optimistic path forward. if things like this don't happen, we have to anticipate the Clarity Act might fail.
It just might. Um, and so that's kind of what I was doing because I really thought, you know, at least we got the CFTC doing their thing. Well, this is why it's very important that the Clarity Act does pass.
And this is a good summation over here on X. The CFTC does not have spot market oversight authority over any commodity, not oil, not gold, not AG products. Digital assets are no different.
spot market oversight for digital commodities requires an act of Congress. Clarity is that act. Now, what I was thinking was because I talked about this, right?
The text. What are the tweaks to this text that are going to help bring a deal together so we can get this thing so thun will bring this thing to the Senate floor? And I asked Grock because I wanted to see what did Grock think.
Think if you had to speculate about the new text from all the context, what do you think the changes are? And check it out. Ethics rules for officials likely strengthened bans or disclosure requirements on members of Congress, senior administration officials, possibly family members trading or holding certain crypto assets addressing Democratic demands to prevent insider grift and builder broader and build broader support.
So that's number one. So, exactly my point. This is huge to watch this text when it comes out.
Is there something additionally added that has to do with ethics? And then DeFi and elicit finance tweaks, further refinements to definitions of decentralized protocols, validator node operator protections or Mixer Tumblr rules, plus enhanced AML, BSA obligations or Treasury coordination to ease concerns from Democrats like Warren while preserving innovation safe harbors. So that is so interesting to see.
You know, Grock gathers all context. Everything that's floating around online to kind of just make up its own decision on what does it think or speculate will be in the new text. And this is exactly what I was thinking, which is ethics.
That's what we want to see. So, Senator Elizabeth Warren, and speaking of all this, speaking of Democrats coming on board, I'm not saying Elizabeth Warren's going to come on board ever to this thing, but Elizabeth Warren urging Senate leaders to add ethics rules to the Clarity Act, barring officials and their families from profiting from crypto. So, I just want to say this, and you can see this is directed at Leader Thun.
It's not a matter of get Elizabeth Warren on board. She's anti-crypto everything, right? But if the new text is having something to do with ethics, right?
I think there's a very strong possibility that the Democrats that they need to get on board. Maybe it's not going to be Elizabeth Warren. Likely not.
It could move the needle into the direction that we need, the votes that we need, 60 votes. when it comes to just the the debate in general, right, across the board, it is so split. And actually, I want to give you a really good example of this.
I saw this post pretty recently from Eleanor. Law enforcement groups are also making their views known. Yesterday, the Federal Law Enforcement Offers Association submitted a letter to the Senate Banking Committee signaling its support for the Clary Act.
And at basically the same time, the National Sheriff's Association, one of the nation's largest law enforcement organizations and key participant in recent negotiations over the Clarity Act, particularly the BRCA, is now publicly opposing the bill. So, National Sheriff Association opposing the bill. And then we got law enforcement groups like um the Federal Law Enforcement Officers Association supporting the Clarity Act.
So, this is such a split topic. It is like 50/50. So, it makes sense why it has been so difficult for a deal to be reached.
I think it's I I just think it's an absolute failure of Congress. It's just crazy that it's all these Democrats that it's just taking so much work to get on board to get clarity for a lot of ridiculous reasons. And, you know, we are where we are right now.
I mean, we are this is it everybody. I mentioned in yesterday's video, I think it was Lumis is not seeking re-election. She's been the the leader of this fight against the anti-crypto army.
We're going to have a new Congress, right? All of the efforts, Bor Clarity Act, thus far, if we don't get this done before elections, like in the next few weeks, all of it is just almost it's just like a waste because it's all got to restart. So, this is genuinely I know the video is like, man, how many times we got to watch videos about Clarity Act?
It is genuinely come down to this, right? This new text that is coming out is everything. I think it has to have ethics language or some type of new ethics like roadmap, right, for this to even get to the Senate floor for for Senator John Thun to bring it to the Senate floor.
And then on top of that, it's the hearing this Friday and then it's game on potentially as Lumus is saying next week, the the week of July 20th, which is 6 days away. We are there right now. it has come to this and so I don't know how this is going to play out.
I really have no idea. I know how I want it to play out. If we do make it to the Senate floor, I will be live streaming.
Please join me. It'll be fun to track. It'd be very sad to live stream uh a failure of Clariac passing, but it is what it is, man.
We've been through ups and downs. If it's a win, awesome. If it's not a win, then we're just going to get through it together on a live stream and we'll just track it.
So hopefully it does get to Senate floor. next week would be just awesome just to get this voted on finally to see what happens. So I wanted to bring you this news.
I think it was a pretty big news what what she is saying in regards to the text the new text and also just next week in general the deadline is here. It is time as she said to land this plane and hopefully hopefully they landed everybody. So hit the subscribe uh for more crypto news and analysis.
I appreciate you watching everybody. I'll see you in the next video. God bless.
