ALERT CLARITY ACT SENATE VOTE WON'T HAPPEN TILL SEPTEMBER!

**Tony Edward** (0:04)
Hey, folks, welcome into the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. I'm your host, Tony Edward. On your way in, please hit that subscribe button, as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify or Apple, please be sure to follow and leave a five star rating. Well, folks, I've got bad news for you. The Clariag vote is not going to happen. Senator Thune has confirmed via Politico that the vote will happen in September when the Senate and the House return back into office. So this is, of course, disappointing, but it should come as no surprise because as we've been covering over the past few weeks, there were many headwinds and things were not moving and time was not on our side. And now the whole vote before the August recess has collapsed. So a reporter from Politico said, Senator Thune just confirmed our scoop that the Senate is punting the Clardiac vote until September. So both the Senate and the House will return into office on September 14th. So let's see what they can get done. It's going to be tough because we are in a midterm election year. And you can imagine the Democrats are going to try to use this against Trump with many different aspects, you know, with the ethics, as well as the banking lobby pushing back on this bill. So things are not looking good, but here we go, folks, you know, it's going to be a mess. And if we don't get this bill done, you know, let's say before President Trump leaves office, it opens the door for another administration to come in and to roll back the updates the SEC, CFTC, and the other agencies have done. So it's not the end of the world that this is not going to pass. Let's say it doesn't pass even in September, because the agencies are providing the guidance, or the SEC and the CFTC have been providing the rulemaking. The problem, as mentioned, is that if the Clarity Act is not passed, then those things don't become law officially, right? So that's the risk, but we still got time, you know, to get something done. But the ideal timing would have been, you know, before the August recess. But unfortunately, here is where we're at. Our government is not able to get this done.
So it's pretty annoying, of course.
And then something you should know about, another Republican came out, Senator Jerry Moran, said he's a no on the Clarity Act vote because of the bank stablecoin yield situation. Yesterday, we talked about another Republican, Josh Hawley, who was also saying the same thing. So the banking lobby fighting very hard, you know, they're cutting the big checks. And despite the spending that the crypto industry has done, the banking lobby is looking to outspend them. So it might be a very tough midterm election. Let's see, you know, unless they're able to find a good compromise in September. But again, midterm election year, and you need the Democrats to get this done.
There was some updates on the ethics compromise.
Nothing confirmed, but apparently the details where the bipartisan ethics plan is to require Trump to sell crypto assets, Trump could net tax windfall in crypto bill divestiture deal.
So obviously, this doesn't matter right now because the bill is not going to get voted on anyway. But let's see if Trump and the White House agree to this come September. And if this is still going to be a headwind, because if they agree to it, then maybe there's some additional compromise on the stable coin front, and they could potentially push this bill through. Now, Senator Tim Scott did go on Fox Business earlier in the day.
You know, he was giving some hope. You know, he said, we will stay here longer for the next two days, and much longer if needed. But of course, this is a non-starter because Senator Thune came out and said, it ain't happening. So, unfortunate. Now, what's interesting, the price of Bitcoin is not reacting negatively. And it goes back to what I was talking about in yesterday's podcast, as well as in my newsletter from yesterday, that potentially this negative news of no vote could already be priced in. Now, I was born at night, but not last night. Obviously, we got to give it time. The market could dump tomorrow over the weekend or early next week, right? But let's say it doesn't dump.
There is a possibility that it's priced in, and that Bitcoin and the crypto market could follow the lead of the stock market, which has been hitting new all-time highs, the S&P 500 and more.