BIG CLARITY ACT NEWS! DEMOCRATS ETHICS COUNTEROFFER & MORGAN STANLEY ETHEREUM & SOLANA ETFS!

**Tony Edward** (0:04)
Hey folks, welcome in to 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 a thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify or Apple, please follow and leave a five-star rating. Alright folks, we have a big update around the Clarity Act with regards to the Democrats and what they're looking to do with the ethics, management or enforcement by the states. So Democrats led by Senator Gallego are now working with GOP Senator Tom Tillis of North Carolina on a counter offer to the current draft of the bill, which includes the ethics. Gallego told reporters Monday night that lawmakers are finalizing language that they plan to send to the White House in the next couple days. So we know the vote's not happening this week. Yesterday, I reported to you all that next week, the week of August 3rd, is when they're anticipating that vote. So Tillis signaled Monday that a key Democrat demand creating a role for state attorney generals to enforce the ethics language, not just the Department of Justice, will be included in what is sent back to the White House. Now, is it going to be something that's acceptable to the GOP folks? We'll have to wait and see. But I've been saying that I don't like this proposal by the Democrats because it's going to cause a lot of confusion with all the different state attorney generals, unless, again, there's some sort of compromise that makes sense. Maybe it's as simple as if a state wants to take action, they have to notify the DOJ what they're doing, get the green light, and then they can do their thing. Maybe that's a compromise. I don't know, but we're going to have to wait and see. But it's good to see that the Democrats are not just throwing their hands up in the air and say, all right, that's it. They're looking to get something done. Even though we don't have the details, so we'll have to wait and see if this is actually doable or it's a non-starter. So patience is the key here. Next week is going to be the big week, but I'm glad to see a counter offer is being worked on, and this is the sausage making process. This is how it works in DC.
The Clarity Act continues to get support from multiple law enforcement agencies and associations. Here we have another one. The Consumer Technology Association has thrown its support behind the Clarity Act. They said, America should be competitive in blockchain and digital asset technologies. We respectfully urge you to prioritize Senate floor consideration of the Clarity Act. Another part of the letter they sent included the following, The longer we delay, the more investment moves elsewhere. Startups launch overseas, capital flows to jurisdictions. With clearer rules, America loses jobs, innovation and leadership. This is spot on. This is a global competition we are in. It's no longer that these developers and engineers need the infrastructure in the United States. They don't need the bridges and the tunnels and the roadways. They don't need the Internet broadband.
Those things exist globally. We are in a much different economy. It's all digital. I can go to Singapore, I can go to Dubai and build these companies and these projects. Could I eventually come back to the United States? Sure, but we want the creation to happen here. We want the jobs to happen here. So this is where the United States is in danger of losing that seat. Yes, we have the advantage of being the largest capital market. But if I can go overseas and still raise funds from sovereign wealth funds and others, I'm still in a good position. It's not like it was 50 years ago, right? Where I want to come to the United States. I want to be here because there's more capital here. But now, these things have become democratized if you want to say it that way. There are huge funds overseas as well. So I think the United States needs to get this done. I think we're all in agreement. Now the banks are still fighting. So the US credit unions, which of course are working with the community banks, which are all following the leadership of the American Banking Association and of course JP Morgan and Jamie Dimon, they said that they overall support the Clarity Act. But warning could pull deposits away from local credit unions. So they signed a letter and they sent it to the Senate. Again, this is the BS stablecoin situation. Remember, a compromise was reached, right? There was an update to this. If you guys recall, before the bill was able to make it out of the Senate Banking Committee, now they're asking for more. So you guys already got your deal, so stop it, right? But we know they want to control as much as possible. This is not about deposit flight. This is about bonuses. This is about over time, people are going to say, wait a minute, these guys are not paying me. Let me start moving some of my funds. I don't think everybody's going to move all their funds. I don't even do that and I'm an advanced crypto user.