BIG CRYPTO NEWS! CLARITY ACT ETHICS NEGOTIATIONS HEAT UP! BITCOIN CLIMBS HIGHER & XRP BREAKSOUT!

**Tony Edward** (0:05)
Hey, folks, welcome into The Thinking Crypto Podcast, your home for cryptocurrency news and interviews. 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. As many of you may have caught in the previous episode, I am recording in a hotel in Las Vegas because I'm attending the money show, where I'm talking about tokenization, crypto, and much more. So apologies ahead of time for the audio and video quality. I'm not in my studio, of course, but let's jump into the news. All right. So Bitcoin is trading over $66,000. So we continue to see the rally extend here, and we're starting to see some altcoins waking up, which is a very good sign. In fact, XRP has broken out of its 66 day downtrend, and it's breaking a downtrend line, and this is a very good sign. I expect XRP, Solana, ETH, and more to start to rally.
We will have to wait and see what's the extent of this rally. Is it simply a relief rally that rejects off the 200 day moving average? Because we're still trying to find the bottom, even though I believe the bottom of the bear market is very close, but it could already be in. We just need confirmation, right? So we're close, guys. The majority of the downside is over. And of course, if we get positive news on the Clarity Act, we will see a very strong rally. The question is, can we break through that 200 day average and continue to move higher? Now I don't expect that move to happen in one week or a month. It could play out over months. Now we are getting some good news on the Clarity Act. The odds of it passing has crossed 50% again. It's currently at 52% on the Polymarket. This is because of renewed talks around the ethics situation. Yesterday I reported that the White House agreed to certain ethics language to be placed into the respective bill.
Here we got a report that President Donald Trump is said to have made historic concessions in the deal to allow an ethics provision in the Crypto Clarity Act that curtails the president's own activities and the White House is pushing Democrats to accept it.
Will the Democrats accept it? That's the big question, right? Let's hope they do and that the ethics language is sufficient. Now, we don't have the details yet, right? We haven't seen any type of release on that. And of course, the White House is trying to get these Democrats to get on board.
And there is a lot of bipartisan ethics discussions underway. So Axios confirm that this is happening. Senator Tom Tillis is spearheading the negotiations on the GLP side. So it's great that the dialogue and discussions are happening. Let's hope they're fruitful and it leads to a great compromise. And we can get this bill out of the Senate, where it would have to go to the House to be voted, and then it will pass or it will go to President Trump for signatures. Of course, time is not on our side as the members of Congress go on recess on August 7th. This is for the August recess. And we are in a midterm election year.
So nothing is going to happen come late Q3 into Q4. Eleanor Terry reported that Senator Angela Also Brooks, who is a Democrat, told her that the White House idea to have the Department of Justice enforce the Clariots Ethics Provision is an unserious offer and says she would not support the bill if that is the only enforcement option. So essentially she is saying that the DOJ is going to do the bidding of President Trump. And this is not sufficient. So we'll see again.
The good thing is the negotiations are happening, the dialogue is happening. Senator Bernie Moreno, who has been working with Senator Cynthia Lummis to secure an ethics agreement with the White House, told reporters last night that the current proposal would put the DOJ rather than the state attorneys general in charge of enforcement. Here's a quote from Senator Alcibrooks, but we'll keep working from the floor to reach an agreement that allows us all accountable.
Alcibrooks is one of the two Democratic Senators who voted to advance the Clarity Act out of the Senate Banking Committee in May and has said her continued support for the bill hinges on strong ethics provisions being included in the final text. So again, she's not anti-crypto and she helped to vote it out of the Senate Banking Committee. So I think she wants to see some proper ethics language in here. Obviously, there's a larger ethics situation we have to address with Congress being able to trade stocks and other assets. It's not a crypto specific issue. But I think a lot of this may be addressing meme coins and some of the other things happening. But again, this is all great. This is a sausage making process and it needs to happen in order for us to get this bill done. So let's hope they're able to come to an agreement and get this done, folks. Now US Treasury Secretary Scott Besant says that the Clarity Act is at the one yard line. This is being reported by Bloomberg. So, we're very close. And it's great to hear that progress is being made and we're seeing based on the feedback and the dialogue we're seeing happening. Now yesterday, I reported to you guys that Russia is looking to pass crypto legislation. And in fact, they have passed it. So we got reports here that Russia has passed the law that regulates the circulation of digital currencies and digital rights in Russia for the first time, the TASS reports. So this is kind of good that it's happening now because it will put more pressure and onus on Congress or the Senate to get this done because other countries are moving forward. So this is very good. And moving ahead, Crypto Lobby Group, the Digital Chamber, sues the state of Illinois to block the digital asset tax. Many of you may recall this was a proposal by the governor. I mentioned that the government was very close to Elizabeth Warren. So he didn't wake up and was like, oh yeah, let me do this. Elizabeth Warren is seeding the ideas here. And it's of course draconian and nonsense.