BREAKING: BlackRock Couldn't Even SAVE The Clarity Act?! (RUSSIA CANCELLED IT) | EP 1557

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BlackRock broke the internet last night when they threw their support behind the Clarity Act and brought $30 trillion of Wall Street assets with them. However, today we're getting some news out of the US. Senate that despite the huge backing from Wall Street, the Clarity Act will likely not make the August deadline. Like, what a surprise. But you probably won't believe it.
Russia is at the center of this story, and not how you probably think, but very interesting development here. So let me just get straight into it. If you weren't on Twitter last night, we saw this. Literally, the biggest names in finance are now backing the Clarity Act with them. I'm sure a lot of people are feeling a little uncomfortable, but we got BlackRock, Charles Schwab, Fidelity, Goldman Sachs and Grayscale. A combined $30 trillion of assets are now in favor of the Clarity Act.
Huge last-minute push. We've been talking about this idea that from everything we're seeing, there seems to be the need for a Hail Mary for this to work out. Even though there's been a big push, a big ground push from, of course, Senator Lummis. We've seen Scott Bessent back the Clarity Act. Of course, Donald Trump back the Clarity Act. There's been a big push to get the Clarity Act through. But now that we are, what, less than 10 days, now under two weeks for the August recess, the August deadline, the floor is tight. There's a lot of considerations happening and the Clarity Act is not at the top of this list. But what is at the top of the list is probably the most interesting rabbit hole of this story. So we got Coindesk covering this. And of course, I got Eleanor Tarrett, one of my favorite journalists on this beat. But here's the headline from Coindesk. I will read a little bit because there is some interesting takes here.
Headline, US. Senate puts off Clarity Act for now as it focuses limited bandwidth elsewhere. The majority leader, John Thune, is pursuing floor time for unrelated bills as the crypto industry waits for its policy efforts to get its chance to vote. Well, what are they pushing for? So the Clarity Act has been shelved as of now in favor of different bills, one on Russian sanctions and federal nominations, further setting aside the industry's central policy effort reducing its available runway in a crowded Senate agenda. So here's the meat of it. Majority leader, John Thune, started pursuing a package of nominees on Monday and expected to shift to a Russia sanctions bill tonight, at which point he's set to start its cloture process. The Arkane Senate procedure to manage bills' debates involve a number of steps and waiting periods before legislation typically gets to a final vote, and the chamber's procedures generally limit it to one disputed bill at the time. That means it's unlikely the body can move on the Clarity Act before the other matters get sorted or expired, which could take days. The Russia bill wouldn't post sanctions on the country's leadership and tariffs for trading partners, and it's dedicated now to the recently deceased senator who supported it, Lindsey Graham.
Bottom line, Clarity isn't likely to come up for voting before next week, which is what we heard. Obviously, there was a big push in saying that, oh, you know, last week, they're going to have the debate over the Clarity Act. It's going to happen this week. Well, now it's, you know, as we kind of covered yesterday, it's looking like maybe next week, but a lot of the conversation is like, it's probably not going to happen before that August 8th deadline. Anyways, going further here, obviously, August 8th deadline, the hotly debated market structure bill isn't yet ready for a vote.
As the parties continue to try to seek a compromise on a contentious provision that stood in the way of a deal, the ban against senior government officials, including Trump, backing crypto projects. Now, obviously, there's still some hope here. Who knows? Again, as we kind of heard from Patrick Witt last week, when we were covering this, he was mentioning that it looks like the Democrats will wait for the last minute to cut some deals. Well, that's the best-case scenario that we can have here. Though I have been seeing a lot of people say that, hey, if it doesn't pass before the August reset, they're still hopeful that it'll pass before the end of the year. But we all know that when they come back, it's the midterm. So probably not going to happen. But going a little further on this, there is a little more on this. Here is Eleanor Tarrant talking about the actual procedures.