BREAKING: Clarity Act is OFFICIALLY CANCELLED - Here's What it means for Bitcoins price | EP 1592

Nico Moran (0:02)

Bitcoin is back at $76,000 as it looks like the Clarity Act failure is being priced into the market. Yesterday, it really did look like the Clarity Act had a real chance of passing as the Republicans made over 120 concessions and literally gave the Democrats everything they asked for. However, the Democrats rejected the latest bill and have issued another unrealistic counter proposal. So the question is, why are the Democrats doing everything they can to sabotage the Clarity Act? Well, we're going to show you the truth of why the GoPost continue moving and how it could lead to a CBDC and digital ID being rolled out in America. I know it's kind of far-fetched, but it really seems like that is what's going on. So before we get into our rants, and maybe depending on who you'll ask, our tinfoil hat takes here, let's just get into the basics of what happened. And again, I'm going to be using Eleanor Tarrant. She's been doing a very good job of covering Bitcoin or crypto and what's happening out of Capitol Hill. So here is the latest proposal, or actually the latest article that dropped this morning. So this is as updated as we can before the show. And it is titled, Clarity Act Heads to Pivotal Senate Vote as Democrats Make 11th Hour Counter Offer. Democrats are pushing for further concessions as Republicans insist their latest text is their final offer ahead of today's 60 vote test. So, the Clarity Act is not officially, officially over, but as far as we can tell, there is going to be a cloture vote today at 2.15.

They do need 60 votes, which means they will need a couple of Democrat votes to get this pass. And as of now, with all of the sentiment we're seeing, it's most likely that they're probably not going to get any Democrats to vote further for the Clarity Act. Now, of course, anything can happen by the time the show ends, but this is most likely the Clarity Act's not going through, which, from my opinion, could be a good thing. But we'll talk about that a little later. So let me get you guys the meat and potatoes of what's going on here.

So again, in order to advance the bill, there needs to be 60 senators to vote to invoke cloture and move toward formal floor debate. Again, if this closure vote, they got 60 votes today, wouldn't necessarily mean the Clarity Act is getting voted into law. It would basically give them about a 30-hour window to debate, maybe add amendments, and then they needed a final vote, which I believe, Nico, if I'm not mistaken, was 51 votes to get the Clarity Act passed. So, as of now, we'll see what happens later today, or rather, maybe we might not get the official vote later today, but I think as far as we can all tell, today we will know for sure whether Clarity Act is going through or not. Okay, and here is where is the meat and potatoes.

So, of course, as we covered yesterday, we got the latest Clarity Act bill coming in late Sunday. Again, it made major concessions on ethics, software, developer protections, and the AG title, while adding a nude, quote, circuit breaker aimed at addressing concerns over the stablecoin yield that we've been covering forever. In all, again, the Republicans say the draft incorporates 126 substantive changes requested by the Democrats, but Democrats are still unsatisfied. Late Monday, Senate Democrats sent Republicans a counteroffer responding to changes in Republicans' latest text. According to, of course, two people familiar with the proposal, it does not seek further changes to the stablecoin yield provisions and issues sources have described as a Republican-only issue, which is pretty interesting just on the face of that. On ethics, though, Democrats are seeking additional restrictions on large crypto holdings, dependent children, and paid crypto promotions. On the Blockchain Regulatory Certainty Act, of course, for us Bitcoiners, it was the open-source development protections portion of the bill.

They want further changes to narrow the scope of the provision and affirmatively state that nothing in it modifies criminal law while their AG title changes include title rules around exchanges and conflicts of interest and protection for tribal gaming laws. And then now the Republicans are pushing back on the latest counter proposal, quote, in response to a significant step in their direction, Democrats have chosen to move the goalpost again. Republicans again made 126 substantive changes at Democrats' request, including major changes to address their ethics concerns. Yet we are hearing the same unreasonable ask and the same refusals to take yes for an answer. The final text is public. Of course, a new counter offer was offered, but the objections are still saying they need work. That's like the biggest thing we said. We saw yesterday that the ethics provision that the Republicans conceded, particularly around the whole Trump family and his conflict of interests, apparently still quote need work and didn't go far enough. Then we have Senator Elizabeth Warren, who goes even further, and she goes, the new ethics language gives Trump administration officials too much control over enforcement and leaves loopholes that would allow the president to continue profiting from some of his existing crypto interests. And then it kind of goes on, talking about the different Democrats and what their kind of different opposition is.