CLARITY ACT GETS TOP DEMOCRAT SUPPORT & MAY PASS SENATE NEXT WEEK!?

**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 a thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify or Apple, be sure to follow and leave a five-star rating. All right, folks, let's start off with some Clariac news. Senator Ron Wyden, who is a Democrat out of Oregon, is asking Senate leaders to preserve the Blockchain Regulatory Certainty Act as passed by the Senate Banking Committee in any version of the Clariac brought to the floor. So as a reminder, the Blockchain Regulatory Certainty Act handles DeFi, and we know a lot of the banks have been fighting against DeFi, and that's been one of the roadblocks, right? In addition to ethics, in addition to the banks not liking stablecoin yield. So Eleanor Tarrant reported that it comes amid uncertainty over whether certain key law enforcement groups will accept the BRCA language and whether changes will be needed to win their support, as well as votes from other Democratic senators like Senators Catherine Cortez Masta and Mark Warner. So in a letter to Senators Thune and Chuck Schumer, Wyden says the provision would codify existing federal policy by clarifying that non-custodial software developers should not be treated as money transmitters solely for publishing software while preserving the DOJ's and FinCEN's ability to pursue illicit actors. Wyden was the Democrat co-sponsor of the standalone BRCA legislation in the Senate alongside Senator Lummis, who's of course a Republican. Now, a few takeaways here. First, great to see a top Democrat coming out and supporting this, and he's writing a letter to other Democratic senators saying, hey, let's get together and do this. Obviously, Chuck Schumer being one of the most powerful and well-known Democrat senators. Second, he's supporting the DeFi and non-custodial wallets aspect of this legislation, which again, the banks don't like and they have their dog, Elizabeth Warren, trying to block it, right?
This is their dog on the leash, that they're trying to get to attack crypto or has been attacking crypto. In fact, as soon as Ron Wyden put this news out, she released the following tweet, as currently drafted, the Clarity Act is a ticket to sanctions evasion. And she shared some sort of article that says, former Iranian director of the NSC says, crypto legislation is a ticket to sanctions evasion.
This is ridiculous. Crypto legislation will allow all the agencies to come together and to be on the same page and to work with law enforcement to make sure that bad actors are stopped. So she's lying. But this is her MO. Remember, she's getting the big checks from Jamie Dimon and the other banksters who are trying to kill as much of DeFi and other parts of crypto because they want to control it. So the other factor is that it's great timing that this is coming out because Congress, they're going to be back next week, I believe, July 13th. And obviously, things need to move fast because time is of the essence. We have a deadline of August 7th. That's the hard date because after that, Congress, they're gone. They're gone on August recess and nothing is going to get done in September because the midterms are coming up. So a lot of people are going to be gearing up for that. And there's going to be a lot of mudslinging, as you can imagine. So really great to see this guy, a top Democrat coming out and supporting the bill as is, and collaborating with Republicans. And obviously, the bill made it out of the Senate Banking Committee. It's got to go to the floor. So again, Elizabeth Warren trying to combat this with her lies, but nobody believes her. And she's pretty much by herself because she engages in a lot of hyperbole and outlandish statements. And even though the other Democrats may have their reservations, they're not doing what Elizabeth Warren is doing, thankfully. Now, I want to highlight what user MartyParty on X shared regarding the Clarity Act timeline. Now, this is not from the Senate or any members of Congress, but it's a mockup of what the timeline could look like based on the hard cutoff date that we have at the beginning of August, plus Congress coming back into office next week. So he says here, July 13 to July 17, Senate procedural vote and final floor vote on the Clarity Act. July 20th to 24th, US. House will work on finalizing the reconciliation of the Clarity Act with the US. Senate. July 27 to August 7, President Trump can sign the Clarity Act into law.