Crypto's Crazy Week! Clarity Act Fails to Pass, SEC CFTC Rulemaking & Huge TradFi Crypto Adoption!

Tony Edward (0:00)

And they're just heavily focused on Trump. Midterm elections are coming up, and I'm sure Elizabeth Warren and a bunch of the folks made the call and say, hey, don't do it.

Amanda (0:11)

Yeah, Senator Warren is just what a piece of work she is.

Tony Edward (0:21)

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Link will be in the description. Hey folks, welcome into the Thinking Crypto Podcast, Crypto Water Cooler Series, where Amanda and I do a deep dive into the latest crypto news that you need to know about. Amanda, great to see you. Happy Friday.

Amanda (1:16)

Great to see you too, Tony. Happy Friday.

Tony Edward (1:19)

Well, Amanda, you know, I said happy Friday, but really, I don't know, we're not really feeling too happy because of what took place on Tuesday, because the Clarity Act failed to pass in the Senate with Democrats rug pulling everybody, and a lot of people are pissed off, and rightfully so, and man, I don't know what happens next.

Amanda (1:38)

I don't either, and I hope by the time people watch this episode, they've seen our interview with Cody Carbone, if not watch it, listen to it.

It's extremely important. He's the CEO of the Digital Chamber, one of the biggest lobbying groups in our industry. He's worked so hard dating the times of the markup starting from January of last year, and all the times that Republicans have come to the table, and to the point where he was surprised of some of what was negotiated because of how much they were settling with the Democrats. So I understand the frustration, and like you said, I don't know where you go from here because as people are asking the question, you know, do you think after the midterm elections, there's another chance, there's another opportunity? And like Cody mentions, I don't think there is because are Republicans willing to settle even more? And really, I think it comes down to trust now. Do we trust that they are going to act in good faith?

Tony Edward (2:33)

You were spot on, that key word, trust, right? Because Democrats acted as if they were acting in good faith. Yes, we want this compromise, this sounds good, let's go ahead and vote. And then, with zero Democrats voted yes. Zero, not even one. Not even the crypto champions in the Democrat camp, like Senator Kirsten Gillibrand, Cory Booker and many others.

They just completely rug pulled, and it was so disappointing. And look, some of them came back and put out a message saying, you know, we're going to come back, we want to work on something, we'll come back to the table. But it's like, do we even trust you? Like, are you going to keep your word this time? Because, you know, you mentioned, Amanda, there was so much compromise from the Republican side.

Cody had mentioned it, even myself, I was blown away that President Trump came back and said, 80 something percent of the ethics I agree with. That's huge, and that's the big roadblock for many of the Democrats. So what else are you looking for, man? This is so disappointing.

Amanda (3:35)

It is, and it really does seem very orchestrated, because after the fact, you're right, all the state senators, it's almost an echo chamber of this one line of, we need crypto legislation, we need, and it's like, well, what the heck did you just do then? So you know we need it. Why didn't you or these absolute, we could have a whole episode, Tony, just dedicated to the responses after the fact by the state senators, or lack thereof. I can't tell you how angering it was seeing the senator of Hawaii, who was approached by one of these reporters and just, I'm not prepared to talk to you right now. It's like, well, you should be, because I think you owe the American people, especially in our respective industry, an answer as to why you so quickly walked in, said no, and are walking out like, all right, done.

I did my part. I think you owe us an answer. Why no? After all this back and forth, and even the advocacy work of Senator Lummis and Senator Scott, and the list is long of the tweets and the constant crypto Twitter that we all live in, just, it's going to push it forward. It's going to move forward. What happened?