Eleanor Terrett: Why CLARITY Is Likely To Happen This Year (Detailed Explanation)

**Robbie Klages** (0:00)
Welcome back to Crypto in America, live from Las Vegas. I'm your host, Eleanor Terrett.

**Eleanor Terrett** (0:05)
I was genuinely confused. I was like, Robbie's lost it.

**Robbie Klages** (0:09)
All right.
We've got Eleanor Terrett. This is The Rollup. We are live from Las Vegas at the Rare Evo conference. And we're going to be talking about clarity, clarity and more clarity. Eleanor is the woman in the know, and she was a late addition to the slate today. So I don't have her on my run of show, so we're just going to chop it up. Eleanor, how are you doing?

**Eleanor Terrett** (0:30)
Yeah, I'm great, Robbie. How are you?

**Robbie Klages** (0:32)
I'm good. I'm good. I'm sort of oscillating between the nothing ever happens and so much is happening.

**Eleanor Terrett** (0:39)
Yeah.

**Robbie Klages** (0:40)
Because it feels like every day and night, there is some new news around ethics language or yield or BRCA or whatever the aachronism is. You're the clarity person. So are you in the nothing ever happens camp or the everything is happening all at once camp?

**Eleanor Terrett** (0:57)
Yeah, it's everything that's happening all at once, but it feels like hurry up and wait.
There's this urgency to get it done. August recess starts next week, but there is very little to suggest that they have the votes to get it across the finish line at this point in time. But I keep saying, it seems it is changing by the minute. It really is changing by the minute. It's a fluid situation. I feel like all I'm doing is checking my e-mail, checking my text messages, checking Twitter to see what updates are coming through. Also, I'm sure you find this as well, but operating in Las Vegas, three hours behind the East Coast is very confusing when you're trying to keep up with real-time news.
But yeah, it is constantly changing. And I think it is a case of, can they get to the 60 votes needed to invoke cloture, which is something that may happen next week. I think there was some hope originally that Senator Thune, Leader Thune, was going to perhaps call a vote this week. Doesn't look like that's going to happen now. They obviously had the Iran-Russia sanctions bill that took priority. And it looks like it's gonna maybe go through maybe quicker than expected. It looks like they have the votes to push that through. So we could be looking at next week for, so we could talk about Senate procedure, right? That it's not just a quick, let's vote on this and it's kind of done, right? There's a lot of arcane Senate procedure that goes into this. You've got to invoke cloture. Cloture requires 60 votes in order to go on to the next part of the process, which is the motion to proceed. After the motion to proceed, you start working on amendments. And then you kind of got to start the process all over again. In between those, you've got 30 hours. So when you think about the timing, right? Next Friday, all the lawmakers go back to their constituencies and kind of go on summer recess.
There's really very little time. So now we're talking about, are lawmakers going to stay longer over recess and kind of try and get this done? I think there is a possibility, there's a world in which if they get the votes to invoke cloture and the Democrats are on board, the Republicans are on board, they could stay longer and get this well done.

**Robbie Klages** (3:02)
Is there a precedent for that, extending past recess if they have something on the table?

**Eleanor Terrett** (3:07)
There is, I can't, off the top of my head, give you an exact piece of legislation, but it has happened before for important pieces of legislation, I believe, like reconciliation, spending packages, that kind of thing.
It's never happened for a crypto bill. Definitely can tell you that.

**Robbie Klages** (3:22)
We're in a lot of firsts for crypto.

**Eleanor Terrett** (3:23)
But there's firsts for everything, exactly, exactly.

**Robbie Klages** (3:25)
Okay, so we've got to get first to this cloture vote, and that is ultimately going to tell us whether or not we're going to proceed.
And then there's a couple steps from there, but it seems like if we can at least get to the cloture vote, it would mean that we probably have the 60 votes, and it would probably mean that we're in a much more likely position for this to continue. There's this 30-hour timeline, and then there's things that happen afterwards. But if we can get some sort of movement in the next week, then we're on a much, much greener pasture even after recess.