GOLDMAN SACHS CEO CALLS ON SENATE TO PASS CLARITY ACT FOR THE CRYPTO BULL RUN TO START!

**Tony Edward** (0:05)
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 the thumbs up button, and leave a comment below. If you're listening on a podcast platform such as Spotify or Apple, please be sure to follow and leave a five-star rating. Okay, first up, the Clarity Act gets huge support from Goldman Sachs CEO, David Solomon. This is huge. Here's the headline. Goldman Sachs CEO backs Clarity Act despite banking industry's concern over stablecoin rules. The Goldman Sachs CEO said the crypto market structure bill would create a more stable regulatory framework, breaking with other major bank leaders who oppose key stablecoin provisions.
This is a massive endorsement because it goes against Jamie Dimon and all the rhetoric he's been putting out there, plus the ABA, the American Bankers Association, who has been saying, credit unions and local banks are going to see deposit flight and much more, which is ridiculous.
And remember, this is now law, the Genius Act is law, and they're trying to retroactively change the law. So there was already some provisions that were made. Some Democrats and Republicans were able to find a compromise, but now the banks want more. So they got a cookie, now they're asking for a glass of milk. So it's all ridiculous. It's just they are getting disrupted. They don't want to compete. It goes back to what we've been talking about. They keep the majority of the interest, they're earning, parking your money at the Fed, and they give you the breadcrumbs, 0.01 percent. So that's what this is about. Jamie Dimon wants to keep his big bonuses at the end of the year. But the CEO of Goldman Sachs going against that is very good, because now it brings some balance to the conversations. So now if the likes of Jamie Dimon and some of his cronies start to bring this up, especially the senators who he's been lobbying, along with Elizabeth Warren, of course, then you have folks on the other side of the argument can say, hey, Goldman Sachs says this is good, and it's important for regulating the crypto industry. Now, here's a quote from an interview David Solman had with Politico. He says, the Clarity Act, like all legislation, is not perfect, and there are lots of things that you could debate and argue about. But I think one of the most important things that it does is that it creates a level playing field to enhance market stability and allow these markets to develop appropriately. I'm very supportive of moving the Clarity Act forward, so we can get some market structure in place and start to move the innovation process along.
Huge, huge statements here, folks. Big vote of confidence. Now, I know some of you are thinking, why would this bank want to do that? Well, Goldman Sachs is not your traditional commercial bank. They're a major investment firm, so they want to build with the technology and offer crypto investment products and much more. They don't operate like JP Morgan, right? We're dealing with consumers and so forth. But regardless, this again goes back to control. Jamie Dimon and these guys don't want to give up the big bonuses and the power they've had, but disruptive technology is here. And here's an example of some of Jamie's cronies. So apparently, the United States Hispanic Chamber of Commerce says it represents millions of Hispanic-owned businesses across the US. Sent a letter to the Senate leaders this week saying it shares community banks' concerns that the Clarity Act could accelerate deposit flight. The group argues the bill could reduce lending to Hispanic-owned small businesses and weaken investment in underserved communities. This is such BS. Again, there's been a lot of studies that contradict this because the Genius Act is already law. The Clarity Act is not what gives stable coin yield or allows it. It's the Genius Act. Now, they're saying, oh, if we don't fix it via the Clarity Act, but the Clarity Act has nothing to do with stable coin yield. It's just the banks are trying to bring this up to relitigate.
But you see all these folks coming out, oh, you're going to get deposit flight. Who the hell is just going to overnight start putting all their money in stable coins? That's not realistic. Even myself as a native crypto user, I've been here since 2016
I have some of my money in stable coins earning yield, but the majority of my money to pay my everyday bills and my mortgage and much more, it's in the bank, right? So this is really ridiculous. And if you think about demographics, people who are using local community banks and federal credit unions, they're not going to be big crypto adopters right now. Maybe over time as they become educated, they're not going to be rushing to coinbase or whatever platform, let me go get a whole bunch of stable coins. And come on, it's ridiculous. So again, this goes back to these guys don't want to lose the power they've had for a long time. And they don't want to offer consumers competitive yield or interest payments on their money. So they're fighting tooth and nail. But nevertheless, guys, the sausage making process continues for the Clarity Act. And there is going to be a vote next week. Nothing happened this week here. Anthony Scaramucci gave a quick rundown. I'm not going to read through everything because it's very, very long. But he says the Clarity Act update not passing as per this week, Thursday, July 23rd, based on publicly available Intel Republicans, 51 yes, 2 no, Democrats, 2 yes, 45 no. The required number of votes is 60 And he gives a full breakdown of the respective Democrats and Republicans who may be no versus yes and much more. But it's a very long list to share. So you guys can probably see it on the screen or you can go to Anthony Scaramucci's ex account where he posted this. So again, negotiations are still on going on ethics and of course, some of the banking concerns. And here Elizabeth Warren, she's putting out her propaganda. She put out a video on X stating, this bill will help Donald Trump's corruption to make more money. She knows it's not about that, but she's trying to paint the picture. This bill is just for Donald Trump. It's just so he can make another 1.4 billion. Now I've been on record. I don't like that Donald Trump had a meme coin and much more, but this bill is bigger than Donald Trump. This is about the United States being the leader in the technology, being able to create jobs for people and much more. But Elizabeth Warren, she's a liar. She's being paid off by Jamie Dimon and the banks. We know her MO. It goes back to the Biden administration when she and Gary Gensler were attacking the crypto industry unlawful in many ways. They have ultimately lost, right? We know how that all panned out, but she's still trying. She's still getting those checks from the banks. So she's still doing the bidding of Jamie Dimon and the banksters, and she's going to put out her propaganda. But I think a lot of people are seeing through it. It is total BS because you have many Democrats who have common sense, like Angela Alsabrooks and others who help pass the bill through the Senate Banking Committee, and they're going through the negotiations with the ethics. But they want to get the bill passed, unlike Elizabeth Warren. She doesn't want it to pass at all. But again, she's a bankster puppet. So what can you expect?