HUGE! TRUMP TO CANCEL AUGUST RECESS TO PASS THE CLARITY ACT!?

**Tony Edward** (0:04)
Hey everyone, 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, please be sure to follow and leave a five-star rating. Folks, I want to apologize ahead of time for my voice quality. I've been battling the flu over the weekend and still in the recovery phase, but we have huge updates around the Clarity Act that you need to know about, so I want to make this quick update for you. Let's jump into it.
Okay, the latest update on the Clarity Act timeline is a new Clarity Act draft has been released, merging the Senate Banking and Agriculture Committee versions and adding an ethics provision for the first time. A motion to proceed is expected Monday or Tuesday with a possible floor vote the week of August 3rd. So, no votes this week, folks. It will likely happen next week, which puts us against the timeline because August 7th is that hard cut off date before the August recess where the members of the House and Senate both go away. However, we have a very interesting update from President Trump. He's calling on Senator Thune to cancel the August recess for the Senate until they pass the Save America Act. Now, it will also benefit the Clarity Act because if there's no August recess, they will have the time to vote on not only the Save America Act but the Clarity Act. This is a very interesting development. I don't know if it will actually be done, but James Murphy, meta law man, I've had him on the podcast many times over the year, says the president has the legal authority to cancel the Senate recess. The president has the constitutional authority to call an extraordinary session of the Senate to vote on the Save America Act and the Clarity Act. The authority is found in Article 2, Section 3 of the Constitution, which provides the president may, on extraordinary occasions, convene both the houses or either of them. In 1989, the Office of Legal Counsel of the Department of Justice issued a legal opinion confirming this point.
So could this be on the table? It seems like it because President Trump is talking about it and he has the legal authority to do it. So this could certainly play out if they don't get these things done. I'm sure many of them want to have that break, so they most likely will get it done.
But guys, the Clarity Act, this updated version is getting the support from major financial institutions on Wall Street, which includes BlackRock, Tralish Schwab, Fidelity, Goldman Sachs, and of course, Grayscale. So the big players are coming out saying, pass this bill now.
And here Patrick Witt, he retweeted some news around that saying, the largest asset manager in the world just endorsed the Clarity Act, and you're backpedaling. So he's talking about the Democrats, right? Because the ethics language has been put into the bill, but the Democrats are making it a lot about Trump, when it should be about America and creating jobs and innovation. And the Clarity Act helps to protect consumers while fostering innovation. Right now, the industry is unregulated, with the exception of stable coins, because the Genius Act was passed last year for stable coins. But the Democrats know this, but they're playing the nasty political game, which really sucks, right? And look, Republicans do it too. So the fact that they're doing this is really annoying, and we're going to talk a bit more about it, because the usual suspects are starting to show up. But let me highlight some of the things the folks on Wall Street are saying. So Franklin Templeton, they put out a message today saying, Franklin Templeton supports the passage of the Clarity Act. The bill would make clear how crypto is regulated. Investors would know what predictions apply. Firms would know which regulators they answer to. It's time to provide the industry the clarity it needs. Fidelity posted the following. Fidelity urges the Senate passage of the Clarity Act. The time is now for clear rules of the road that are essential to strengthening investor confidence, providing certainty for market participants, and reinforcing US leadership in global digital asset markets. And not only is it Wall Street firms, here the National Fraternal Order of Police officially endorses the amended Clarity Act. So law enforcement agencies are backing this bill. This puts the Democrats in a very bad spot because you have law enforcement backing it plus the major Wall Street firms. And you know, I tweeted out today about this where I said the Clarity Act is going to pass. Major Wall Street firms are backing the updated bill. And when they want something, they usually get it. Not to mention lawmakers who continue to oppose the bill and crypto more broadly could face significant political consequences in this year's midterm elections a la the 2024 elections. Remember the people who are anti crypto got their assets handed to them. And if they do that this year in an election year, the crypto industry is ready to deploy the war chest. So they're playing with fire here and I think they better get this bill pass and not make it all about Trump. I've been on record from day one. I don't like the Trump meme coin. I don't like the Milano meme coin. No public official should have that. But this bill does include ethics. So moving forward, it prevents that. Let's get it done versus looking backwards with what's already done with Trump, right? Let's move forward and make sure these things are in place. And there is a larger ethics issue. This is not a crypto-specific thing. Trump and these folks and members of Congress are invested in stocks, right? Let's be clear. So this is not a crypto-specific item. But folks, the Democrats and their usual suspects are showing up. We got Ben McKenzie, Ryan from the OC. He's back talking about crypto is bad and they shouldn't pass this bill. And you cannot be against Trump's crypto corruption and then vote for a bill that enables that corruption to continue. That's such a lie.