LEAKED: 2 massive Bitcoin Moves Have Just Come Out of The White House ... | EP 1570

**Nico Moran** (0:02)
In the past 24 hours, we've seen two pieces of news come out of the White House that has some serious implications for Bitcoin. The first was Scott Besson announcing that the Genius Act is getting implemented as we speak. And the second was from President Trump. Trump's crypto or Trump-backed crypto company is looking to become a bank. I think we all saw this one coming, but I think the implications here is probably more so on the impact, which is only going to further complicate the whole ethics conversation in America. Honestly, it's probably like the final nail in the coffin for the Clarity Act here. But before I get into all that, let's zoom out a little bit. Are these two things happening right now related? Are they just coincidences? I know the Clarity Act is done now. We finally can get it behind us. But it is interesting that the Trump administration, at least from the federal level, they are very active right now in embracing and talking about Bitcoin or crypto digital assets, etc. They are still pushing really hard for this. Now, I know a lot of people are saying that, okay, Clarity Act is not officially over. But I think this latest news from the Trump-backed crypto company, it's not going to do any favors for the Clarity Act. So what am I talking about? Before I get into this news, this is something that we didn't cover on the show last week, but it is good context for the next story, or rather it is good context for the story. So we had Bitcoin Mag tweet this, the US regulators OCC approves Bitcoin and crypto firms to become national banks. America, quote, and the OCC, excuse me guys, are once again open for business. You can see a little highlighted, should have a path to becoming a national bank. America and the OCC are now open for business. So the OCC officially said that crypto firms, the office of the Comptroller of the Currency said, crypto firms can now become banks, which maybe you as a hardcore sovereign Bitcoiner, you're like, I don't really care about a Bitcoin bank, but hey, we knew that this was going to eventually be the scenario where the exchanges would basically become banks. We've heard Saylor talk about this, that strategy is basically just going to become a bank, the de facto bank. Remember he tweeted last week, strategy is the JP Morgan of crypto. So this whole progression to becoming a bank from crypto firms or Bitcoin firms, crypto firms, we've seen this coming. Now it's official. Again, we don't know what's going on with the Clarity Act and there has been some rumors at the SEC and the CFTC are going to launch the real rules of the road so that we can have some clarity here coming from the SEC and the CFTC and not necessarily from the law. I have an update on that for you guys as well. But anyways, let's get into this. And I think this is really going to complicate the whole idea around the Clarity Act. As we know, we've been hearing the attack vectors come from the Elizabeth Warren led Democrats. It's all just attacking Trump. Everything that has stalled the Clarity Act, well, not everything. There's also, of course, the stable coin yield conversation, which I thought that's what the Genius Act was about, but now I guess it's holding up the Clarity Act. But the main sticking points were the ethics provision or whether the Trump family is insider trading crypto and how do we stop the president and all of the Trump people from doing that. At least that's what the Elizabeth Warren anti-crypto army has been saying, is that, hey, the Clarity Act is good. We do need bills. We do need some good rules here, but this bill, the Clarity Act, is what she say last week. This bill is created by the crypto lobby and it's just two favorable rules for the crypto industry. We need good regulation, but not one that is lobbied by the crypto industry. Well, I think this is going to complicate that even further. So Reuters reported Friday that US regulator approves bank charter for the Trump-backed crypto company World Liberty Finance. So Trump is, I believe, a shareholder in World Liberty Finance. Obviously, it's his kids that are part of it. It's also Steve Wyckoff's kids that is the founder of it. So it's a little muddy there, right? That's where this conversation, I think, is going to really muddy the waters when the Senate comes back or Congress comes back and they plan on trying to pass the Clarity Act. I like I'm convinced that this is the final nail on that coffin. It's not going to go any further now. This it's cooked like I'm completely convinced of this. Anyways, a national US bank regulator on Friday conditionally approved a bank charter application linked to President Donald Trump and his family's crypto venture, World Liberty Financial, effectively green lighting and expansion of its stable coin operations. The office of the Comptroller of the Currency said in a letter published on its website that it has granted conditional preliminary approval of World Liberty Trust Company's application for a national trust charter, which it applied for in January. Now, here's where there's like the nuance and the details, and it goes, the charter, if ultimately approved at a later date, would allow World Liberty through the newly created trust bank to manage and hold assets on behalf of customers and settle payments faster. It does not generally permit deposit taken or lending like traditional banks. So it's really more of like a Bitcoin custody bank, but I'm sure later on, maybe they'll figure out ways that they can do more traditional lending and stuff on top of it. But anyways, hoping to capitalize on the Trump administration's crypto friendly stance, the industry has been knocking on the OCC doors for such charters. They allow crypto companies to hold assets on behalf of clients nationwide under a single federal charter, as well as to provide other settlement and asset servicing functions, making it easier to court major institutional clients. So as you see, OCC basically approved crypto firms can become banks. Now, they just gave a banking charter to World Liberty Finance. Though there is a little something interesting here in the summary. So again, conditionally approved bank charter application for World Liberty Trust Co. And then this one is pretty interesting. Charter will allow Trump family-backed crypto company to issue its USD1 stablecoin. Damn lawmakers had said the license is a conflict of interest for Trump-appointed regulator. Guys, we already see how this is going to play out when the recess is over and they come back in September and Congress comes back. This is going to be like point number one.