OH NO! CLARITY ACT SENATE VOTE COLLAPSES! BLACKROCK EXPANDS TOKENIZATION & BNY CRYPTO STAKING!

**Tony Edward** (0:04)
Hey folks, welcome in to 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. Well, folks, we got lots of news to talk about, some not so good news with the Clarity Act, but incredible adoption news with institutions getting involved with crypto, including BlackRock, BNY Mellon, and a bunch more. Let's start with the Clarity Act. So folks, it's bad news after bad news with the Clarity Act. And we've been talking about it since late last week, that things were not looking good with the timeline getting short and the ethics negotiations kind of stalling. So here's where we stand. The White House has still not responded on the bipartisan ethics language that was sent over to them last Friday. So that's not good. It means we can't even get anything going in the Senate. And the Democrats are using this to their advantage. So Punchbowl News is reporting, there is a clear consensus among Senate Democrats right now that without movement on ethics, illicit finance and stablecoin yield, a cloture vote this week on the Clarity Act will fail. Democrats won't be moved by crypto cash at this point.
So the Democrats are saying, no ethics?
Well, that's it, it's over, right? And the cloture vote is essentially that initial vote. So it's not even the final vote. So we can't even get the initial vote, guys. So this really sucks.
It's a bad sign. Look, we got a few more days and maybe they can turn it around to get some sort of win here, but it is not looking good. And what's mentioned here is that the Democrats are not budging, so the crypto lobby is not affecting them. Why? It's what we were talking about for months. The banking lobby is coming in hard. Jamie Dimon, JP Morgan, coming in with that stablecoin yield situation, sending the checks out, right? You see Elizabeth Warren going ham. She's getting those big fat checks. We know how it works, so this is not good for crypto.
And look, the midterms are coming up later this year. Certainly crypto will be spending, but if the bank lobby is also spending, boy, it's gonna be really nasty. Now, some other updates. Senator Lummis responds to this report about the Democrats backing off and warns Democrats not to kill the Clarity Act by voting against cloture this week. Brendan Patterson said, Earlier today, I asked Lummis directly if failure to reach cloture on Clarity would kill the bill. She says, yeah, it will. So if they don't even do this one simple thing, right, and this is just one of the hurdles, that's it. And I don't know even if, come September, when everybody's back in office, if they're able to get this going again, because it's going to be midterm election season. Again, the banking lobby is fighting hard, and it's not looking good, folks. So this is a tough one. And the banks and Democrats are fighting on multiple fronts. So we know the banks are banking Democrats, right? So here, a conservative Wall Street Journal editorial board just published a piece beating up the Clarity Act, writing that the crypto market structure bill needs changes to reduce risks to the financial system. This is, of course, a paid piece by Jamie Dimon, right?
So we know where this is coming from. So they're fighting hard, you guys. They are fighting tooth and nail. And look at this. Elizabeth Warren is going after Trump's meme coin. CNN is reporting that Elizabeth Warren urged the SEC to probe into Trump's meme coin over possible fraud. Now from day one, I've been saying this is not a good thing. I don't care if you're conservative, Republican, independent. We all know this is not a good thing. And this should not be in something that President Trump and the First Lady should have launched. They both had coins. And it's just a horrible look. And now their political opponents are using it against them. And now it's being used as a hurdle to block the Clarity Act. So this puts us in a very difficult situation. Look, I've often stated I'm an independent. I think it's important for people to hear that because sometimes if I criticize one side or the other or both, people get very triggered. They're like, how dare you criticize this person or this party? And it's like, bro, I'm calling balls and strikes here. I'm an independent. So I'm going to I'm actually the most neutral party here because I'm not trying to root for any party in part particular or go against any party in particular. I'm just calling it like I see it. And this really, really sucks. So this mean coin thing has come back to hurt us big time with the Clarity Act. And many of you have heard me ramble and complain about this thing for over a year now and here it is, right? This is one of the reasons why I was saying this is not a good thing, man.