ROLLUP: Crypto’s 2-Week Deadline | The CLARITY Act | $100 Oil | OpenAI Model Escapes

**David Hoffman** (0:04)
Bankless Nation is the 4th Friday of July, and it's time for the Bankless Weekly Roll Up. Topics of the week, the Clarity Act, the volatility around the polymarket for Clarity Act is just at an all-time high. Trump said, he conceded, Ryan, that he would be ethical.

**Ryan Sean Adams** (0:21)
That's good.

**David Hoffman** (0:21)
So that means we get clarity, right? Like Trump says he's going to be ethical. That means we get it?

**Ryan Sean Adams** (0:25)
Yeah. I thought that was the thing that was holding us up. So we'll have to discuss that. And is that going to get us across the finish line to the Senate votes that we actually need?

**David Hoffman** (0:34)
And why is the polymarket only coming in at 40%? We're going to talk about all of that. But big news, $100 oil is back. It's up 40% in 20 days as renewed tensions over around the Strait of Hormuz. And that is sending the SPY spiraling. It's been a bad week in the TradFi markets, Ryan, but an OK week in crypto. There was definitely some strength in the crypto markets. Crypto is up this week while we had equity weakness, which I don't know, bottom?

**Ryan Sean Adams** (1:03)
Don't say it. Don't say it. Not yet. Not yet. OK. We also have Ethereum's biggest buyer tapping the brakes a little bit. We'll check in on BitMine and Tom Lee. Also, Commissioner Hester Peirce is hitting the brakes on DeFi vaults, and she has some reasons why. We'll discuss that. And then David, got to get to this story this week. It's an AI story, but has some crossover with crypto. For DeFi in particular, an open AI model broke out of its sandbox, hacked another AI company by itself using zero-day exploits. All right. Are they coming for DeFi next? We got to discuss this story.

**David Hoffman** (1:38)
It was crazy. Everything's going to be fine.
And lastly, Near becomes the first blockchain to become post-quantum. So we got the Near updates as well that we'll talk about. But we got to start with clarity. Is there a chance, Ryan, that clarity passes?

**Ryan Sean Adams** (1:53)
There's always a chance, David. But let's talk about what has developed on the week. So I saw this earlier in the week. This is Eleanor Tarrott, who says, she's a reporter, been tracking clarity, many crypto regulatory things for a while. I'm hearing from multiple industry sources the White House has agreed on an ethics package for the Clarity Act.
That was it.

**David Hoffman** (2:13)
That was all that we needed.

**Ryan Sean Adams** (2:14)
Yeah, this is a pretty big ethics packet. It's 616 pages. I'm sure you've read all of those pages.

**David Hoffman** (2:21)
Every single one.

**Ryan Sean Adams** (2:22)
David, but this is basically Trump saying, all right, we will put some ethics stuff. You got me.
Of course, the Clarity Act was stalled in no small part due to Democrats not getting on board with passing a crypto law without blocking Trump and friends and associates and future people in the government from actually doing things like launching meme coins and making money on these sorts of assets.

**David Hoffman** (2:49)
Launching issue any sort of crypto asset. And that's really what the ethic provision that we got. They've got the details of what it really bars. And so the president, vice president, Congress, judges, and all of their spouses are banned from issuing or sponsoring tokens for compensation. And so that is what is in the ethics package. So Donald Trump can't issue coins. Future presidents can't issue coins.
Their spouses cannot issue tokens. And so what's to do? We're good, right? Like, we got it.

**Ryan Sean Adams** (3:22)
OK, not so fast. I mean, Trump did say this was a historic concession that they were made. And now the White House, of course, is saying...

**David Hoffman** (3:30)
No one concedes better than me.

**Ryan Sean Adams** (3:33)
Yeah, no one says ethical is me.

**David Hoffman** (3:34)
They say it was the greatest concession of all time.

**Ryan Sean Adams** (3:37)
The most ethical president in history, of course.
And so, but like the Democrats are saying, like, hold on, this isn't quite what we wanted. It falls short in a number of ways. Let's talk about what it actually does, though. So you said it blocked presidents, VP, Congress, judges from issuing, sponsoring tokens for compensation, spouses. There was one group of family members that you missed there, David.

**David Hoffman** (4:01)
Oh, who's that?

**Ryan Sean Adams** (4:02)
That would be the children, the children of an official.

**David Hoffman** (4:05)