THE CLARITY ACT IS GETTING CLOSER TO PASSING AS ETHICS NEGOTIATIONS CONTINUE!

**Tony Edward** (0:05)
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 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. All right, folks, we got to talk to Clariac because there are so many updates. Try to keep up here because it's a lot. So, the Senate Republicans today, they released the latest version of the Clariac, and the bill contained an initial crypto ethics agreement. It covered government officials such as the President of the United States, the Vice President of the United States, members of Congress and others, plus their spouses. The ethics agreement sunsets on January 20th, 2029 That's a bit problematic, but let me not get ahead of myself. So we have a full breakdown of this. Many of you may have seen my social media posts. I even posted it on YouTube the screenshots of the language. And this is really good. This is what we want to see because I've often stated, no elected official should have a meme coin or have a cryptocurrency tied to them. So this is great. I love it. This is what we absolutely want to see put into place. Doesn't matter if you're Democrat, Republican or independent, you should not have anything like this. And obviously, there's a larger ethics issue that needs to be sorted out, which we'll talk a bit more about later. So Senator Cynthia Lummis and many others shared all the key ethics provisions and the breakdown and much more. Now, you may have seen my post where I gave my thoughts on it, the good and versus the bad. So obviously, this language, this ethics provision is awesome, right? So it's really great that this is being put into there. Now, here are my issues with both the Republicans and the Democrats. Many of you know I'm an independent, so I'm not trying to pick sides here. I'm just calling balls and strikes. So the ban would sunset on January 20th, 2029
Very weird. It's the same year the CBDC ban sunsets. So I think this should be permanent. Why is there a sunset? It's only three years away? I mean, what's going on here, right? So that's really weird. I'm going to try to bring some experts on the podcast to talk about this, because why would you only ban it for three years?
Again, same year as the CBDC ban. Something doesn't seem right here, but I don't want to read too much into it. Now, on the Democrat side, they're asking for each state attorney generals to be in charge of ethics enforcement. But this is unrealistic because each state operates many times in different ways. You have different people, so you have different point of views and perspectives. As you can imagine, each state is going to handle this very different. So you're going to have a hodgepodge of all kinds of craziness, right? New York is going to do something different versus Florida versus you can't have that. So I absolutely disagree with the Democrats on here. This is a bit outlandish. So this is where we're at. I love the ethics provision that's put in there. I don't like the sunset band-aid, and I'm sure many of you, regardless if you're Republican or whatever, you don't agree with that. And of course, absolutely don't agree with what the Democrats are saying, that they're not going to vote for the bill unless each state attorney general is going to vote for it. Again, it's just unrealistic, right? But with all that said, the Democrats say they opposed the new CryptoClarity Act Draft Bill, but are working with Republicans to get it over the finish line. So that's good. You know, this is the sausage making process. You're going to see a lot of back and forth, give and take, right? And sometimes these on both sides, they come heavy handed and then they'll give a bit and take away a bit, right? It's a negotiation tactic. So great to hear that they're still willing to work on getting this right. Also, Senator Lummis, she says that the ethics and other provisions in the Clarity Act to be further discussed. So the lead negotiators on the bills are working with the Democrats. So again, the negotiations are ongoing. So guys, we're making progress. We are making progress. You know, this is again, this ugly sausage making process.
And we'll see how it all pans out. Obviously, there's no guarantee that this bill passes. And in fact, on Polymarket, when this draft came out, the odds of it passing dropped. Now we saw it was pumping when it was news of Trump backing the ethics language, it started going above 50%. Now it's back below 50%. So I'm not too concerned about the ebbs and flows of that. So just something to keep in mind. I think what we want to see is progress. And it may get ugly.