🚨 Clarity Act Senate Vote LIVE: The Biggest Day For Crypto Regulation (XRP Breakout !!)

[4:17] welcome to Martin Lucas Investor. My name is Sensei and let me know if you're in the chat. [4:24] Say hi in the chat. Get ready for a stream of a lifetime. We've got the Clarity Act. We've been [4:29] waiting for this for years and it's finally here. This is the reason XRP went to court. It's because [4:35] there was no Clarity. Clarity will still benefit XRP. It will benefit the crypto industry and this [4:41] is why we're covering this event today. So let me know if you're in the chat. Say hello. Get ready. [4:48] Let me know if you're part of the XRP army. Say XRP in the chat. I am watching the chat all the time so [4:53] I will be covering that. As you can see the timer below me, the markup begins in about 16 minutes [4:58] time. We'll be going live to the Senate Banking Committee because today the Senate Banking [5:05] Committee takes up the Clarity Act for the first time. There is a vote but it's a committee vote. [5:12] So this is not Senate passing the law. So think of it as sort of the first gate in a very long race. [5:19] At 3.30 British summertime, 10.30 Eastern time. You can see the time. We've got a new thing over [5:26] here. You can see the time up there. London, New York, Tokyo. In about 15 minutes time essentially. [5:31] That's when we begin. That's when we go straight towards that Senate Banking Committee and there's a [5:36] lot to cover. Watching the chat now. Yeah. XRP army. The XRP army is awake. We're back. The XRP army [5:45] is alive. I was wondering where the XRP army went. I know it's a bear market but don't forget [5:50] last bear market. If you remember, if you've been watching the show for three or four years, [5:55] what was the first thing I came on the show and did? XRP, XRP, XRP. XRP was at 30 cents, 40 cents, [6:00] 50 cents. We bought it. We ran it up to $3.30. Yes, we didn't get $5, $10, some numbers we thought [6:06] we might have got but we weren't like other channels. We didn't say it's going to $100. We [6:11] didn't say it's going to $1,000. We took profit. Maybe not as much as I would have liked to take [6:17] profit but I don't mind. I'm an XRP for the long term. I sold XRP at $3.30. I made money. I took my [6:23] seed money out. I took extra money. We traded it over and over again and we've been enjoying it and here we [6:29] are again. Another bear market. Another time everyone gives up but I'm very happy the XRP [6:34] army is back in the show, back in the stream. You guys are still here so please do hit the like [6:42] button. Clarity Act is coming. Is it going to be a sell the news event? Is it going to be the start [6:49] of a pump? Is it going to be like XRP ETF day where we got a dump and then we ran up or is it going to be [6:55] like other days we've had where we've had sell the news on Brad Garlinghouse coming out and speaking [7:01] at for example the Swell event or is it going to be like the Genius Act? Remember what happened with [7:05] the Genius Act? That came out and that took Bitcoin to all-time highs. It took it to $110,000 and beyond [7:12] and took XRP up. So this is another legislative day. Yes, it's not the actual Senate passing the law [7:20] but it's a committee vote. This is the first gate we have to pass and we're going to be covering it. [7:25] So if you are live let me turn the Super Chat thing on. I just saw someone send a Super Chat and it [7:31] hasn't come up on the screen. It's because I had it toggled off so I apologize for that. I will read [7:36] out your Super Chat. Who was it? It was Jacko. Jacko said Lucky Clover. Thank you Jacko so much for that [7:41] Super Chat. They will read on the screen now. Also if you haven't got the newsletter yet, we send out [7:46] newsletters every single day. Why? Well because we hate the mainstream media and I'm not saying that [7:52] in a light way. They're sponsored. Every single day they just put out bias articles to please their [8:01] sponsors and advertisers. We don't have any corporate sponsors. You guys are essentially the [8:06] sponsor of the channel. We are part owned by all of you guys. So if you do want to get the daily [8:11] headlines, the daily charts, the chart training course which isn't just full of FUD and random [8:16] get rich quick schemes. It is based off academic research. I spent months and months collating it. [8:22] Eight years of research I put into the chart training course and you can have it as part of [8:25] the newsletter. So you get daily briefs, daily charts. You get the chart training course and that [8:33] chart training course you can learn how to read charts the real way, the academically proven way. [8:39] You get access to me, 101 DMs. You get access to chart shows. You get access to the net worth tracker. [8:46] You get access to deep dives and the cheat sheet that we just released just for premium members [8:50] today on this. Cheat sheets for major events like FOMCs, how to trade them. Again, never financial [8:55] advice but we give you all the information. If you want that, first link in the description and if you [8:58] want the premium and again you can get it for absolutely free or if you want the premium where [9:02] you get the chart training course and everything, we're doing a one day discount for the Clarity Act, [9:07] 40% off. The link is there and remember if you're joining Discord as well, Martin is onboarding you [9:13] right now. So 11 minutes to go. I see everyone's in the chat. I see everyone's excited. I see we've [9:18] got the XRP army back. I'm back. I've had a baby. My wife's had a baby. I've been off a little while [9:24] enjoying it, enjoying being able to spend time with the family again. What's the point of making money [9:29] if you can't enjoy it and I've taken a few weeks off to enjoy this special time in my life and we're [9:37] back. We're back for something special. The Clarity Act markup begins in 11 minutes and 16 seconds. [9:42] We will go straight to it. If you have just tuned in, take one second, hit the like button. [9:47] Remember today, the Senate Banking Committee takes up the Clarity Act for the first time. [9:53] We're going to cover it live. Oh my God, look at this. We've got amazing super chat. Look at this. [10:01] At Martin Lucas, investor tipped $50 through super chat. Sensei is now a dad, has just had a new baby [10:08] boy. Huge congrats and welcome back. Here is some help for those. [10:14] Here's our, that just got cut off. Let me put that on the screen because that's a wonderful super chat. [10:19] Look at this. A $50 super chat. I don't think anyone's going to top this today. Sensei is now a dad. [10:25] He's just had a new baby boy. Huge congratulations. Welcome back. Here is some help for those diapers [10:29] and nappies. Show some love to sense in our babies asleep. Thank you so much, Martin. I'll be buying [10:35] some diapers and nappies with that. I appreciate that a lot. Wow, that is, that's amazing. Thank [10:42] you very much for that. You can see I've got the live chat up, so I'll be reading all your comments [10:46] throughout this event. This event is going to start very soon, but it's going to go on for a little [10:52] while because there is a lot of information. So let's get ready for it. Let's go back here. [10:58] And so just to remind everyone, wow, I still, I can't get over a $50 super chat straight as I've [11:05] come back. That's wonderful. Thank you, Martin. Today, the Senate Banking Committee will take [11:10] up the Clarity Act for the first time. There is a vote, but it's a committee vote. This is the first [11:15] gate towards going to Senate. XRP is at breakout level. So let me just, let's just say what's [11:23] happening is, let me go on to what's happening. There we go. So what is happening today? [11:33] If you don't follow US politics, here's the part that makes today make sense. So a bill in America [11:40] has to clear a lot of stages. That's what's happening today. We've got a bill, it has to [11:44] clear a lot of stages. It starts in one of the two chambers, the House of Representatives or the [11:50] Senate. Within each chamber, it first goes through a committee, a smaller group of lawmakers who [11:56] specialize in that topic. The committee holds a markup, which is the meeting where the debate, [12:02] they debate the bill, propose changes to it. They're called amendments and they vote on those [12:07] amendments and then take a final vote on whether to send the bill forward to the rest of the chamber. [12:13] That final step is reporting the bill out. So that's what's happening today. It's the first step. [12:20] So today is markup. It is the Senate Banking Committee. There's 24 senators. We're going to see [12:26] Elizabeth Warren go crazy again today. I'm sure we will. There'll be 24 senators. They're deciding [12:33] essentially whether to pass the Clarity Act up to the full Senate. It is very important. It is the [12:42] first time the Senate has formally debated comprehensive crypto rules, but it's the start [12:48] of the Senate process, not the end. So after today, the bill needs the whole Senate, then the House again, [12:55] and then the president's signature. So if today goes well, we are on track to get this to the [13:01] president of the United States. Donald Trump will sign this. Hopefully it is planned for this year [13:08] today. Wow. Oh my God. Look at this. A Jiko Vileko tipped MX dollar 500 through Super Chat. [13:18] Buy 20 XRPs for baby sensei, baby bottle emoji, baby angel emoji. [13:23] Jacko, thank you so much. I will buy 20. Okay. I won't spend it on nappies. I'll spend it on 20 [13:31] XRPs for the baby. Thank you, Jacko. What a great support Super Chat that was. So a little recap of [13:39] how we got there. So that's what's happening today. We know what's happening. So how do we get there? [13:44] How have we got here? What's the timeline? So let's go over to our own newsletter. This is where [13:48] the information is. This is, you can follow along as always on the newsletter. So this bill didn't appear [13:55] overnight. In May of 2024, there was the first serious attempt at crypto market structure rules. [14:03] It passed the house. It then dies in Senate without a vote. Clarity is its successor. The [14:10] second attempt. So this has tried to happen in 2024. It failed, it died. And here we are again [14:15] under new leadership. Wow. Another Super Chat. Look at this. How incredible. Thank you so much. [14:21] At Pullman to Richmond tipped $1.99 through Super Chat. 112 Super Chats at 1.99. Come on, [14:32] family. Smiley face emoji. Red heart emoji. Thumbs up emoji. Thank you very much for that as well. [14:41] May 2020. Pullman to Richmond. Thank you very much. That's 112 Super Chats at 1.99. That would be [14:47] incredible. If everyone did a 1.99 Super Chat, that would be incredible. So May 2025, the Clarity Act [14:55] was introduced in the house. July of 2025, we saw the house pass it, 294 to 134. It was a strong [15:04] bipartisan margin. Then we go to July of 2025. Separately, the Genius Act was signed into law. [15:11] So that was literally nearly a year ago that Genius Act was passed through. And that's when we had the [15:15] run-up of Bitcoin as well. Let me see if I can break lightly. That's fine. Then we had September of [15:25] 2025. The Senate formally receives the Clarity Act. Another Super Chat. Robert Elliott, thank you so [15:31] much. At Robert Elliott tipped $10 through Super Chat. Welcome back, Sensei and family. [15:37] I appreciate it. Then January of 2026. The Senate Banking's first attempt at this markup is scrapped [15:46] on the morning it was due. So it was due to happen. And on the morning in January of 2026, [15:51] it was scrapped. Why? Well, I'll tell you in a second. Look at this. [15:57] At TH1 Suede 3th Gaming tipped $2 through Super Chat. Did someone say shots? Lol. [16:05] No shots, just water. Thank you so much. XRP to the moon. Let's see what we can do. [16:09] Okay. 29th of January. So remember, January of 2026, it was scrapped, essentially. The [16:17] morning it was due. Why? Because after 137 amendments landed and Coinbase pulled its public [16:22] support. We all know about that. Coinbase pulled its public support. It didn't go well. They [16:26] scrapped it. Fast forward to 29th of January of 2026, a related bill from the Senate Agricultural [16:32] Committee advances out of that committee. 12 to 11, very tight votes. That's what we're looking [16:37] at today. Probably very tight votes. Two committees share crypto jurisdiction. More on that below. So [16:43] we'll come on to that. 12th of May. So now, two days ago, Senator Scott Lumez-Tilde released the [16:49] current 309-page text just past midnight. The text is there. That's what we're going off. Yes, [16:58] they're going to talk about amendments. And today, we're going to see if it passes. So [17:00] the next day, yesterday, the amendment deadline closed with 130-plus amendment files. So we've got [17:08] lots of debating to do today. And I assume they will come up with... These amendments aren't going [17:14] to go through. 99% of them won't go through. Anointed Flowers, welcome back, Sensei. Congratulations. [17:19] Thank you so much, Anointed Flowers. Really appreciate it. [17:21] At Anointed Flowers, tip $10 through Super Chat. Welcome back, Sensei. Congratulations. [17:27] Thank you so much. If you guys have just tuned in, we're covering the Clarity app. The markup [17:32] begins. Then the vote happens. Then the debate happens. Then the vote happens. We're going to [17:35] cover it all live. Please do hit the like button. Please do subscribe. If you haven't signed up to [17:40] a newsletter, you can get 40% off. The link is in the live chat right now. It's pinned. I'll put it in [17:44] for you again. You get the chart training course, all the newsletters, the daily charts, the daily [17:49] roundups of the news. So then here we are today, the markup. Today is the markup and that begins in [17:56] three minutes. So all the amendments have been filed. They're going to debate the amendments. [18:01] The markup begins. They're going to debate the amendments and then they're going to vote. [18:04] So what does the Clarity Act actually do? Let's just skip through that just a little bit more. [18:11] So it splits the referees. This is the core of the bill. The two US agencies have spent years [18:17] over fighting over who polices crypto. We've got the SEC and the Gary Ginsler that took Ripple to [18:25] court and wasted taxpayers' money and wasted Ripple's money. And yeah, it was, I'm not going [18:33] to swear, but it was awful. We stood by Ripple. We actually did our own, we created our own, [18:44] what's it called? We did a petition and that petition we sent off to the United States government [18:51] and the SEC to stop this illegal fight against Ripple. And finally, they settled. Ripple essentially [18:57] won. But we need clarity. Clarity on who enforces crypto and who enforces securities. The SEC needs [19:05] to enforce securities. The CFTC needs to regulate commodities. And most of crypto needs to fall in [19:10] commodities. And the ones that are securities need to go with the SEC, which aren't many. So [19:16] it splits the referees. Number two, it creates fundings path. Now, if clarity goes through, [19:22] more money can flow into the crypto space. Yes, we might have a sell the news event today or tomorrow, [19:27] but I'm not looking at today or tomorrow. I'm looking at two years, three years, five years, [19:31] the next bull market. Where is the money coming from? Well, the Clarity Act could allow money to flow [19:36] in. So number two, it creates funding path. Number three, it adds investor protection and anti-crime [19:42] controls. So investors, so many people get scammed in the crypto world. There's not enough protection. [19:49] Why? Because there's no clarity. They can't have protection if there's no clarity. So what it does, [19:56] it adds investor protection and anti-crime laws as well. So it limits how fast insiders can sell, [20:01] preserve fraud and insider trading law and crypto exchanges, brokers and dealers treated [20:07] as proper financial institutions. So big point there. Too much of that unfortunately goes on in [20:14] crypto. Number four, it defines DeFi by control, not by code. So DeFi, decentralized finance, [20:21] the next level of where we're going with finance is going to go decentralized. It's going to be [20:28] tokenized and clarity will define this. It will allow companies to know what the law of the land is. [20:35] And once they know what the law of the land is, even if it's not perfect, it allows them to innovate. [20:40] It allows them to invest money into it. It allows them to build. Number five, it handles the stable [20:45] coin question. We're going to come on to the stable coin question because that's a big question. The [20:48] banks don't want it and we're coming live to the markup. So let's go over to markup again. I might not [20:53] start exactly on time, but this is when the stream starts in the Senate Banking Committee. This gets [20:58] exciting. Here we go. We are live at the Senate Banking Committee now and here we go. So let me make that [21:04] false. Can I make that false? No, that's not going to work for me. So I'll do this. We'll have the [21:11] Senate Banking Committee there. We will come to that as it starts. They normally take a little time [21:19] for, let me just make that bigger, a little bit of time for them to gather up all the senators and [21:29] stuff. So I will keep an eye on that. In fact, what I would do is I'll open up another screen. As [21:34] soon as that starts, we will come to it. We can just do a bit more explanation. I was expecting them to [21:38] be a little bit late as they normally are. So I've got to open on another window. So I'll be [21:44] watching it. That's what we're going to come to as it starts. So make sure that's live. I'll press [21:48] live there. That's live down here. Perfect. Let's continue with the explanation. And number six, [21:55] so stable coins is the big issue. This is where the banks and the exchanges are having their fight. [22:02] You talk about Brian Armstrong and let's say the banks, Bank of America. And the banks that [22:09] are in trouble. Why are they in trouble? Well, because crypto and DeFi allows you to get much [22:15] better returns on your money. Sometimes you put money in a bank and you get 0.1% interest or 0.5% [22:21] interest or 1% interest because of how great crypto can work and how efficient it is and how it's [22:27] decentralized. You can get much better returns on your money on USDC just holding a stable coin. So [22:32] it's safe. It's backed one for one with that genius act rules, especially if you're looking at [22:36] something like RLUSD or USDC, you can get four or 5% on them, but the banks won't give you that. [22:42] And the banks have been lobbying hard to say you, oh, we've got another super chat. Let me read this [22:48] and then I'll tell you what the banks have been lobbying for. Wow. Look at this. [22:52] At Karen 68 tipped 19 pounds and 99 pence through super chat. Welcome back and congratulations to you [23:00] and your wife on the birth of your baby. Please buy some flowers for your wife. Bouquet emoji, [23:06] baby emoji. [23:06] That's a good idea. Okay. I'll buy some flowers. Thank you, Karen. Karen. I'm going to write your [23:12] name down. Um, Karen, uh, let me write that down and then I can, uh, Karen 68, uh, flowers. Uh, [23:23] I'll put that in the flower fund. Okay. Perfect. Uh, thank you, Karen. I appreciate that a lot. I [23:28] will buy some flowers and make sure. Oh, here we go. We've got some noise coming out. Oh, here we go. [23:33] We might be starting. Let's go straight towards the clarity act live. Now. Uh, there's a plenty [23:37] of time to discuss it further. We'll look at crypto charts as well. Stay with me throughout this. [23:42] Hit the light button and weigh in. Let's go straight to it. After votes, amendments will be called up in [23:48] order of seniority alternating between the majority and the minority. Senators will be permitted to speak [23:54] on their amendment prior to voting on them for up to, but not to exceed two minutes. We will begin with opening [24:02] statements. Today is an important day, not just for this committee, but for the country. For years, the digital [24:10] frontier was trapped in a regulatory gray zone. Developers, entrepreneurs, and investors were left with [24:18] uncertainty. They faced confusion and enforcement actions when instead the government should have been [24:25] crafting clear rules of the road. Those hurdles drove innovation overseas, left Americans exposed, [24:34] and made it harder for law enforcement to do their job. Today, we change that. The bill we are marking up [24:43] achieves three simple goals. Number one, protecting consumers, keeping innovation here at home, and [24:53] safeguarding U.S. national security. Those are not partisan goals. They are American priorities. [25:02] Protecting consumers means making sure everyday people come first. It means clear disclosures, [25:10] safeguards against fraud, and rules that keep markets open, fair, and efficient. It means that if [25:18] someone in South Carolina invests in digital assets, they are protected by a framework with real enforceable legal standards. [25:27] This bill gives Americans confidence that the system works for them, not against them. [25:36] Keeping innovation here at home means giving American builders, entrepreneurs, and businesses [25:42] the clarity and certainty to do what they do best. Until today, outdated rules, unpredictable enforcement, [25:52] and outright hostility have forced far too many American companies overseas. That cost us jobs, [26:03] investment, and leadership. This bill says that the future of finance should be built in America. [26:13] Under American laws and with American values, safeguarding our national security means closing the doors [26:22] that criminals, terrorists, and hostile regimes have tried to exploit. This bill strengthens anti-money laundering [26:31] and sanctions rules and gives law enforcement better tools to go after bad actors. These tools make it harder to [26:40] hide and easier to enforce the law. None of this happened overnight. It happened because members on both sides of the aisle [26:50] chose to sit down, listen, and work. We've had months of good faith negotiations. Republicans did not get [27:00] everything we wanted, but we made real progress with our Democrat colleagues. And this bill, and ultimately, and more importantly, the American people, will be better off because of it. [27:14] This legislation does not take sides between traditional finance and new technology or Republicans and Democrats. It takes the side of everyday Americans. [27:26] It brings digital assets out of the shadows and into a system that is safer, fairer, and more transparent. [27:36] This is what good governance looks like. Today, we take a step forward together to protect investors, [27:45] grow our economy, and keep America leading the world. I'm proud of this committee for doing the work, [27:53] and I look forward to moving this bill forward. [27:56] Here we go. Is Elizabeth Warren going to- And I'll recognize ranking member- [27:59] Oh, God. Guys, get ready. Elizabeth Warren. [28:02] Thank you very much, Mr. Chairman. Right now, American families all across this country are struggling. [28:07] The cost of groceries is up. The cost of utilities is up. The cost of health care is up. [28:12] We could be working right now on changes in the law that would help bring down prices and help unrig our economy. [28:21] You know, we could be working on capping credit card interest rates. Every day that we fail to deliver, [28:28] families are charged an extra $368 million in interest. We could be preventing big banks from [28:36] saddling customers with overdraft fees. Every year that we fail to deliver, families could be paying [28:42] up to $5 billion a year that they otherwise would be able to keep. We could be stopping rampant fraud and [28:51] theft on payment platforms. Our failure to deliver here means that Americans are paying hundreds of [28:59] billions of dollars after getting tricked and trapped. But instead of that, we're spending our time [29:07] working on a bill written by the crypto industry for the crypto industry. Nothing made it into this bill [29:16] that wasn't approved by the crypto industry. And why? Why are we working on this? According to a survey by [29:25] crypto news outlet Coindesk, quote, crypto is at the bottom of U.S. voters' priority heading into elections. Just [29:36] 1% of respondents rank crypto as their top concern. Look, our job is to serve the American people. Our job is [29:45] not to advance a pro-industry crypto bill that will put American consumers, American investors, and our [29:54] national security and our financial system at risk. Our job is not to advance a pro-industry crypto bill [30:04] that will grease the skids for the President of the United States crypto grift while tens of millions of [30:12] Americans can't afford the basics. Many members of this committee have underscored the importance of [30:20] getting this bill right. And despite multiple calls for a public hearing on this bill, calls from Senator [30:28] Reed, Senator Kennedy, Senator Van Hollen, Senator Smith, we have never had a single hearing on this bill. [30:37] And today, Mr. Chairman, you are shutting down members of this committee [30:42] who have amendments to strengthen this bill. You ruled out more than a dozen amendments because of, [30:49] quote, procedural requirements. And take a look at what got ruled out. This includes a fix requested [30:57] by the National Sheriff's Association to close a massive loophole in the current bill that would make it [31:05] harder for law enforcement officials to go after cartels and criminals using decentralized [31:12] platforms to launder money. So the Sheriff's concerns have just been cut out. This includes a fix from [31:20] community banks to stop a significant flight of deposits out of the banking system that will hurt [31:26] small businesses and communities across the country. An amendment to help community banks? We won't even get a [31:35] hearing today, much less a vote. Now, Mr. Chairman, you could simply reverse your ruling right now and I would [31:42] welcome a full debate on every single Democratic and Republican amendment that has been filed to fix the very [31:52] real flaws in this bill. Look, this bill is just not ready for prime time. First, the draft in front of us would blow a [32:02] hole in our securities laws that have protected investors since 1929. Most Americans don't want their [32:11] pensions at risk so that a few crypto billionaires can juice their own profits. Second, this bill declares [32:21] open season on defrauding American consumers who use crypto. The bill wipes out a huge number of state-level [32:30] protections against fraud. Third, the bill puts our financial system at risk by repeating the mistakes [32:38] of 2008, letting the banks load up on risky debts, letting them scrape off the profits, and then when [32:47] it all comes crashing down, come back to the American taxpayer for a bailout. Fourth, the bill puts our national [32:55] security at greater risk. Just three days ago, three days ago, the Treasury Department issued an alert [33:03] warning that Iran is exploiting crypto businesses to move their money around. Multiple public analyses. [33:11] Does anyone agree with her? Can anyone just put in the chat, I'll come back to in a second, just yes [33:16] if you want the Clarity Act. Yes if you want the Clarity Act. Just put yes in the chat if you want [33:21] the Clarity Act to go through. No in the chat if you agree with her. No in the chat if you don't [33:25] want the Clarity Act to go through. Yes in the chat if you want the Clarity Act. And if everyone [33:29] can please hit that like button, please do subscribe. We are covering the full Clarity Act live. We'll come [33:34] to the vote in a second as well. I'll give you my thoughts. We'll come onto the charts as well. So stay [33:38] with us, hit the like button, subscribe. If you haven't got the newsletter yet, the first 10 people today [33:43] get 40% off. That's the chart training course, the daily newsletter, the after shows and the private [33:49] shows, all those. There's lots of perks, benefits, the net worth tracker, all of that. I see the chat [33:54] going yes. So let me go back to Elizabeth Warren. I'm sure no one minds me cutting her off. I'll come [33:59] back to her. Yes or no? Do you want the Clarity Act to go through? Yes or no if you don't. The crypto [34:04] industry, it will keep right on growing if Congress fails to rein it in. Now a year ago, some of you may [34:13] remember, Republicans sat in this very room. What did they promise? They promised we'll close the [34:25] national security loopholes. They promised we'll address glaring ethics problems. They promised [34:33] we'll fix the yield issue. Republicans told us not to worry about the gaps in the first crypto bill [34:43] because the second bill, the bill we have today, would fix every one of those problems. Well, today [34:51] we are voting on the second bill and every one of those problems still exists today. And this time, [34:59] the same Republicans are shutting down amendments that would make the fixes they promised a year ago. [35:07] This markup is our chance to fix these problems. And until we fix these problems, none of us, [35:15] Republican or Democrat, should advance this bill out of committee or on to the Senate floor. [35:19] We want money to phone the crypto world. Thank you, Mr. Chairman. [35:23] Yes, ma'am. I do want to make a couple of comments about the process that we've undertaken over the [35:28] last several months and particularly as it relates to some of the amendments that were taken out because [35:35] they were not in order. After the amendment process had a walk-through, ranking member Warren's staff [35:41] objected to a Republican amendment on a technical drafting issue, arguing it should be thrown out [35:47] because it referenced the wrong substitute amendment number. Once they insisted on that standard, [35:52] committee staff reviewed the full amendment roster to ensure consistency. Staff confirmed with the [35:59] committee clerk in consultation with the parliamentarian and floor staff that there were amendments [36:05] that were filed incorrectly. What I decided to do was to, as opposed to throwing all those amendments [36:12] out, throw out only the ones that were the most egregious. So the process that we've actually gone [36:18] through was to make sure that both sides had an opportunity. But this whole discrepancy started [36:26] when staffers decided to target a Republican amendment. And frankly, as my colleagues on my right [36:33] recognized, I threw out amendments on our side as well and had to talk to our folks about that. At this time, [36:41] I'll recognize... Mr. Chairman, might I reply on that? I appreciate the work we do together, but I want to [36:48] correct the record on one important issue. It is your call and your call alone to rule these amendments out of order. [36:57] When we talked last night, I made clear, I'm happy to have all of the amendments in, all of the Democratic [37:03] amendments in, all of the Republican amendments in. You and you alone have decided which amendments are in [37:10] and which amendments are out. And that creates a problem because there are some very important [37:16] amendments that address some very important issues that I think we should hear from. So I will reiterate [37:23] my lack of objection today. Let them all be heard. Let us vote on all of them. Thank you. That doesn't [37:30] change the fact on how we got to where we are, however. It was brought by my staff. It was brought [37:36] by your staff, number one. Number two. Let me just say this very clearly because I'm not going to go [37:39] back and forth on this issue. Democrats have frankly worked hard on this bill. Our bill first came out [37:49] in June of last year. Since June of last year, we've added 33,000 words, 219 pages, in an effort to make [38:02] this legislation as bipartisan as humanly possible. I can't imagine how much time Senator also Brooks [38:11] has spent on this legislation. Frankly, frankly, during very difficult and challenging times, [38:18] her focus remained on getting things done. And Tillis worked with her on parts of the very legislation [38:25] that we're talking about where the negotiation allowed us to get to where we are. Gallego has spent a [38:31] ton of time talking with members on this side, Bernie Moreno and others, trying to find a path forward. [38:37] So the truth of the matter is, as frustrating as this process has been without question, [38:44] when I talk to members on your side of the aisle, including Warnock and Senator, we call her CCM, [38:50] but Catherine Cortez Masto and Senator Warner, the one thing I can tell you, the entire process, [38:58] we have disagreed vehemently, but respectfully and consistently and working towards an end result [39:07] that makes America better. As a kid who grew up in poverty, the thing that attracts me to this issue [39:13] the most is democratization, an opportunity to lower prices, create access points that today does not [39:21] exist. This ought not be about Republicans and Democrats. It ought not be about who's on which side [39:27] of the aisle or whether you agree with what we've done. This should be about the American people [39:33] and nothing else. I want single mothers like the one that raised me to have more opportunities, [39:38] more access at a lower price. And so we will disagree on this today. But I hope that what we end up with [39:46] is a legislative product that is good now and gets another bite at the apple as it heads to the floor. [39:53] This is not over. And I hope that no one thinks that this is over. This process has been transparent. [40:00] It has been hard and it has been clear. And that's good news for the American people who are watching [40:07] this process. I tried my very best to take the expertise of an AG who under. Okay, so this is the [40:15] Senate Banking Committee. They are going to be voting essentially on the Clarity Act. So it passes. [40:20] We will be covering the full event. They are going to go through some amendments in a second. [40:24] So stay with us for this event. It's a very important one. Again, the crypto market might [40:29] seem like it's the bear market, but the bear market is a time where you need to pay attention. And if [40:34] the Clarity Act does pass, tons of money can flow in. You can see XRP on the bottom left-hand corner. [40:39] It is pumping on this. So it's looking good. I just want to remind everyone, there's 10 spots [40:44] available today. For what? For the newsletter. The newsletter is not just a newsletter. You get daily [40:49] briefings. The five things you need to know. We're not corporately sponsored. We don't have [40:52] advertisers. So all the information you need to know about crypto, the stock market you get in a [40:55] daily briefing before the bell goes live. All the deep dives. You've got a deep dive today for the [41:00] Clarity Act. Everything you need to know. The Bitcoin chart, the XRP chart, everything you need [41:03] to watch out for. You get macro event cheat sheets. So if there's an FOMC event or if there's a CPI [41:08] event, you know what you're looking for and you know how you can trade it. You get the premium-only [41:12] trading view indicators based off academic research. You can get it as part of the newsletter. You get the [41:18] chart training course. That is academically researched, eight years of knowledge, six months to put it [41:22] together. It's not like other people promising you to get rich. It is the truth and the only chart [41:27] training course you'll ever need as part of the newsletter. The £5,000 portfolio challenge. I'm [41:31] trying to turn £5,000 to £100,000 and then a million. You can get access to that, the different [41:35] industries we're looking at, what we're investing in. You get the portfolio tracker and the financial [41:39] control suites app as well. You get the private discord community. You get access to a section on the [41:43] discord private community where you get the chart events and the community. You get one-on-one access [41:48] as well. Essentially, it works out to about $9.99 right now if you use the code that's in the first [41:53] link of the description or it's also live in the live chat. But the chat's going quickly so you might [41:58] not see it. But first link in the description, first 10 people only. Sign up to it. Let me know. [42:03] We'll onboard you to discord and we'll give you access to everything as well. You'll get access straight [42:07] away. So first link in the description, please do hit the like button. We're going to be covering this full [42:12] event. I'm going to go through the charts. Let's go through some of these amendments. This is a very [42:15] important bill that we might get passed through today over to the Senate. So the first stage of [42:23] something big. Thank you for tuning in. And I'm reading all your comments, by the way, in the live [42:26] chat. So keep on chatting. [42:34] So just so we don't get caught in this through that. These aren't ours. I asked the parliamentarian [42:42] if this was out of order. And she said no. And so I do think it will be helpful in the future [42:48] so that we don't get caught up in this craziness and we still can move forward as a body that works [42:54] together on amendments, has conversation, discussion, that we have an understanding of these amendments. [43:00] So I just appreciate you taking my point of order. Absolutely. And for the record, I will submit [43:06] the parliamentarian's response to to the question that I had about my amendment number 16. [43:11] Without objection. Thank you. We will submit our conversation with the parliamentarian as well. [43:16] Senator Lummis, the floor is yours. Thank you, Mr. Chairman. I want to start by [43:22] a casual conversation among friends that are around this dais. Mr. Warner, thank you so much [43:31] for working so hard on this bill over the last nine months. Senator Cortez Masto, thank you. You brought [43:38] a level of expertise on illicit finance that none of the rest of us had, and I want to thank you so [43:44] much for that. Your thoughts, Mr. Warnock, throughout the last nine months have been additive to what I [43:52] think is a very good bill. Mr. Gallego has worked tirelessly behind the scenes on multiple issues that [44:01] are involved in this legislation. And I want to single out Senator also Brooks for her tremendous [44:10] time commitment and work with Mr. Tillis on the language that has helped bring this bill to the floor [44:19] today on the concerns that the banking industry had about the Genius Act. This has been a bipartisan dialogue. [44:30] Guys, this is Senator Lummis, a very pro-Crypto Senator. It has been almost tireless. And Mr. Marino, [44:40] Mr. Tillis, Mr. Kennedy, and especially Senator Scott, who has kept us on track for nine months. [44:56] This is the hardest piece of legislation I've ever worked on. I served 14 years in the Wyoming legislature, [45:03] eight years as state treasurer, and now 14 years in the Congress. This is by far [45:07] the hardest piece of legislation I've ever worked on. And your colleague, Kirsten Gillibrand, [45:14] said the same thing. And she has more experience than I do in the U.S. Senate. [45:19] And it's because this is a case of first impression. This is a very new commodity and security. And it takes [45:32] time to craft something to address the innovation that has been brought about through blockchain technology. [45:41] And that's why it's taken such a bipartisan effort, heavy lift, lots of negotiations, involvement from [45:53] those people who are in the industry. And it has morphed since we began this bill five years ago, [46:00] because the industry has matured over those years. This is new. And to have something this innovative [46:10] come to us via legislation. [46:14] If you like Senator Lumens, the pro-crypto candidate has spent a lot of time on this [46:20] legislation. Can we just have some Ws in the chat? WWW, if you like Senator Lumens and what she's done for [46:27] the crypto community. The Treasury, the White House, the industry, we have all worked hard together. [46:34] And I pledge to you, we will continue to work hard together after today and before this bill hits the [46:45] floor to address that maybe one percent of the remaining issues that didn't come to fruition [46:55] before today, in spite of our round-the-clock negotiations. This is America's innovation [47:08] of the 250th anniversary of our Constitution. There's been nothing like it in our history. [47:15] This bill continues the legacy of America by ensuring innovation happens here on U.S. soil [47:23] under clear pro-growth, pro-consumer guidelines. And I can't resist, Mr. Chairman, when I was listening to [47:32] the ranking member, the risks of which she spoke exist now, right now, because there is no regulatory framework. [47:45] There is no way now that this industry can protect the good actors, discover, vet, and punish the bad actors, [48:04] and create a playing field with clear regulation, both at the SEC and the CFTC, that everyone can play [48:13] under and continue to innovate. We can return this industry to the United States because the majority [48:21] of it has already left for overseas, because this legislation wasn't ready until today. Let me go [48:31] through a couple of the things that we have done to strengthen and address some of the issues that have [48:39] been raised. Regard to anti-money laundering and illicit finance. It creates risk-based exam standards. [48:48] It expands Treasury's special measure authority to act swiftly against foreign money laundering. [48:54] It creates studies on mixers and tumblers. It requires annual Treasury reports on foreign [49:00] jurisdictions compliance with USAML CFT standards. It requires recurring Treasury reports on offshore stablecoins. [49:10] It requires mandatory educational materials on digital asset risks. Insider resale restrictions [49:19] to prevent pump and dump schemes. It has timely disclosure requirements. Broker deal insolvency disclosures. [49:27] A federal regulatory floor for crypto kiosks. This is very important. This has been a problem in my state. [49:35] In the state, tokenized securities remain securities under SEC jurisdiction. FTC authority over unfair [49:43] or deceptive practices. $30 million per year through 2031 for FinCEN. With regard to fraud and AML provisions. [49:56] Temporary holds for suspicious activities and preventing those who place the holds from having private causes of action. [50:04] It applies BSA regulation to digital asset brokers, dealers, and exchanges. This list goes on and on. [50:14] This is a pro-law enforcement bill. And it's also a pro-consumer bill. Consumers can now transmit money [50:27] between them faster and cheaper than they can now. It provides a level playing field regardless of whether you [50:36] live in Rwanda or Queens, New York about transmitting money faster and cheaper. [50:42] Can everyone please hit the like button? We are very low on likes. What's going on? [50:46] Please do hit the like button. It provides a woman who's trying to get out of a battered, [50:49] miserable marriage the opportunity to walk away with her money in her head. It provides people who are [50:57] being tortured in foreign countries the opportunity to walk away from that country with their money [51:04] in their head. Because Bitcoin can be memorized. This is an innovation that provides individual freedom, [51:15] individual savings. It is faster, cheaper, it is secure. And we're inviting that consumer environment [51:26] into our country under a very clearly articulated set of rules. And it's because of all the work that [51:36] has gone into this by the people in this room. I absolutely pledge that I will work with you [51:44] before this bill gets to the floor. We know those few remaining little items that we have to work on [51:52] together. I trust you and I want you to trust me to see this process through because we know when we [52:01] work together that we can create a product that we can be proud of and the American people can be proud [52:08] of. Thank you, Mr. Chairman. Can we get some W's in the chat for Senator Loomis? What an amazing speech. [52:14] Guys, please hit the like button. If you hit the like button, you're more likely to see our events or [52:18] promote crypto to the world. So take a second to hit that like button. There's also only eight spots left [52:23] for the newsletter. Newsletter is not just a newsletter. You get the chart training course, [52:27] you get the daily updates, you get the 5,000 pound portfolio tracker, the net worth tracker, [52:32] you get one-on-one access to me. So do go ahead and subscribe with the 40% off offer. If not, [52:39] there's also a free plan as well where you get the daily headlines as well. So there's [52:42] no advertisement, no corporate sponsors. So go and check it out. The link is in the live chat. [52:47] There's also the discord link I'm putting in the live chat. That is where some of the newsletters [52:52] hosted plus all of Martin's services. So go check out the discord as well. Let's go back to Mr. [52:58] Senator Tills, who is also very important in this discussion. Also Brooks, I want to thank Senator [53:04] Gallego. I want to thank Senator Cortez Masto, who really opened my eyes to some of the prosecutorial [53:11] issues that I as a non-attorney hadn't paid attention to. Senator Warner, Senator Warnock. [53:18] You know, I've done a lot of bipartisan bills in my time in the Senate. And the only way this works [53:24] is a bipartisan vote out of this committee to get all these things that are in this bill moving. [53:30] But the Democrats have ball control. They control the motion to proceed. Like Senator Lummis, I'm [53:36] committed to working good faith. And I think I've proven that multiple times when it was tough [53:41] for a Republican to lead something. And I'm going to do it again here. But let's get the momentum out [53:48] of this committee. But finally, and I have to tell, I told Senator Also Brooks this morning, [53:53] what a joy it's been to work with her staff. And the one group here, we've talked about the [53:58] stakeholders. We've talked about the folks from the White House. But we should all give our staff, [54:05] who have gotten here before us and left here after us, for all the hard work that they've done, [54:10] and we owe them the respect of reporting this out on a bipartisan basis today. Thank you, Mr. Chair. [54:17] Senator Reed, this will be the last comment. Senator Warren has just helped me remember that [54:25] some members have to go to other committees, and we should get to the amendments. Senator Reed, [54:30] floor is yours. I'll be very brief, Mr. Chairman. I've heard both you and Senator Lummis speak [54:38] elegantly about working together. I've been on this committee almost 30 years. The definition of [54:45] working together at a markup is allowing amendments to be called up and voted upon. It's the vote [54:54] determines where we go forward. And what I've never witnessed anything like this in these 30 years, [54:59] which is arbitrarily eliminating amendments, telling people they can't bring them up or modify them to be [55:06] brought up. And I'm willing to work together, but this is not an example of working together. Thank you. [55:14] I move to call up H.R. 3633, the Digital Asset Market Clarity Act of 2025, and ask unanimous consent [55:25] that we dispense with the reading of all amendments. Senators will find printed copies in front of them, [55:30] the text of which has already been made available. Is there an objection? Without objection, so ordered, [55:36] I move to consideration of the Manager's Amendment, Scott Amendment No. 1. It is an amendment in the [55:41] nature of the substitute to H.R. 3633. I ask that Scott Amendment No. 1, the substitute amendment, [55:48] be adopted and considered as original text for purposes of further amendment. I ask that the amendment [55:52] be adopted by voice vote. All in favor, say aye. Aye. All opposed? No. [55:59] Ayes have it. The ayes have it. And the amendment is agreed to. I now call up Rounds 133. Senator Rounds, [56:06] you are recognized. Thank you. Thank you, Mr. Chairman. My amendment, [56:11] number 133, I have with co-sponsor Senators Kim and Warner, and I would thank them for [56:17] their participation in this. This amendment would require financial regulatory agencies [56:24] to establish AI innovation labs, or sandboxes. These will enable regulated financial institutions [56:31] to experiment with AI test projects without expectation of enforcement action, taking a [56:38] balanced approach that encourages both innovation and responsible adoption of AI. [56:43] This amendment would create a venue, a sandbox, for institutions to safety test and experiment with [56:50] cutting-edge technologies, while allowing regulators to learn about the tools that will transform [56:56] financial services. It closely aligns with the purpose of the bill we are considering today, [57:01] which is why I urge my colleagues to support this amendment. And I thank you, Mr. Chairman, and I would [57:07] ask for a vote. All right. Mr. Chairman. Yes, ma'am. I'd like to be recognized on this amendment. [57:13] Okay. Is that all right? 60 seconds. Yes, ma'am. Okay. So this amendment would establish a sandbox, [57:18] as Senator Brown says, for artificial intelligence products and services in the financial sector. [57:26] Look, I appreciate my colleagues' interest in this issue, but boy, I am not ready to support this [57:31] proposal. This is not the place to make decisions about AI regulation. The committee should hold hearings [57:41] on the implications of AI. We should have a debate about the policy options. I am happy to work with my [57:47] colleagues to see if there's a version of this amendment that we can support, but this provision [57:53] is not there yet. And I don't think a track record of these sandboxes over the past decade in financial [58:01] technology or fintech context should give us much confidence that that actually turns out to have good [58:09] results for the American people and that it ensures safe innovation for AI. So I think this is way too big. [58:18] For a little amendment like this and opens doors, we should not be opening without a much fuller [58:23] discussion and hearings. So I would urge my colleagues to vote no on rounds 133. [58:30] The clerk will call the roll. Chairman? Aye. Mr. Crapo? Aye. Mr. Rounds? Aye. Mr. Tillis? Aye. Mr. Kennedy? [58:47] This is not the official vote. They're voting on amendments. Very important. Mrs. Britt? [58:53] Voting on amendments right now. Mr. Ricketts? Aye. Mr. Banks? Aye. Mr. Kramer? Aye. Mr. Moreno? Aye. Mr. McCormick? Aye. [59:05] Mr. Warren? No. Mr. Reed? No. Mr. Warner? Aye. Mr. Van Hollen? No. Ms. Cortez Masto? No. Ms. Smith? [59:25] Mr. Warnock? No. Mr. Kim? Aye. Mr. Gallego? No. Ms. Blunt Rochester? No. Ms. Also Brooks? No. [59:39] The vote is 15 in favor and 9 opposed. The amendment is agreed to. I now call up Warren number 74. [59:53] So let's talk about some of the people who will be hurt by a bill that supercharges the crypto industry [1:00:00] without guardrails. People saving for retirement and people with pension plans. The current draft fails [1:00:07] to address one of the biggest concerns that retirees face in this bill, the tokenization loophole. This [1:00:14] country's biggest workers' unions and groups representing the largest pension funds have said that this is [1:00:21] a catastrophic problem. Under this bill, companies could escape basic securities laws by raising money [1:00:29] through tokens rather than traditional securities like stock, exposing Americans to a host of risks [1:00:38] banks. By removing necessary investor protections. The bill also kneecaps federal and state law enforcement [1:00:45] authorities' ability to crack down on crypto fraud and scams. In other words, this bill sets up investors [1:00:55] to be defrauded with no recourse. My amendment would require investment advisors and other entities in the [1:01:02] financial system to develop and implement processes to protect investors from the heightened risk [1:01:09] posed by crypto before recommending it to Americans looking to invest their hard-earned money. Every member of this [1:01:17] committee should agree with this simple fix to protect our investors. And I urge my colleagues to [1:01:23] support Warren Amendment 74. Someone who wants to be recognized for rebuttal. Rebuttals are only 60 seconds. [1:01:30] Thank you, Mr. Chairman. This amendment would single out digital assets for a special presumption of [1:01:36] noncompliance and create unnecessary litigation risk. This amendment should not be adopted. It requires [1:01:45] fiduciaries to implement special processes to protect clients from digital asset risks or be presumed to [1:01:53] have violated their fiduciary duty. Current fiduciary standards already require intermediaries to act in their [1:02:00] client's best interests, making this amendment unnecessary. Clerk will call the roll. [1:02:09] No. Mr. Crapo. No. Mr. Rounds. No. Mr. Tillis. Again, another vote for an amendment. This one by the Democrats. [1:02:19] Elizabeth Warren's amendment. I don't think it's going to pass. Mr. Haggerty. Haggerty's no. Ms. Lummis. No. Mrs. Britt. No. Mr. Ricketts. No. Mr. Banks. No. Mr. Kramer. No. Mr. Moreno. Mr. McCormick. No. Mr. Warren. Yes. Mr. [1:02:40] Mr. Reid. Aye. Mr. Warner. Mr. Van Hollen. Ms. Cortez Masto. Aye. Ms. Smith. Mr. Warnock. Mr. Kim. Aye. Mr. Gallego. Ms. Blunt Rochester. Aye. [1:03:04] Voting on an amendment by Elizabeth Warren. Aye. The vote is 11 in favor and 13 opposed. The amendment is not agreed to. We'll now go to [1:03:13] BRIT14. Senator Britt. Another amendment. Remember we are going to be covering these votes. Thank you, Mr. [1:03:17] Chairman. I'd like to offer BRIT14 my amendment regarding 403 savings accounts. This bill is bipartisan. [1:03:24] It is very simple. It is widely supported. It allows employees of non-profit organizations like public school teachers, [1:03:31] ministers, nurses. It allows them the same access to the 401 retirement plants that most Americans can enjoy. [1:03:38] CITs offer a wider investment vehicle along with lower fees and even higher returns and this will allow them to participate in that. [1:03:48] This levels the playing field so that more hardworking Americans can access more investment options and ultimately retire sooner. [1:03:55] I want to thank Senator Warnock for leading this stand-alone bill with me and a number of my colleagues here on this committee, [1:04:01] both Democrat and Republican, who have co-sponsored it. I am committed to finding a vehicle for the [1:04:07] this to move. I am also committed to making sure that the clarity act moves out today. So we will look for a different vehicle and we'll continue to build support. [1:04:18] I withdraw my amendment but look forward to working with the chair and the ranking member to actually get this done. [1:04:23] Thank you very much. And I'll call up Warren 64. [1:04:26] Thank you, Mr. Chairman. So this bill that we're looking at fails to address foundational gaps on money laundering responsibilities for conventional crypto bills. [1:04:37] businesses and for DeFi services. And even for the very worst platforms, this bill fails to restore sanctions authority to isolate them. [1:04:49] While we're at war, Iran is openly gearing up to collect crypto fees from oil tankers to pass through the Strait of Hormuz. [1:04:59] Terrorist groups, rogue states, foreign adversaries and criminals are using crypto to evade our sanctions and launder their money. [1:05:08] According to industry analysts, crypto crime jumped at least $154 billion last year, driven in large part by a 694% increase in crypto funds sent to sanctioned entities. [1:05:27] Sanctioned entities are received. [1:05:30] This is Elizabeth Warren right now trying to pass an amendment to go against the clarity act and what we're trying to achieve today. [1:05:37] Remember, the clarity act is two years in the making. Today is the first real attempt to get it passed towards Senate. [1:05:43] So if it goes well today, we're going to get some votes on amendments, then we're going to get the final vote. [1:05:48] Then we can look at Senate passing this and the president signing this. [1:05:52] So real big day today for the clarity act to remember what we got with the genius act. [1:05:56] I know some people say today is a sell the news a day. It could be, but who cares? [1:06:00] Because it's all about money flowing into the industry. [1:06:03] Genius act, when that came out, yes, we had to sell the news day, but that took Bitcoin from about 70,000 to about 120,000. [1:06:10] It was a massive run up. And the clarity act is even more important, not just for Bitcoin and stable coins, what the clarity, what the genius act was for. [1:06:17] But for the broader crypto community, the broader crypto tokens, clarity is needed and we might really start seeing it go that way today. [1:06:27] So we're watching Elizabeth Warren. I'm sure not many people mind me speaking over Warren because I'm not going to get too rude. [1:06:34] But who knows what? She doesn't even know what she's saying. [1:06:37] She's reading from a script and she's not in favor of the crypto community. [1:06:40] So let's see how these votes go. Remember, we are running a 40% off discount for the newsletter. [1:06:45] We are running a discount on Discord as well. [1:06:49] So if you do want to get the 40% off, there's only seven spots remaining. [1:06:52] The link is the first link in the description. [1:06:54] You get access to all the daily briefings. [1:06:57] You get access to all the net worth trackers, the £5,000 portfolio challenge, what sectors we're looking at and much more as well as the chart training course as well, backed up by academic research. [1:07:06] Let's go over to Senator Lumez, who is pro crypto and rebuttling what Elizabeth's amendment is. [1:07:12] Go into the first link in the description and you'll find the link for the newsletter. [1:07:16] Laundering and clarify sanctions and anti-money laundering requirements for digital asset entities. [1:07:23] We want to discourage the illegitimate use of digital assets while encouraging the legitimate use. [1:07:33] And we have found that balance in this bill. [1:07:36] This amendment is not necessary. [1:07:38] I urge that we oppose the amendment. [1:07:41] Mr. Chairman. [1:07:42] Kennedy? [1:07:46] Yes, sir. [1:07:47] Time for the vote. Here we go. [1:07:48] Do I have your permission to ask Senator Warren a quick question? [1:07:51] Fifteen seconds. [1:07:54] Yes, sir. [1:07:55] It'll take him that long to clear it. [1:07:58] Senator Warren, I don't understand why this bill doesn't already accomplish the very worthy goal that you've articulated. [1:08:07] Chairman? [1:08:10] May I answer? [1:08:12] Fifteen seconds. [1:08:13] It's the tornado problem. [1:08:15] You remember tornado, the mixer. [1:08:18] What this amendment does is it says that the government can sanction and wall off a mixer-like tornado. [1:08:26] What purpose does tornado serve except to hide where the money came from and where the money's going to? [1:08:34] It's the terrorists, it's the money launders, it's Iran, it's the sanctioned entities. [1:08:43] So all this is doing is it's saying let's give the power, it doesn't actually isolate them in the bill, let's give the power to government to say when this is what you're doing they can isolate you when you're dealing with these bad actors. [1:09:01] You're mixing up the money so that you advance money laundering. [1:09:07] Senator Lummis, and then we'll move to the vote. [1:09:09] Yeah, thanks, Mr. Chairman. [1:09:10] This bill provides for a study of the use of mixes and tumblers. [1:09:14] They're a very complicated entity. [1:09:16] Plus, provides $30 million to FinCEN, which does have the expertise to unravel mixes and tumblers and already has the tools it needs to enforce. [1:09:30] Can I just say on that, yes, they have the expertise, but they don't have the legal authority. [1:09:36] A court has said they need legal authority from Congress so that they will be able to isolate these mixers. [1:09:44] Right now they can't do that. [1:09:46] So put your money in if you're a terrorist. [1:09:49] Go use tornado and know that there will be virtually no chance of being caught. [1:09:55] And that this is how Iran can stay in the game and keep using its money. [1:10:00] All right. [1:10:01] This is how North Korea stays in. [1:10:02] I'm sorry. [1:10:03] Certainly. [1:10:04] Rebut, Senator Lummis? [1:10:05] The bill solves that problem? [1:10:06] Yes. [1:10:07] Title II and III. [1:10:10] And it's in illicit finance sanctions focus on providing law enforcement with the tools they need to trace and disrupt money laundering, including mixes and tumblers. [1:10:21] A study. [1:10:22] Well, the law enforcement tools are also in this bill. [1:10:31] Clerk, call the roll. [1:10:34] Time for the vote. [1:10:36] No. [1:10:39] Mr. Crapo? [1:10:43] No. [1:10:44] Mr. Rounds? [1:10:46] No. [1:10:48] Mr. Tillis? [1:10:50] No. [1:10:53] Mr. Kennedy? [1:10:54] Mr. Haggerty? [1:10:55] Haggerty's no. [1:10:57] Ms. Lummis? [1:10:59] No. [1:11:02] Mrs. Britt? [1:11:04] Mr. Ricketts? [1:11:06] No. [1:11:07] Mr. Banks? [1:11:10] Mr. Kramer? [1:11:12] Mr. Moreno? [1:11:13] Mr. McCormick? [1:11:14] Mr. Reid? [1:11:16] Yes. [1:11:19] Mr. Warner? [1:11:20] Mr. Van Hollen? [1:11:22] Yes, by proxy. [1:11:24] Ms. Cortez Masto? [1:11:25] Ms. Smith? [1:11:28] Mr. Warnock? [1:11:30] Mr. Kim? [1:11:33] Aye. [1:11:35] Mr. Gallego? [1:11:37] Ms. Blunt-Rochester? [1:11:39] Aye. [1:11:40] Ms. Also Brooks? [1:11:42] Aye. [1:11:43] The vote is 11 in favor and 13 opposed. [1:11:44] The amendment is not adopted. [1:11:46] We now call up McCormick 115. [1:11:49] Senator McCormick, you are now recognized for two minutes. [1:11:52] Thank you, Mr. Chairman. [1:11:54] They have the opportunity to introduce my amendment 115, co-sponsored with Senator Bill Haggerty. [1:12:00] There's a long history of bipartisan support for the SEC and CFTC to provide for portfolio [1:12:07] margining. [1:12:08] Section 402 of the Digital Asset Market Clarity Act directs the SEC and the CFTC to jointly issue [1:12:14] rules that enable portfolio margining across securities, swaps, futures, and digital commodity [1:12:20] accounts held by registered dealers, FCMs, or brokers. [1:12:24] This section is intended to allow natural risk offsets among positions to be recognized [1:12:30] and would create greater efficiencies for investors to manage risk. [1:12:33] However, for the portfolio margining to function properly, changes are necessary to ensure that customer [1:12:39] protections under the Securities and Investor Protection Act, CIPA, carry to CFTC-regulated products [1:12:45] in the event that a broker-dealer becomes insolvent. [1:12:48] This amendment I'm offering today gives the SEC and CFTC the flexibility to write rules relating [1:12:55] to CIPA with consultation from CIPIC and Treasury on expanded security portfolio margin accounts. [1:13:03] Not only is this essential for customer protection during times of market stress, but the amendment [1:13:09] also explicitly prohibits CIPIC advances from covering digital commodities or swap positions [1:13:15] which protect traditional securities customers. Digital assets are being folded into the fabric of the financial system. [1:13:22] This amendment recognizes that reality and its passage is important to every single market participant. [1:13:28] The banks, crypto, and customers. This amendment is the result of working closely with both Treasury and CIPIC [1:13:34] and represents a bipartisan agreement with my Democratic colleagues. [1:13:38] I would ask to be adopted by voice, but I'm open to a roll call vote, Mr. Chairman. Thank you. [1:13:43] Mr. Chairman. [1:13:46] Voice, if everybody... [1:13:47] I'd like to respond if I could. Thank you. [1:13:50] Thank you. Section 402 of this bill directs the CFTC and SEC to issue a joint rulemaking that will facilitate portfolio [1:13:59] margining across a wide variety of categories of a lot of diverse instruments, including crypto. [1:14:06] Now, as everyone here knows, portfolio margining allows calculation of margin requirements based on the overall portfolio [1:14:14] rather than by individuals. [1:14:16] Some people are getting confused in the chat. These are amendments. The vote is coming up. [1:14:20] There's votes on amendments. These amendment votes give us a good idea if it's going to pass or not. [1:14:24] But then once the amendments are all hashed out, they go back and forth. [1:14:28] The vote, they vote on the amendments. They might pass. They might not pass. [1:14:33] And then we come on to the main vote. So stay with us. This is still very important. [1:14:36] But we're coming over to the main vote later on in the show. So stay with us. Let's see how this vote goes. [1:14:42] This is apparently bipartisan. Let's see if Warren and the Democrats vote in favor of it as well and let this one pass. [1:14:49] We'll hear a vote in a second. [1:14:51] And regulatory regimes. I appreciate that Amendment 115 takes some steps toward protecting consumers from the havoc of this new regime. [1:15:01] But it is not enough. The amendment further seems to remove SIPC protections from accounts with crypto, [1:15:08] which highlights one of the real paradoxes in this bill. [1:15:12] It pushes more of the market into crypto and removes protections for investors and removes recourse for victims. [1:15:20] That is the wrong direction to go in. All right. [1:15:23] When this blows up at the economy, I hope everybody remembers. [1:15:27] Mr. Chairman. Actually, we're out of time, actually. I'm going to stick with our two minutes, one minute as much as possible. [1:15:34] Voice vote. All in favor say aye. [1:15:38] Aye. [1:15:39] Actually, I'd like to have a recorded vote on this. I think this one's going to matter in history. [1:15:43] Clerk will call the roll. [1:15:44] Aye. [1:15:46] Mr. Crapo. [1:15:50] Aye. [1:15:51] Mr. Rounds. [1:15:52] Aye. [1:15:54] Mr. Tillis. [1:15:55] Aye. [1:15:56] Mr. Kennedy. [1:15:58] Mr. Hagerty. [1:15:59] Hagerty's aye. [1:16:01] Ms. Lummis. [1:16:03] Aye. [1:16:05] Mrs. Britt. [1:16:07] Aye. [1:16:09] Mr. Ricketts. [1:16:12] Aye. [1:16:15] Mr. Banks. [1:16:16] Aye. [1:16:18] Aye. [1:16:20] Ms. Warren. [1:16:21] No. [1:16:23] Mr. Reid. [1:16:25] Mr. Warner. [1:16:29] Mr. Van Hollen. [1:16:32] Ms. Cortez Masto. [1:16:33] Aye. [1:16:38] Ms. Smith. [1:16:41] Mr. Warnock. [1:16:44] Mr. Kim. [1:16:47] Mr. Geigo. [1:16:48] Ms. Blunt Rochester. [1:16:50] Ms. Also Brooks. [1:16:51] Aye. [1:16:52] She is so selfish. [1:16:53] She just wanted to go on record for saying no when everyone, even the Democrats, want to [1:16:57] say yes. [1:16:58] The emotion, the amendment has been adopted. [1:17:00] We now call up Warren. [1:17:02] See, it's been adopted. [1:17:03] Everyone said yes, apart from Warren. [1:17:06] Here we go again. [1:17:07] Ms. So when banks take excessive risks in pursuit of windfall profits, we know what happens [1:17:13] next. [1:17:14] The bets blow up, businesses on Main Street are shuttered, workers lose their jobs and retirement [1:17:19] savings, families are thrown out of their homes, and the economy goes into recession. [1:17:24] Oh, and then Wall Street comes to Congress and begs for bailouts and gets them. [1:17:29] That's why our laws are supposed to keep the banks safe and sound, in part by limiting [1:17:35] the kinds of assets that banks can own and the activities they can conduct. [1:17:40] There are plenty of traditional assets that banks are prohibited from owning and traditional [1:17:46] activities that banks are prohibited from conducting. [1:17:49] This bill would throw out these sensible restrictions on crypto assets. [1:17:54] For example, the bill allows banks to transact in the wild west of decentralized finance, where [1:18:01] a platform seems to face a run, get hacked, or otherwise implode pretty much every week. [1:18:09] The bill also allows banks to lend against crypto as collateral, to own crypto directly, [1:18:17] to trade crypto derivatives, and more. [1:18:20] The bill also repeals a key pillar of the Dodd-Frank Act for digital assets, known as the Volcker Rule. [1:18:28] The bill allows bank holding companies to buy and sell digital assets for any investment or trading [1:18:36] purpose, including the type of dangerous proprietary trading and hedge fund activities that help cause [1:18:42] the 2008 crash. [1:18:45] Innocent businesses and families that have never even heard of the blockchain will suffer if [1:18:51] the next crypto crash also causes a banking crash. [1:18:57] My amendment would strike these dangerous provisions from the bill. [1:19:01] I urge my colleagues to vote for Warren 52. [1:19:05] 60 seconds. [1:19:09] Senator Romans. [1:19:10] Thank you, Mr. Chairman. [1:19:11] There are two states that already allow banks to do this. [1:19:14] One is Virginia, Wyoming, Louisiana. [1:19:17] And after this bill passes, other states will allow it to do it. [1:19:21] The bank permissibility language in our legislation does one thing. [1:19:25] It simply confirms that banks can use digital assets to conduct activities that they already allow [1:19:32] to perform by law. [1:19:34] The U.S. dollar is going to be digitized. [1:19:37] It is going to be a digital asset. [1:19:40] And so we need to integrate all of these assets into the banks that are allowed to do them [1:19:47] to continue to do them. [1:19:48] There are no special carve-outs. [1:19:50] This amendment would strike three key provisions of the bill related to bank permissibility, [1:19:56] portfolio margining, and netting agreements. [1:19:59] I urge my colleagues to oppose this amendment. [1:20:02] Clerk will call the roll. [1:20:03] Remember that Senator Lumez, the pro-crypto who spent all her time working on this bill. [1:20:14] She's a Republican. [1:20:15] It doesn't matter, but she's pro-crypto. [1:20:17] So if you see her speaking, she's going to be against anything that's not right to the bill [1:20:22] or pro- against the Democrats essentially. [1:20:26] Mr. Banks. [1:20:28] No by proxy. [1:20:29] We are having a vote right now, not on the final Clarity Act, but on the amendment. [1:20:34] Mr. McCormick. [1:20:35] Remember, Genius Act was very important for crypto. [1:20:40] Mr. Reid. [1:20:41] The Clarity Act is going to be even more important. [1:20:43] Genius Act. [1:20:44] Mr. Warner. [1:20:45] It might have been a pump and dump on the day. [1:20:46] Mr. Van Hollen. [1:20:47] Aye. [1:20:48] But it allowed a lot of money to flow through. [1:20:49] Ms. Cortez Masto. [1:20:50] Clarity Act will allow more. [1:20:51] Ms. Smith. [1:20:53] Mr. Warnock. [1:20:54] Aye. [1:20:55] Let's see if this goes through. [1:20:56] Mr. Cameron. [1:20:57] I imagine it won't. [1:20:59] Mr. Gallego. [1:21:01] Ms. Blunt Rochester. [1:21:02] Aye. [1:21:04] Ms. Also Brooks. [1:21:05] Aye. [1:21:06] The vote is 11 in favor and 13 opposed. [1:21:07] 11 in favor and 13 opposed. [1:21:08] We now call up Warren 66. [1:21:11] So 11 in favor, 13 opposed. [1:21:14] That's because it was Elizabeth Warren who came out with that amendment. [1:21:19] And she's actually filed 50 amendments. [1:21:21] We're probably not going to go through all of them. [1:21:24] And if we are, they're probably all going to go down 11 to 13. [1:21:28] We expect the final vote to potentially be 11 to 13. [1:21:31] So pretty close. [1:21:32] Not the final vote. [1:21:33] That's coming up later. [1:21:34] So let's see how it goes. [1:21:35] Another amendment here by Elizabeth Warren. [1:21:38] Let's see how hard she wants to make it for them. [1:21:40] If you are tuning in, we're going to cover it all. [1:21:42] The XRP chart. [1:21:43] The Bitcoin chart. [1:21:44] The bulls of spares. [1:21:45] The banking committee. [1:21:46] What they're doing with the stable coins. [1:21:48] We're going to cover the final vote as well. [1:21:50] Again, 40% off. [1:21:52] Only five spots available. [1:21:54] That is for the full newsletter. [1:21:56] Everything you need to know every single day before the bell. [1:21:59] Whether it's crypto news or stock market news. [1:22:01] Not sponsored. [1:22:02] No advertisement on the newsletter. [1:22:04] There is an absolutely free plan. [1:22:06] Or today only. [1:22:07] Ends at midnight. [1:22:08] For the Clarity Act. [1:22:09] 40% off. [1:22:10] The full perks and benefits. [1:22:11] The trading view indicators. [1:22:12] The chart course. [1:22:13] The full breakdowns. [1:22:14] The cheat sheets. [1:22:15] The one-on-one access. [1:22:17] The portfolio challenge. [1:22:18] The net worth tracker. [1:22:19] All of that is included. [1:22:20] The link is the first in the description. [1:22:22] It's also in the live chat. [1:22:23] Here's another amendment from Elizabeth Warren. [1:22:24] It's probably just one of the 50. [1:22:26] That's just going to get voted against. [1:22:28] But nevertheless. [1:22:29] Let's listen in. [1:22:30] And I'm sure Senator Lumez will rebuttal. [1:22:33] And then it goes to another vote. [1:22:34] We're waiting for the final vote. [1:22:36] President Trump's bank regulators. [1:22:38] To use their authorities. [1:22:39] To investigate the bank executives. [1:22:41] That helped facilitate Jeffrey Epstein's crimes. [1:22:44] And to turn over any information they have gathered. [1:22:47] Over the years. [1:22:48] To Congress. [1:22:49] And so far they haven't lifted a finger. [1:22:51] This amendment would require the federal banking regulators. [1:22:54] To publish any bank examination records. [1:22:57] Related to Epstein and his co-conspirators. [1:23:00] What did the banks know? [1:23:02] And when did they know it? [1:23:03] Did bank regulators spot anything that should have settled the loans? [1:23:06] How does this have anything to do with crypto? [1:23:08] I mean fair enough. [1:23:09] Answers to those questions may be buried in the banking regulators. [1:23:12] Confidential supervisory records. [1:23:15] Some sunlight might help prevent Wall Street and crypto companies. [1:23:19] From funding the next Jeffrey Epstein. [1:23:22] I urge my colleagues to support Warren 66. [1:23:26] Mr. Buddle. [1:23:27] Mr. Chairman. [1:23:30] Confidential supervisory information is not germane to digital asset market structure. [1:23:36] The Epstein files have nothing to do with this bill. [1:23:39] I urge my colleagues to oppose the amendment. [1:23:41] Clerk will call the roll. [1:23:42] Mr. Chairman. [1:23:43] Can I ask a question? [1:23:44] The point of order? [1:23:46] Sure. [1:23:47] I just wanted to ask Senator Warren, how are you defining co-conspirators? [1:24:01] This is exactly what we want to find out. [1:24:03] When you don't have the information, you don't know. [1:24:05] But what we do know is that Jeffrey Epstein was using crypto early on, that he was involved [1:24:12] in illicit financial transactions, that three of the largest financial institutions. [1:24:17] I'm sorry. [1:24:18] I get that. [1:24:19] Thank you. [1:24:20] But you say the regulators have to release stuff about Epstein and his co-conspirators. [1:24:27] How are they going to know who his co-conspirators are? [1:24:29] Well, they have already been named in court documents. [1:24:33] One is identified as Ghislaine Maxwell as an identified convicted co-conspirator. [1:24:40] And I think her record should be released as well. [1:24:42] I look forward to you all continuing this conversation after the hearing. [1:24:48] Clerk will call the roll. [1:24:50] No. [1:24:53] Mr. Crapo. [1:24:55] No. [1:24:57] Mr. Rounds. [1:24:58] No. [1:24:59] Mr. Tillis. [1:25:01] Mr. Kennedy. [1:25:02] No. [1:25:03] Mr. Hagerty. [1:25:04] Hagerty's no. [1:25:06] Mrs. Britt. [1:25:07] Mr. Ricketts. [1:25:09] No. [1:25:11] Mr. Banks. [1:25:16] No by proxy. [1:25:18] Mr. Kramer. [1:25:20] Mr. Moreno. [1:25:21] No. [1:25:23] Mr. McCormick. [1:25:25] No. [1:25:26] Ms. Warren. [1:25:27] Yes. [1:25:30] Mr. Reed. [1:25:32] Mr. Warner. [1:25:34] Mr. Van Hollen. [1:25:35] Aye. [1:25:37] Ms. Cortez Masto. [1:25:39] Aye. [1:25:41] Ms. Smith. [1:25:43] Mr. Warnock. [1:25:45] Mr. Kim. [1:25:47] Aye. [1:25:48] Mr. Gallego. [1:25:50] Ms. Blunt Rochester. [1:25:51] Aye. [1:25:52] Ms. Also Brooks. [1:25:54] Aye. [1:25:55] The vote is 11 in favor and 13 opposed. [1:25:56] The amendment is not agreed to. [1:25:57] Mr. Chairman. [1:25:58] I'm going to get in trouble again. [1:25:59] I know. [1:26:00] Yes, sir. [1:26:01] But I've got another point of order. [1:26:02] I would consider voting for this amendment if you think about taking out co-conspirators. [1:26:08] I'd be glad to amend it. [1:26:13] Yes. [1:26:14] The author of the amendment accepts the proposed change. [1:26:18] Mr. Chair, point of order. [1:26:20] The vote's been held. [1:26:21] The amendment's been disposed of. [1:26:22] That would require an additional amendment at this time. [1:26:23] The amendment is not agreed to. [1:26:24] We will now move to call up Reed, number 90. [1:26:30] Thank you, Mr. Chairman. [1:26:33] My amendment allows the government to block foreign illicit transactions that occur using [1:26:39] stable coins as if they were dollars in a bank. [1:26:43] This will primarily crack down on Iran's use of stable coins to fund their nuclear program, [1:26:49] support terrorist proxies, and engage with our forces at the present time. [1:26:56] According to blockchain analytics firm TRM Labs, Iran continues to use cryptocurrency to source [1:27:02] sensitive goods. [1:27:03] Chinese chip resellers have shown the willingness and capability to supply drone components, [1:27:08] electrical equipment, AI critical hardware, et cetera. [1:27:12] And these unmanned systems, these drones, are what is wrecking havoc on our forces and our allies [1:27:18] in the Persian Gulf today. [1:27:20] We've lost 14 Americans and hundreds wounded. [1:27:25] And the money can be traced back, much of it, to stable coins. [1:27:31] Now, Iran is also accepting tolls in stable coins at the Strait of Hormuz. [1:27:37] And they're making money on that, too. [1:27:39] Now, Treasury cannot shut down this operation. [1:27:45] Excuse me. [1:27:46] They have to go hat in hand to tether and say, [1:27:49] please, tether, would you voluntarily stop doing this? [1:27:55] We need structures. [1:27:56] Everyone stands around here and talks about how much they support the troops. [1:27:59] If you really support the troops, cut off the funding for the Iranians. [1:28:03] Rebuttal? [1:28:07] Senator Hagridi, please. [1:28:08] Mr. Chairman, the bill that we're voting on today already includes dedicated illicit [1:28:12] finance and sanctions provisions for digital assets. [1:28:14] Title II and Title III address anti-money laundering, sanctions compliance, information sharing, [1:28:19] digital asset kiosks, DeFi risk controls, and other illicit financing risks. [1:28:24] The amendment creates a broad extraterritorial rule for dollar-denominated stable coins. [1:28:28] I'm concerned that actually could undermine responsible use of stable coins abroad. [1:28:34] Until the actual vote. [1:28:35] So I'm going to urge my colleagues to oppose Senator Reid's amendment. [1:28:37] Mr. President? [1:28:38] Clerk will call the roll. [1:28:39] Thank you for the super chat. [1:28:40] We don't know. [1:28:41] It's just we have to go through the amendments and then the actual vote will happen. [1:28:45] Maybe half an hour, maybe an hour. [1:28:47] We'll see. [1:28:48] No by proxy. [1:28:49] But it could be any moment as well. [1:28:50] So they might not go through all the amendments. [1:28:52] Mr. Tillis. [1:28:54] Mr. Kennedy. [1:28:56] Mr. Haggerty. [1:28:57] Haggerty's no. [1:28:59] Ms. Lummis. [1:29:00] Mrs. Britt. [1:29:03] Mr. Ricketts. [1:29:05] Mr. Banks. [1:29:07] Mr. Kramer. [1:29:09] Mr. Moreno. [1:29:10] XRP's up. [1:29:11] Bitcoin's up. [1:29:12] Mr. McCormick. [1:29:14] Ms. Warren. [1:29:15] Polymarket odds for the Clarity Act getting signed into law are up. [1:29:18] Mr. Reid. [1:29:19] Aye. [1:29:21] It's looking good so far. [1:29:22] Mr. Ben Holland. [1:29:24] Ms. Cortez Masto. [1:29:25] Ms. Smith. [1:29:28] Mr. Warnock. [1:29:29] Aye. [1:29:32] Mr. Kim. [1:29:33] Mr. Gallego. [1:29:35] Aye. [1:29:36] Ms. Blunt-Rochester. [1:29:37] Aye. [1:29:39] Ms. Also Brooks. [1:29:40] Aye. [1:29:41] The vote is 11 in favor and 13 opposed. [1:29:42] The amendment is not agreed to. [1:29:43] We will now move to read number 100. [1:29:45] Senator. [1:29:46] Thank you very much, Mr. Chairman. [1:29:47] Yes. [1:29:48] My amendment number 100 attempts to do what I tried to do in the Genius Act, which was to make [1:29:54] the US dollar the official currency of the United States of America and it cannot be replaced [1:29:59] by alternatives as legal tender. [1:30:02] I was struck when Senator Loomis said that the dollar will be digitized. [1:30:07] And I think that's the plan of many people. [1:30:09] And if it is digitized, the dollar will no longer be controlled by the Federal Reserve. [1:30:13] It will be controlled by companies like World Financial. [1:30:16] And that, I don't think, is a good development for the United States, our economy, or the world. [1:30:22] And my amendment would also ensure that the dollar cannot be supplanted by currencies like the Chinese Yuan and others. [1:30:33] So I think we've got to move and make this very clear. [1:30:37] Everyone will nod and say, of course, the dollar is always going to be the currency in the United States. [1:30:42] As I said, as I heard today, the dollar will be digitized. [1:30:47] And if we don't recognize that, prepare for it, a shame on us. [1:30:51] Thank you, Mr. Chairman. [1:30:53] Yes, sir. [1:30:55] Rebuttal. [1:30:56] Mr. Chairman. [1:30:59] Senator Moreno. [1:31:00] This amendment is outside the scope of the bill before us. [1:31:02] The Clarity Act is a market structure bill. [1:31:05] It does not make crypto legal tender. [1:31:07] It does not require any state to accept crypto for taxes. [1:31:11] It does not disturb the status of the United States dollar as legal tender. [1:31:15] This amendment tries to resolve a broader issue that is not necessary to the framework we are considering today. [1:31:20] We should keep the focus on building a workable regulatory structure for digital assets, not add unrelated legal tender language. [1:31:28] And on a personal note, in 2016, I became the first person in the United States of America to pay my taxes with Bitcoin to show the capabilities of the technology. [1:31:39] Had I met the senator from Rhode Island, I would not have done that as I paid $3,000 in taxes with two Bitcoins. [1:31:45] I bet he regrets paying taxes in Bitcoin in 2016. [1:31:46] So I would absolutely be in a better spot had I not done that. [1:31:49] So we should have met each other back then. [1:31:51] Well, if I may, Mr. Chairman. [1:31:54] You have about nine seconds. [1:31:56] Nine seconds. [1:31:57] I just repeat again what Senator Loomis said. [1:32:02] Dollars will be digitized. [1:32:05] If we don't make it clear that digital currencies can and may supplant the dollar, we will be in very difficult economic positions. [1:32:15] We will move on. [1:32:17] I do want to make a note that the $3,000 that you used for the Bitcoin would today be worth how much? [1:32:24] Too soon. [1:32:26] Okay, thank you. [1:32:27] I just wanted to make sure that point was clear. [1:32:30] The clerk will call the roll. [1:32:31] The chairman. [1:32:33] Mr. Crapo. [1:32:37] Mr. Rounds. [1:32:39] No. [1:32:41] Mr. Tillis. [1:32:43] Mr. Kennedy. [1:32:53] A vote is being taken place right now for another amendment. [1:32:56] Mrs. Britt. [1:32:57] This is not the final vote. [1:32:59] Mr. Ricketts. [1:33:00] Stay tuned with us. [1:33:01] Mr. Banks. [1:33:02] The live chat, you can keep engaged in that. [1:33:03] Mr. Kramer. [1:33:04] We'll be answering some questions there. [1:33:05] Mr. Moreno. [1:33:06] The community members there. [1:33:07] Please do hit the like button. [1:33:08] Mr. McCormick. [1:33:09] No. [1:33:10] It takes one second. [1:33:11] We'll come back to the charts and predictions after the votes are in. [1:33:18] Ms. Cortez Masto. [1:33:19] Ms. Smith. [1:33:21] Mr. Warnock. [1:33:24] By the way, a lot of you haven't hit the like button yet. [1:33:27] I know a lot of you haven't. [1:33:29] Just take one second. [1:33:30] Scroll down and hit the like button. [1:33:31] Subscribe if you haven't subscribed yet. [1:33:33] It takes one second. [1:33:34] It's free. [1:33:35] Go ahead and do it. [1:33:36] And also. [1:33:37] Thank you. [1:33:38] The amendment is not adopted. [1:33:39] We will now call up. [1:33:41] Amendment is not adopted. [1:33:42] Warner 131. [1:33:43] But to answer the question of Senator Moreno, the answer is $161,774. [1:33:49] Oh. [1:33:51] His $5,000 would be $160,000. [1:33:53] Guys, remember the newsletter is a free plan as well. [1:33:55] First link in the description. [1:33:56] I want to strongly thank you. [1:33:57] Hit the like button. [1:33:58] Subscribe. [1:33:59] It's free. [1:34:01] Work through thousands of hours. [1:34:03] You paid 5,000 taxes. [1:34:04] It's now worth $160,000. [1:34:05] I can't think of a piece of legislation that I've spent more time on. [1:34:11] I voted for genius because I thought we needed a stable coin basis in this country. [1:34:15] And I think we need a market structure bill for this country as well. [1:34:21] And I will look forward to continuing to work on this past committee. [1:34:24] Now, I also want to take a moment to acknowledge, I think, a continued good faith from the Chairman [1:34:29] and Senator Lummis, there are a series of bipartisan amendments that we worked on this morning [1:34:35] that you've accepted. [1:34:36] So I, again, absolutely trust that we can get this done. [1:34:41] My amendment, and this is particularly for my friends sitting in the audience, [1:34:46] reflects the language that my Republican colleagues and the White House accepted on DeFi. [1:34:53] Now, we have worked dramatically since that time, hearing some of the industry's concerns. [1:34:59] We've made over 40 changes, and most of that will be included, I think, in Senator Lummis. [1:35:06] Coinbase up 5% today. [1:35:08] I still think there are some issues to work through, particularly to make sure that law enforcement [1:35:13] has the tools it needs to make sure bad actors can't find a way to work around this framework, [1:35:19] make sure government, senior government officials can't use these tools to enrich themselves. [1:35:25] I'm committed to working to get a bill that moves this bill forward on the floor. [1:35:32] I guess I've often said I've been in crypto hell the last couple of months. [1:35:37] I hope to get to crypto heaven. [1:35:38] I guess I'm right now in crypto purgatory, but I'm looking forward to getting all the way there. [1:35:42] Thank you, Mr. Chairman. [1:35:43] And I withdraw my amendment. [1:35:45] Thank you. [1:35:46] I'll now call up. [1:35:48] Actually, before I do so, we are around 1145, which means that we're about 17 minutes away [1:35:56] from the two-hour window and would need permission to continue beyond that. [1:36:02] We are glad to continue beyond that. [1:36:05] Great. [1:36:06] Thank you. [1:36:07] I will now call up Senator Van Hollins, number 33. [1:36:11] Thank you, Mr. Chairman. [1:36:15] Last year, the volume of digital assets involved in illicit activities blew through all previous records. [1:36:24] By one estimate, $154 billion was sent to illicit crypto wallets, up from 59 billion in 2024. [1:36:35] Decentralized finance, DeFi services play an important role in this illicit ecosystem. [1:36:40] I think we all know that. [1:36:41] Bad actors use tools like tumblers and mixers to launder money, evade law enforcement, and [1:36:47] move funds. [1:36:49] Just look at what North Korean hackers did last year. [1:36:52] They hacked $1.5 billion from the crypto exchange Bybit and then used DeFi services and [1:36:59] exchanges to switch between crypto tokens to launder funds and evade investigators. [1:37:05] These are funds that can now help support the North Korean nuclear program or other illicit [1:37:11] activities. [1:37:12] Or look at Iran. [1:37:13] Iranian actors have been documented using DeFi exchanges and techniques to launder funds [1:37:18] and evade sanctions. [1:37:20] In some cases, it's clear that these DeFi tools are created because their developers plan, [1:37:27] plan to profit from illicit activity. [1:37:30] They know that bad actors will exploit these tools. [1:37:34] In fact, that's the whole point for some of them. [1:37:37] And so we need to hold them accountable. [1:37:40] Addressing the illicit finance risk in DeFi overall is not straightforward. [1:37:44] We know that. [1:37:45] But this amendment is straightforward. [1:37:47] And it's limited and simple. [1:37:49] It would simply make it unlawful to release a DeFi protocol for the purpose, the express purpose, [1:37:58] of enabling money laundering, sanctions, evasion, and financing of terrorism. [1:38:04] That's what it does. [1:38:05] There should be consequences if you set out to enable drug traffickers, scammers, North [1:38:10] Korea or Iran. [1:38:11] And I hope my colleagues will agree with that premise and support this amendment. [1:38:15] Rebuttal? [1:38:17] Yeah. [1:38:18] Mr. Chairman. [1:38:19] Okay, they're going to rebuttal that specific amendment. [1:38:22] But I just want to make something clear. [1:38:24] Someone's just come in. [1:38:25] He's a troll saying, this is a slow stream. [1:38:30] Bill passed 30 minutes ago. [1:38:31] Well, we're live all the time. [1:38:32] You can see the time right above my head. [1:38:34] Yes, there's going to be a five, 10 second delay because that's how YouTube works. [1:38:37] So don't worry about that. [1:38:39] We are live and up to date. [1:38:41] The bill has not passed 30 minutes ago. [1:38:43] That is just completely false. [1:38:44] We are watching this live. [1:38:46] We are live straight from their website. [1:38:48] We are covering it live. [1:38:49] They are voting on different amendments. [1:38:51] That person is obviously confused or trying to cause havoc. [1:38:55] This is live. [1:38:56] We're up to date. [1:38:57] We are a serious channel. [1:38:58] We've got a tick, a verification tick. [1:39:00] We cover all live news events. [1:39:02] This is completely up to date. [1:39:04] This is live. [1:39:05] So no, the vote hasn't passed yet. [1:39:08] Some amendments have passed. [1:39:09] Some amendments have been not passed. [1:39:11] But the final vote is not in yet. [1:39:14] That's coming up soon. [1:39:15] Again, if you want 40% off the newsletter plus all the different perks and benefits of [1:39:20] it, the chart training course, the portfolio challenge, all of that, the daily updates, [1:39:25] it is free in the newsletter. [1:39:27] First link in the description, there's a free plan. [1:39:29] There's also a 40% off link that ends tonight or if we reach zero. [1:39:33] Right now, there's five available. [1:39:34] So if the five go, then there won't be any available. [1:39:37] If they don't go, it ends at 12 p.m. at midnight. [1:39:39] First link in the description, it's also in the live chat. [1:39:42] The vote hasn't passed. [1:39:43] There was someone causing misinformation in the live chat. [1:39:47] We are live. [1:39:48] We are up to date. [1:39:49] You can see the clock and it hasn't passed yet. [1:39:51] So let's continue listening in. [1:39:53] This is one of the most important moments in crypto's history. [1:39:57] Live right now. [1:39:58] This is more important than the Genius Act. [1:40:00] This is the first stage of getting proper clarity, money flowing into crypto industry, [1:40:04] especially in a bear market. [1:40:05] So let's continue listening in. [1:40:07] Then I'll give you my charts. [1:40:08] My opinions will cover the vote. [1:40:10] And again, we will discuss everything and go to your live comments as well. [1:40:15] Please do subscribe. [1:40:16] Please do hit the like button and be careful of the scammers in the chat. [1:40:20] The vote is 11 in favor and 13 opposed. [1:40:24] 11 in favor, 13 opposed. [1:40:27] Again, that's not the final vote. [1:40:28] That's the amendment. [1:40:29] The Democratic amendment did not pass. [1:40:31] On to the next. [1:40:32] The amendment is straightforward. [1:40:34] It's designed to prevent conflict of interests and self-dealing by the president or members of the House or the Senate. [1:40:43] It also requires greater transparency. [1:40:46] We have all seen the president and members of his family involved in corrupt crypto ventures and various crypto scams. [1:40:58] Through World Liberty Financial, the Trump family has raked in billions in profits. [1:41:03] Much of it obtained through corrupt deals with members of the UAE royal family. [1:41:09] In fact, we've heard testimony from witnesses before this committee about that. [1:41:14] And the Trump and Melania meme coins have allowed Trump to rake in hundreds of millions, if not more, in cash. [1:41:23] Even as investors lost 4.3 billion. [1:41:27] The way that scam works is that whether retail investors win or lose, Trump is like the house at the casino. [1:41:35] He always wins. [1:41:36] And what this amendment does is very simple. [1:41:39] We're letting the American public know. [1:41:42] We're letting the people know that we're not going to allow self-dealing by the president or members of the House and Senate and others [1:41:51] who have direct control and influence over these operations as witnessed by the fact that we're marking up this bill. [1:42:00] So the people involved directly in making these policies from the president to the Congress should not be able to be issuers of these particular assets and coins. [1:42:14] So that's what the amendment does, Mr. Chairman. [1:42:17] And I ask for the yes and nays. [1:42:19] Rebuttal. [1:42:20] Mr. Chairman. [1:42:21] Senator Moreno. [1:42:22] This is the Banking Committee, not the Judiciary Committee. [1:42:25] The inclusion of a criminal penalty and references the Attorney General make this amendment not germane to this committee. [1:42:31] It's out of order. [1:42:32] I urge my colleagues to vote no. [1:42:34] And I would also just say that as a lawyer, you should, if anybody, respect the fact that people are innocent in this country to be proven guilty. [1:42:43] You're making conclusive comments about a person who's a good man who serves this nation. [1:42:48] And to say with no knowledge that he is committing a crime is a disgrace. [1:42:54] We can have political conversations about policies. [1:42:58] We don't have to turn everything into ad hominid attacks against the president of the United States. [1:43:05] Clerk will call the roll. [1:43:06] Mr. Chairman, allow me just to respond briefly because I was clear, Senator, that the deal with World Liberty Financial has all the markings of a corrupt deal. [1:43:21] As you know, the president decided to relieve some of the restrictions the United States had placed on chips and AI to the royal family just after those transactions occurred. [1:43:37] And he departed for his trip. [1:43:39] And, of course, there was the transaction even before the inauguration that Sheikh Tanu made in World Liberty Financial. [1:43:47] Let me just reinforce the point that Senator Moreno made. [1:43:52] Our country still affords the individual the presumption of innocence. [1:43:58] And while we can continue the process of making allegations, I do think Senator Moreno's point is spot on. [1:44:06] And rarely do I speak out when you two are having a conversation or any other ones. [1:44:12] I do think we should be very careful in this context. [1:44:15] But let us move to the vote. [1:44:16] Okay. [1:44:17] Thank you. [1:44:19] Mr. Chairman, of course, this amendment doesn't pass judgment on this issue. [1:44:22] This just says the president, no matter who he is, remembers the Congress. [1:44:26] Your comments did. [1:44:27] Not the amendment. [1:44:28] I used the word corrupt. [1:44:29] Call the roll. [1:44:30] It's a difference. [1:44:31] Call the roll. [1:44:32] The gentleman knows. [1:44:34] Mr. Chairman? [1:44:36] No. [1:44:37] Mr. Rounds? [1:44:38] No. [1:44:39] Mr. Tillis? [1:44:41] No. [1:44:44] Mr. Kennedy? [1:44:45] Mr. Haggerty? [1:44:47] Haggerty's no. [1:44:48] Ms. Lummis? [1:44:50] No. [1:44:52] Mrs. Britt? [1:44:54] Mr. Ricketts? [1:44:56] No. [1:44:57] Mr. Banks? [1:44:59] No. [1:45:00] Mr. Kramer? [1:45:01] No. [1:45:03] Mr. Moreno? [1:45:04] No. [1:45:06] Mr. McCormick? [1:45:07] No. [1:45:08] Ms. Warren? [1:45:10] Aye. [1:45:12] Mr. Reed? [1:45:15] Mr. Warnock? [1:45:16] Mr. Kim? [1:45:18] Aye. [1:45:19] Mr. Gallego? [1:45:22] Ms. Blount Rochester? [1:45:23] Aye. [1:45:25] Ms. Also Brooks? [1:45:28] Aye. [1:45:29] The vote is 11 in favor and 13 opposed. [1:45:30] The amendment is not agreed to, so we will now move to Cortez Masto, number 22. [1:45:36] Thank you, Mr. Chairman. [1:45:38] Let me start off by saying similar to some of my colleagues, thank you for working together. [1:45:42] I think we have come so far on a number of provisions in a bipartisan way. [1:45:47] Just to remind everyone, there's 13 Republicans and 11 Democrats. [1:45:51] So if you see that number propping up, that's just all Democrats against and all Republicans [1:45:56] for. [1:45:57] We might see that in the final vote as well. [1:45:58] We might not. [1:45:59] Let's listen in to the next amendment and then we'll get the final vote as well. [1:46:03] Right now, the Clarity Act would make it more difficult for law enforcement to capture [1:46:09] criminals who use DeFi to move their illicit proceeds. [1:46:14] In response to the work that we have been doing together on the sections including this [1:46:18] amendment, I have received letters from law enforcement opposing portions like this of [1:46:26] the Clarity Act. [1:46:27] There's two letters from the National Association of Assistant U.S. Attorneys who do the prosecution [1:46:31] of that illicit activity. [1:46:32] Two letters from the National District Attorneys Association. [1:46:35] Two letters from the National Sheriff's Association. [1:46:38] A letter from the Fraternal Order of Police. [1:46:40] And a letter from the Major County Sheriffs of America, International Association of Chiefs [1:46:44] of Police, Association of State Criminal Investigative Agencies, and the National Association of Police [1:46:49] Organizations. [1:46:50] I'd actually submit these for the record. [1:46:52] Thank you. [1:46:55] And so, and the reason why is my goal has been to find common ground. [1:47:01] Because I think we have agreed that non-controlling, a true non-controlling developer or software [1:47:08] provider shouldn't be subject because they're not involved in any of this activity. [1:47:12] The concern that many of us have including in law enforcement was that the definition was too broad. [1:47:17] And the bad guys are going to jump into that definition. [1:47:19] And the bad guys we're talking about are the ones that I think Senator Kennedy, I'm sorry he's not here, [1:47:24] was asking questions about. [1:47:26] Those mixers and those tumblers. [1:47:28] They are carved out of these sections. [1:47:30] And so the goal would be to make sure that we are letting the good players still be able to innovate, [1:47:39] those non-controlling developers, let them do their thing. [1:47:42] But not taking away the tools from law enforcement to be able to prosecute those individuals that pose [1:47:48] really kind of a public safety and national security threat. [1:47:51] And I'm talking about folks like foreign states like South Korea and others. [1:47:56] So, excuse me, excuse me, I was paying attention to the chairman. [1:48:00] I'm trying to move very quickly now, but let me finish this. [1:48:03] For North Korea, Iran and others that are using this terrorist activity that unfortunately are opposed [1:48:10] to what we are doing here in the United States protecting our communities. [1:48:14] So, I support the crypto regulation. [1:48:17] I voted for genius last year. [1:48:20] I'm ready to continue to work on this bill. [1:48:23] But we need language to stop and punish those bad actors and give the prosecutors the tools they need to be able to do just that. [1:48:32] Rebuttal. [1:48:34] Mr. Chairman. [1:48:35] Senator Moreno. [1:48:36] First of all, to my colleague from Nevada, thank you for your hard work on all this. [1:48:40] And I think you're absolutely working in good faith to try to get to a resolution. [1:48:43] I agree with the sentiment of what you're saying. [1:48:45] But this amendment would strike critical protections for non-controlling blockchain developers contained in Section 301. [1:48:52] What makes this amendment particularly troubling is that Section 301 has specifically drafted to distinguish between so-called decentralized finance protocols that are decentralized in name only. [1:49:04] We actually came up with a name that Republicans don't always love being called RINOs. [1:49:09] We call this one DINOs. [1:49:10] And protocols that are genuinely decentralized and not operated by centralized intermediaries behind the scenes. [1:49:16] If this legislation already recognizes that distinction and applies appropriate regulatory standards to actors who retain control of our protocol, [1:49:24] it makes little sense to simultaneously eliminate protections for developers of truly decentralized systems that lack a controlling intermediary. [1:49:34] In practice, this amendment would introduce regulatory uncertainty. [1:49:37] I could go on. [1:49:38] But here's what I would say. [1:49:40] What Senator Lummis said earlier. [1:49:42] Let's work together to figure out a way to get a landing spot where you're comfortable. [1:49:48] We support law enforcement. [1:49:49] And we make certain that there's accountability in this. [1:49:52] But for this amendment, I urge my colleagues to vote now. [1:49:55] Clerk will call the roll. [1:49:56] Nope. [1:50:02] Okay. [1:50:03] Another amendment being voted on. [1:50:04] We could be halfway through the amendments now. [1:50:06] Or they might do 20 or so amendments together. [1:50:11] That has been done before. [1:50:12] Mr. Hagerty. [1:50:13] The Genius Act, just for comparison, had about 50 amendments. [1:50:16] Mrs. Britt. [1:50:17] So let's see how it goes. [1:50:18] Then we'll get the final vote. [1:50:20] Mr. Banks. [1:50:21] We're going to keep an eye on the charts. [1:50:22] And I'll give you my thoughts once this is in. [1:50:26] There's a big breakout potentially on XRP as well. [1:50:29] Ms. Warren. [1:50:30] That could play out this month, depending on how this goes. [1:50:33] Mr. Reid. [1:50:34] Aye. [1:50:35] A vote is taking place right now for a specific amendment. [1:50:37] Ms. Cortez Masto. [1:50:38] Let's listen in to see what the vote is going to be. [1:50:41] It might be 11 to 13 once again. [1:50:43] Mr. Warnock. [1:50:44] Mr. Kim. [1:50:46] Mr. Gallego. [1:50:48] Ms. Blunt Rochester. [1:50:50] Aye. [1:50:52] Ms. Oslo Brooks. [1:50:53] Aye. [1:50:55] The vote is 11 in favor and 13 opposed. [1:50:57] The amendment is not agreed to. [1:51:00] We will now move to call up Smith number 119. [1:51:04] Okay. [1:51:05] Next amendment. [1:51:06] Guys remember first link in the description. [1:51:07] Thank you, Mr. Chair. [1:51:08] I would like to offer my amendment Smith number 119. [1:51:11] So this amendment would incorporate Senator Durbin's No Bailout for Crypto Act, which I joined [1:51:18] him in introducing last year. [1:51:20] We can all agree, I think, that crypto assets are incredibly volatile and a single tweet can [1:51:25] cause prices to fluctuate wildly. [1:51:28] Bitcoin, for example, lost nearly a third of its value since hitting an all-time high just [1:51:33] in October. [1:51:34] Ethereum's value has more than halved since its peak. [1:51:37] And these are just two of the most dominant assets in the crypto market. [1:51:41] Nearly two trillion worth of crypto asset value was lost in the crypto crash of 2022. [1:51:47] And I'm quite concerned, Mr. Chair, in its current form that this bill that we're considering today all but ensures that the next crash is even bigger than that. [1:51:55] So what this amendment does is simply to prohibit federal agencies from bailing out the digital asset industry, preventing U.S. taxpayers from being on the hook if that happens, when that happens. [1:52:08] I want to just thank Senator Durbin for his leadership on this issue and I urge my colleagues to support this amendment. [1:52:14] Senator Lummis, rebuttal. [1:52:15] Thank you, Mr. Chairman. [1:52:16] The whole stock market move on Trump's tweets doesn't mean anything. [1:52:17] The Clarity Act does not authorize a bailout of the digital asset industry. [1:52:22] It creates rules for the digital asset markets. [1:52:26] It doesn't create a rescue fund, a guarantee or a taxpayer backstop. [1:52:31] The amendment's unnecessary and it distracts from the purpose of the bill. [1:52:35] We should be focused on building a clear regulatory framework, not suggesting that this bill authorizes something it does not. [1:52:43] Mr. Chair? [1:52:44] This amendment, I would just say, does not suggest. [1:52:47] It only is a preventative measure. [1:52:50] It protects the taxpayers from future decisions to bail out the crypto industry. [1:52:55] Clerk will call the roll. [1:52:56] Nope. [1:53:02] Mr. Crapo? [1:53:03] Nope. [1:53:04] Okay, we're getting through these amendments faster. [1:53:06] Mr. Rounds? [1:53:07] We're getting through them faster. [1:53:08] They're getting into the flow of it. [1:53:09] Mr. Kennedy? [1:53:11] No. [1:53:12] That means the final vote could come up sooner. [1:53:13] Mr. Lamas? [1:53:15] No. [1:53:16] It could still take half an hour, an hour. [1:53:17] We don't know. [1:53:18] But it's coming. [1:53:19] Mr. Ricketts? [1:53:21] Mr. Banks? [1:53:23] Mr. Kramer? [1:53:26] No. [1:53:28] Mr. Moreno? [1:53:30] No. [1:53:31] Mr. McCormick? [1:53:33] No. [1:53:34] Ms. Warren? [1:53:36] Aye. [1:53:37] Mr. Reed? [1:53:38] Aye. [1:53:40] Mr. Warner? [1:53:42] Aye. [1:53:44] Mr. Van Hollen? [1:53:46] Aye. [1:53:48] Ms. Cortez Masto? [1:53:50] Aye. [1:53:52] Ms. Smith? [1:53:53] Mr. Warnock? [1:53:55] Aye. [1:53:58] Mr. Kim? [1:54:00] Mr. Geigo? [1:54:01] Aye. [1:54:02] Ms. Blount Rochester? [1:54:03] Aye. [1:54:04] Ms. Also Brooks? [1:54:05] Aye. [1:54:06] I don't know. [1:54:08] Thank you. [1:54:09] The amendment does not agree to you. [1:54:10] We will now call up Warnock 121. [1:54:12] Thank you, Nick James for the Super Chat. [1:54:13] Mr. Chairman, I intend to call up amendment Warnock 121. [1:54:18] Thank you. [1:54:19] My amendment further strengthens this bill's consumer and investor protections. [1:54:24] We made great progress over the past several months of negotiation and I would like to thank [1:54:32] Senator Lummis and Chair Scott for working with me on compromise provisions to ensure [1:54:38] all consumers and investors are protected from fraud in digital assets. [1:54:44] I regret that those compromises are not fully reflected in the text of today's bill, [1:54:51] but I'm hopeful that we can continue to work together on this especially since the Ag Committee's [1:54:56] partisan half of this bill is so weak on consumer protection and frankly it's a non-starter [1:55:03] for Democrats on the floor. [1:55:05] But I do want to echo what my colleague Senator Van Hollen and others have said. [1:55:12] The President's self-dealing with digital assets is pure corruption and everyone in this room knows that. [1:55:20] Whether his dealings are illegal is a matter of legislation and that's the work we're engaged in. [1:55:26] But there's no doubt that this is pure corruption and the majority has refused to agree to enforce [1:55:34] to enforceable guardrails around all elected officials, all of us including the President and the Vice President [1:55:41] to prevent them from profiting from crypto while they're supposed to be serving the public. [1:55:46] The public deserves to know that we're working for them and not for ourselves. [1:55:50] And the President's insistence on being engaged in the way that he's engaged in this whole industry [1:55:55] has cast a dark pall on the whole process. [1:56:00] There definitely needs to be something about insider trading. [1:56:04] We can't have the President of the United States releasing his own coins and Melania releasing her own. [1:56:09] We can't have any of that going on, but I don't think they're going about it the right way. [1:56:13] Let's continue. This is another amendment. It's probably going to fail. [1:56:16] Clarity, but I cannot support this bill in its current form and will be voting no this morning. [1:56:21] I look forward to continuing to work in a bipartisan manner with all of you on a bill that has strong ethical standards [1:56:28] with strong consumer and investor protections. And it is in that spirit of good faith compromise [1:56:34] that I withdraw my amendment and I will not seek a vote. Thank you, Mr. Chair or Reverend Dr. Chair. [1:56:42] This is why I said that will start withdrawing the amendments. It will start getting a bit faster. [1:56:46] Thank you, Senator Dr. Reverend. I will now call up Kim number 24. [1:56:50] Thank you, Chairman. I believe in innovation in financial services want to harness the opportunity of emerging technologies. [1:57:00] And that's why I did support the Genius Act last year. And I believe that this innovation can be achieved while also working to stop cartels, [1:57:08] state sponsors of terrorism, foreign terrorist organizations from exploiting the technology. [1:57:15] I worked for years on countering terrorist financing before I came into Congress and I saw how we can find these types of important balances. [1:57:22] And I heard from industry leaders how they don't want their products and tools to be used by terrorist groups. [1:57:28] And they don't also said that a one size fits all regulation is not the answer. [1:57:33] They also said that frameworks of the past may not be fully applicable to the emerging technologies of tomorrow. [1:57:39] To those points, I agree, which is why I'm offering this amendment to modernize the Bank Secrecy Act [1:57:45] by adding a new category of financial institutions that would allow us to go after cartels, state sponsors of terrorism, [1:57:53] and foreign terrorist organizations that are trying to take advantage of the emerging technologies. [1:57:59] At the same time, my amendment preserve is innovation and growth for true DeFi, [1:58:04] because I know that a one size fits all framework does not work. [1:58:09] I support DeFi technology, entrepreneurs, and developers. [1:58:13] And I believe that innovation can grow without allowing terrorist resources to grow. [1:58:18] So let's meet the moment with a common sense update to the BSA while continuing to encourage innovation in the industries here in the United States. [1:58:26] I urge my colleagues to vote yes on this amendment. [1:58:29] And with that, I'll yield back. [1:58:30] Thank you. Senator Lemmis. [1:58:31] Yeah, Mr. Chairman, thank you. [1:58:33] This amendment's not needed because the bill entitled to already includes a section that accomplishes just what this amendment contemplates. [1:58:44] It directs FinCEN and the CFTC to apply the Bank Secrecy Act to digital commodity brokers, dealers, and exchanges. [1:58:53] And it does it in a very precise manner. [1:58:56] So I encourage the proponent to check out Title II and also look at Titles II and III on money laundering and illicit finance. [1:59:07] This bill, our bill, I think references the BSA 16 times, if I counted correctly. [1:59:15] And I don't think there's a single reference to BSA in the House passed bill. [1:59:22] So we're really tying BSA into our bill. [1:59:25] Thank you, Mr. Chairman. [1:59:27] Clerk will call the roll. [1:59:29] The Chairman? [1:59:32] No. [1:59:34] Mr. Crapo? [1:59:36] Mr. Rounds? [1:59:37] No. [1:59:38] Mr. Tillis? [1:59:40] No. [1:59:42] Mr. Kennedy? [1:59:43] Please no. [1:59:45] Ms. Lummis? [1:59:46] No. [1:59:47] Mrs. Britt? [1:59:49] No. [1:59:51] Mr. Ricketts? [1:59:53] Mr. Banks? [1:59:56] Mr. Kramer? [1:59:58] Mr. Moreno? [2:00:00] Mr. McCormick? [2:00:01] Ms. Warren? [2:00:02] Guys, Coinbase is flying. [2:00:03] Mr. Reid? [2:00:05] Aye. [2:00:06] Mr. Warner? [2:00:09] Aye. [2:00:10] Mr. Van Hollen? [2:00:12] Aye. [2:00:13] Ms. Cortez Masto? [2:00:14] Aye. [2:00:16] Ms. Smith? [2:00:18] Bitcoin is up. [2:00:20] Mr. Warnock? [2:00:21] Aye. [2:00:22] Mr. Kim? [2:00:23] Mr. Geigo? [2:00:24] Ms. Blunt Rochester? [2:00:25] Aye. [2:00:26] Opposed? [2:00:28] The amendment is not agreed to. [2:00:29] We will now call up Gallego number 18. [2:00:32] The Democratic amendment did not pass, but we haven't voted on the final clarity act [2:00:37] yet. [2:00:38] Thank you, Mr. Chair. [2:00:39] And thank you for the whole markup. [2:00:41] This has been, to say the least, a very long and difficult process. [2:00:45] It's been great, though, working with Senator Lummis, Senator Tillis. [2:00:49] Okay time working with Moreno, to be honest. [2:01:00] But we really have spent the better time of last year in countless meetings, long nights, [2:01:03] and working through holidays. [2:01:05] And really, at its best, the Senate learns together, finds common ground, and legislates. [2:01:09] This is what this process demanded of us, and it's not an easy bill, as we all know, [2:01:14] and it's exactly what we try to do. [2:01:15] And after working on Genius Act, and we all remember that ordeal, we all learned that solving [2:01:20] issues on the front end makes for better legislation. [2:01:23] And we take that seriously here, and for very, very good reason. [2:01:26] What Congress is attempting to do here is creating regulations for an entirely new sector [2:01:31] of our financial system, and it is a massive undertaking. [2:01:34] 67 million Americans own digital assets. [2:01:37] We owe it to these people, many of whom are young and simply trying to achieve in financial independence, [2:01:42] to get this right. [2:01:43] With one in four Americans now invested in digital assets, we cannot afford to wait, [2:01:47] but we also cannot afford to get this wrong. [2:01:49] And that's the balance we are trying to strike. [2:01:52] Through serious bipartisan negotiations, we have made incredible progress on this bill. [2:01:58] We have narrowed the gap on many of the outstanding issues. [2:02:00] We did serious bipartisan work on generally difficult questions about regulatory jurisdiction, [2:02:06] consumer disclosure requirements, crypto ATMs, and to name a few. [2:02:11] I want to be clear that my vote here does not guarantee a vote on the floor. [2:02:15] After today, we need to connect with our agricultural committee colleagues [2:02:18] and collapse negotiations into one and all sit at the table. [2:02:21] And perhaps the toughest issue of all, we have come close, but have not finished, [2:02:26] an agreement on ethics guardrail for elected officials, all elected officials. [2:02:30] We need real enforceable standards for what it is and is not acceptable for someone who holds the public's trust [2:02:37] trust and shouldn't be able to profit off an industry that they enforce or regulate. [2:02:43] But we will continue to work. [2:02:45] I am looking forward to working. [2:02:47] Mr. Tillis and Ranking Member Chairman Lummis and I have talked about this, [2:02:53] how we're going to continue working. [2:02:54] And I hope to see that we don't have any more backsliding and can move forward and hopefully finish this. [2:02:59] So I withdraw my Gallego amendment number 18 and, you know, we'll- [2:03:05] Okay, another withdrawal. [2:03:06] On to the next. [2:03:07] Yes. [2:03:08] But if this is not resolved by the time of the floor, like I have in the past, [2:03:11] I am not afraid to vote no. [2:03:13] I look forward to working together and hopefully come to a solution. [2:03:15] Thank you. [2:03:17] Thank you, sir. [2:03:18] We will now move- Senator also Brooks has decided to offer Senator Warren the space that she had for number 7. [2:03:28] We will now hear from Senator Warren on amendment number 79. [2:03:34] Senator Warren, you are now recognized. [2:03:36] Thank you. [2:03:37] So the Trump administration has spent the past year trying every trick in the book to kill the Consumer Financial Protection Bureau. [2:03:44] The agency that has returned more than $21 billion directly to consumers who have been cheated by banks and giant corporations. [2:03:53] Acting director Vogt has dropped virtually all of the consumer agency's ongoing enforcement actions against crooks and other bad actors. [2:04:03] He's tried to lay off almost all of its staff and he's tried to drain its funding. [2:04:09] We will have fought back and a federal court has prevented Trump and vote from fully shutting down the agency. [2:04:16] But at the same time that Congress is debating this bill, which would dramatically expand the risk of fraud in consumer and crypto markets. [2:04:26] The administration is busy trying to fire the cops responsible for protecting consumers. [2:04:32] Now, remember, the CFPB is the agency responsible for fighting to cap abusive overdraft fees and late fees to strike down medical debt from consumers' credit reports, [2:04:45] to protect service members from being charged illegal interest rates on loans, to stop- [2:04:51] Another amendment here from Elizabeth Warren. [2:04:53] She actually has about 40. [2:04:54] I hope she doesn't go through all of them. [2:04:55] So we're waiting for this vote to come through on Elizabeth Warren. [2:04:58] I'm sure she'll withdraw a lot. [2:05:00] Let's keep an eye on this. [2:05:01] The final vote is coming up in this stream as well. [2:05:03] We will cover it all. [2:05:04] We'll cover the charts. [2:05:05] We'll cover the breakout. [2:05:06] I've got a big breakout chart for XRP. [2:05:08] I've got a big bet on for XRP this month as well. [2:05:11] I'll show you that. [2:05:13] I'll talk about the similarity to the Genius Act. [2:05:16] Let's see if we can get this passed. [2:05:18] More amendments coming. [2:05:19] Then the final vote. [2:05:21] First thing in the description, 40% off the newsletter. [2:05:24] That comes with the chart training course. [2:05:26] That comes with the daily briefs. [2:05:27] That comes with the net worth track. [2:05:28] It comes with a whole lot of perks. [2:05:30] It's including private Discord access plus one-on-one DM access with me. [2:05:36] Even better, there's even a free version. [2:05:38] But today until midnight, 40% off. [2:05:40] There's only four spots remaining. [2:05:42] First link in the description. [2:05:43] It's also in the live chat. [2:05:44] Let's continue watching this. [2:05:45] Thank you guys for tuning in. [2:05:46] Can I just ask everyone one second? [2:05:48] Hit that like button. [2:05:49] It takes one second. [2:05:50] We're going to be live until the vote. [2:05:52] So hit that like button. [2:05:53] Subscribe if you haven't done so already. [2:05:54] Let's go back to Warren and see what she has to say. [2:05:57] A new opportunity for expanded fraud. [2:05:59] We need to make sure that the CFPB is fully funded. [2:06:02] The clerk will call the roll. [2:06:05] My goodness. [2:06:07] This is a vote for the amendment. [2:06:08] Chairman. [2:06:09] Not the full vote. [2:06:10] Mr. Crapo. [2:06:12] Mr. Rounds. [2:06:14] No. [2:06:15] Mr. Tillis. [2:06:16] No. [2:06:18] Mr. Kennedy. [2:06:20] Mr. Haggerty. [2:06:22] Haggerty's no. [2:06:23] Mrs. Britt. [2:06:24] Mr. Ricketts. [2:06:26] Mr. Banks. [2:06:28] Mr. Kramer. [2:06:30] Mr. Moreno. [2:06:32] Mr. McCormick. [2:06:34] No. [2:06:35] Ms. Warren. [2:06:37] Aye. [2:06:41] Mr. Reid. [2:06:46] I was dazzled by the chairman's client. [2:06:50] Yea by proxy. [2:06:55] I'm still dazzled. [2:06:56] Mr. Warner. [2:06:58] Aye. [2:06:59] Mr. Van Hollen. [2:07:01] Aye. [2:07:03] Ms. Cortez Masto. [2:07:09] Aye. [2:07:14] Aye by proxy. [2:07:15] Ms. Smith. [2:07:17] Mr. Warnock. [2:07:20] Aye by proxy. [2:07:21] Mr. Kim. [2:07:23] Aye. [2:07:25] Mr. Gallego. [2:07:27] Ms. Blount Rochester. [2:07:28] Aye. [2:07:30] The vote is 11 in favor and 13 opposed. [2:07:35] That's okay. [2:07:46] Waiting for the final vote. [2:07:50] There's going to be a few more amendments, I imagine. [2:07:52] About an hour ago. [2:07:53] I received a request from a couple of Democrat members to add five amendments to make this a bipartisan outcome. [2:08:03] And I've decided to do so. [2:08:05] Oh, God. [2:08:06] So, Mr. Turner, I object here. [2:08:08] Mr. Turner, I object here. [2:08:09] You cut 16 amendments from the members of this committee. [2:08:14] We agreed. [2:08:15] We agreed. [2:08:16] You said, nope. [2:08:17] We got to our numbers and said, these are our numbers. [2:08:20] And now, all of a sudden, you have decided to rule back in three amendments. [2:08:25] I take it from Senator Lamas that you originally ruled out because it would be more convenient [2:08:32] because somebody gets a vote. [2:08:34] You just said, as we started this, the rules are the rules. [2:08:38] And that you're not going to pick and choose and say, oh, this is going to help that one [2:08:43] along or it's going to help that one along. [2:08:45] That you were going to apply the rules across the board. [2:08:47] I came in here with one set of rules and understood that that was the case. [2:08:51] So, if you're now going to rule arbitrarily that you've picked three out of the basket [2:09:00] to add back in, three Republican amendments to add back in, then I think you should rule [2:09:06] that all of the amendments are back in. [2:09:08] We'd like all of the Democratic amendments back in. [2:09:10] Oh, my God. [2:09:11] Elizabeth Warren. [2:09:12] They're not going to get passed. [2:09:13] Why do you want them to add them in? [2:09:15] I mean, this is an amendment that was requested by the National Sheriffs' Association. [2:09:20] It would close a massive loophole in the current bill that would make it right now, the current [2:09:26] bill, makes it harder for law enforcement to go after cartels and criminals that are using [2:09:31] decentralized platforms to launder money. [2:09:34] Or how about we do Reed Smith number 95, for example. [2:09:39] That's the amendment that would prevent deposit flight from community banks, which is [2:09:45] which Republicans are clearly afraid to vote on. [2:09:48] So, it seems to me, Mr. Chairman, following the rules you announced at the beginning, either [2:09:55] we know all the amendments when we walk in and that's the end of it, or if you're going [2:10:01] to start opening that up, let's open it up to everyone, not just three amendments on [2:10:06] the Republican side. [2:10:07] Actually, the amendment that we just voted on, number 79, was not agreed to as well. [2:10:13] We substituted it based on the request of Also Brooks to allow you to have that amendment, [2:10:17] and I did so. [2:10:18] And as you said at the beginning of this hearing, that I have the right as the chairman to pick [2:10:24] and choose which amendments we wanted, and based on a bipartisan, which I'm not choosing [2:10:29] between Republicans and Democrats, I'm actually choosing for Republicans and Democrats to have [2:10:34] these final amendments in order. [2:10:36] You know, with respect, Mr. Chairman, you didn't say to me that if Also Brooks wanted to yield [2:10:42] her spot over for me to add another amendment, the consequence would be that Lummis would [2:10:47] suddenly get three amendments that had been ruled that they would not be held and they [2:10:53] would be out of order? [2:10:54] I just don't understand this process. [2:10:56] This is a Wikipedia definition of no good deed goes unpunished. [2:11:00] These were bipartisan bills. [2:11:01] So, Mr. Chair, maybe instead of considering them here today with the ranking members' objections, [2:11:07] can we just get an agreement that they'd be baked into a manager's amendment on the floor? [2:11:10] Yes. [2:11:11] No. [2:11:17] Okay. [2:11:18] I think… [2:11:19] A small hiccup, but we're still on track. [2:11:21] We're still on track. [2:11:22] Last comment on the left. [2:11:23] We'll go to closing remarks. [2:11:24] Yes. [2:11:25] I would actually prefer, because of the good faith that Senator Lummis has shown, and I intend [2:11:33] to work more on this bill, but I would hope this would move me much closer if these amendments [2:11:40] are not put off to the floor. [2:11:43] Then I clearly withdraw my comment. [2:11:46] Yeah. [2:11:51] Point of order, Mr. Chair. [2:11:52] Just so I have clarification. [2:11:53] Certainly. [2:11:54] Because my… [2:11:55] If you had included my number 16, I wouldn't be asking this question. [2:11:58] But now I'm trying to understand. [2:12:00] Originally, 16 was not allowed because it was ineligible based on a Scrivener's [2:12:07] error. [2:12:09] So were these others. [2:12:10] But now at the Chairman's call on discretion, those are going to be allowed in, but this [2:12:16] one not because it's still a Scrivener's error? [2:12:20] I'm confused. [2:12:21] Yeah. [2:12:22] Or is it just… [2:12:23] And listen, I respect it. [2:12:24] It's your call. [2:12:25] Yes. [2:12:26] If it's just that you want to let some in and some not, that's fine too. [2:12:28] I respect that. [2:12:29] I'm just trying to understand as we move forward. [2:12:31] Certainly. [2:12:32] Just no doubt that this could be confusing to folks looking on. [2:12:35] It's a simple, actual answer. [2:12:38] We have an opportunity to do what I think is in America's best interest is to show that, [2:12:43] when possible, both sides can find a path forward. [2:12:48] And in my opinion, finding that path forward requires me to allow Lummis's amendments in, [2:12:56] because that was a request of Democrat members in order to get to a bipartisan coalition and [2:13:01] solution. [2:13:02] And so I have made the decision that treating both sides fairly requires… [2:13:07] Just to explain what's going on, this is the Clarity Act vote. [2:13:11] They are voting on specific amendments. [2:13:14] And then by the end of this, we'll get a vote to pass it through. [2:13:17] However, right now we are having a bit of a discrepancy about what amendments are being [2:13:21] allowed to be voted on and what's not. [2:13:24] Essentially, Mr. Scott, Chairman, is saying let's vote on the ones that are bipartisan, the [2:13:27] ones that can actually be passed through. [2:13:29] And Senator Warren is saying, no, let's vote on 500. [2:13:33] That's not going to go through anyway, because the Republicans aren't going to vote on it. [2:13:37] So hopefully this gets resolved and we can continue through this Senate meeting and then [2:13:43] get the final vote. [2:13:44] I think we will continue. [2:13:45] You always want to be fair. [2:13:47] Yes. [2:13:48] You guys have the majority. [2:13:49] You voted out every single thing that the Democrats have tried to put in. [2:13:53] What is the harm to letting us vote two more amendments that we wanted to vote? [2:13:58] One that is supported by law enforcement and one that is supported by community banks. [2:14:07] We're not here to try to make this a longer process. [2:14:11] You still have all the votes. [2:14:12] You can keep them out. [2:14:13] But we'd at least like to have an opportunity to vote on these two amendments. [2:14:18] And then, still an unusual process, but I would call it you are trying to be fair here. [2:14:25] Otherwise, you've just said, I'm going to pick the people who I think are going to put [2:14:29] together the deal that is the deal you like. [2:14:32] It's not the deal I like. [2:14:33] And so either we get the same kind of parity, we get the same kind of courtesy afforded each [2:14:39] other. [2:14:40] We're just asking for two amendments. [2:14:41] You're getting three here. [2:14:42] And let us vote on those two. [2:14:45] I don't know what the harm is of voting. [2:14:48] You guys, we get it. [2:14:49] You'll probably vote no. [2:14:50] But you ought to at least have to hear it. [2:14:52] Actually, I think it's four or five amendments. [2:14:55] I'm only asking two. [2:14:56] I understand. [2:14:57] I think the answer is a simple one, again. [2:15:03] About 11.05, we informed your team that there was a bipartisan coalition asking for more [2:15:11] amendments that I had taken out. [2:15:13] I decided to listen to the bipartisan conversation and come to the conclusion that it was worth [2:15:20] moving on. [2:15:21] And that is what I'm going to do. [2:15:23] And with Senator Warner and other members of your side, reinforcing my point, I think [2:15:30] the best thing to do is to accept those amendments and hear the rebuttals. [2:15:34] I just want to say I'm deeply concerned that law enforcement officials will listen to this [2:15:40] and wonder why their point of view couldn't be heard, that community banks will listen [2:15:44] to this and wonder why their point of view just couldn't be heard. [2:15:47] That's all anyone's asking for. [2:15:48] It's two minutes. [2:15:49] They could have done it by now. [2:15:50] In order to get the amendment out, a minute by way of rebuttal, and we're done. [2:15:55] But we came in here, lived with the fact that you said, sorry, can't do those. [2:16:00] But part of your statement was, and sorry, there are Republican things we can't do as well. [2:16:06] So the Democratic position, look, our position should be, it's all of them, but we're willing, [2:16:10] I'm just going to say on behalf of my colleagues here, we're willing to settle just for these two. [2:16:16] And now call up Lummis number 122. [2:16:18] Thank you, Mr. Chairman. [2:16:20] And I would request a voice vote as opposed to a roll call vote on this. [2:16:24] I object. [2:16:26] Okay. [2:16:27] Mr. Chairman, I call up my amendment 122 and ask that page four, lines one and two. [2:16:36] Let me just tell you what happened there. [2:16:37] Senator Lummis said, let's do a voice vote. [2:16:39] It's going to be very clear. [2:16:40] Everyone's going to say yes. [2:16:41] But then Elizabeth Warren once again said, no, let's go through the full process and vote, [2:16:46] even though it's going to pass. [2:16:47] She's just wasting everyone's time. [2:16:49] And is actually controlled by a small group of persons. [2:16:53] And I want to thank Senator Warner for working with me on this. [2:16:57] Rebuttal. [2:17:00] Yes, Mr. Chairman. [2:17:03] Look, this amendment makes some technical fixes to Section 301 of the bill. [2:17:09] It's hard to fix something that's fundamentally broken. [2:17:12] Section 301 sets a narrow test for what counts as a crypto intermediary that few will ever meet. [2:17:20] It also incorporates Section 604, the same loophole that shields decentralized services from basic anti-money laundering rules, as law enforcement experts have stressed. [2:17:32] It doesn't matter if you have rules if nobody has to follow them. [2:17:37] The amendment doesn't fix any of those issues and I urge all my colleagues to oppose this amendment. [2:17:44] I move to strike pages four, lines one and two. [2:17:50] All in favor say aye. [2:17:52] Aye. [2:17:53] Call for a roll call vote. [2:17:55] I had a feeling. [2:17:57] Cook will call the roll. [2:17:58] Chairman? [2:18:00] Aye. [2:18:03] Mr. Crapo? [2:18:05] Aye. [2:18:06] Mr. Rounds? [2:18:08] Aye. [2:18:10] Mr. Tillis? [2:18:12] Aye. [2:18:14] Mr. Kennedy? [2:18:15] Mr. Haggerty? [2:18:16] Aye. [2:18:19] Mr. Ricketts? [2:18:21] Aye. [2:18:22] Mr. Banks? [2:18:25] Aye. [2:18:27] Mr. Kramer? [2:18:30] Aye. [2:18:31] Mr. McCormick? [2:18:32] Aye. [2:18:34] Mr. Warren? [2:18:37] Aye. [2:18:38] Mr. Van Hollen? [2:18:40] No. [2:18:43] Ms. Cortez Masto? [2:18:46] Aye. [2:18:48] Ms. Smith? [2:18:52] Mr. Warnock? [2:18:54] Mr. Kim? [2:18:57] Mr. Gallego? [2:19:00] Aye. [2:19:03] Ms. Blunt-Rochester? [2:19:04] Aye. [2:19:05] Ms. Alsobrooks? [2:19:06] Aye. [2:19:07] The vote is 18 in favor and six opposed. [2:19:08] Mr. Chairman- [2:19:09] Is 18 in favor? [2:19:10] Why can they not just do a voice vote? [2:19:11] I understand there were some amendments that were disqualified because of Scrivener's [2:19:15] error and Senator Lummis had some of those and some of our colleagues had some of those [2:19:21] and I understand the desire to put those back into the mix and have votes. [2:19:26] I had amendments that were drawn properly that were not disqualified at all including one [2:19:34] on anti-touting, Van Hollen 34 and Van Hollen 29 on Fair Disclosure Information. [2:19:39] Uh-oh. [2:19:40] Is this whole thing falling apart? [2:19:43] Those were written. [2:19:44] And so now we're having votes on amendments that you originally declared had not been correctly [2:19:49] drafted and not allowing me and maybe some others to actually vote on amendments that [2:19:54] were in order and properly drafted. [2:19:56] How does that make sense? [2:19:58] During the Genius Act, we made, we came to a compromise on the number of amendments [2:20:03] that we were going to have. [2:20:04] It was around 40. [2:20:05] I can't remember exactly the number that we had. [2:20:07] But ultimately, when the ranking member's side asked for how many amendments we were going [2:20:11] to have, I chose the number that we were going to have. [2:20:13] I gave our side five. [2:20:15] I gave you all 15. [2:20:18] The ranking member chose to work with us to figure out the 15 that you all would have. [2:20:23] And ultimately, that's how we got here. [2:20:25] I would just say in conclusion, Mr. Chairman, I believe it's unprecedented to kind of cap [2:20:35] the number of in-order amendments at this kind of level. [2:20:39] Actually not. [2:20:40] Every, every, every, every, it's not unprecedented number one. [2:20:42] Number two, every time we do a Voterama, we compromise on the number of amendments that [2:20:46] we have. [2:20:47] When we did Genius Act, we compromised on the number of amendments we have. [2:20:50] And we're doing it again. [2:20:52] The clerk will now call the roll on the 18 to six of us. [2:21:00] Okay. [2:21:01] We are waiting for some final amendments. [2:21:02] I hope the whole thing doesn't break down while we're getting closer to the vote. [2:21:05] I don't think it will. [2:21:06] We're going to get through this more amendments and then the final vote. [2:21:09] I'm going to put a link in the live chat. [2:21:11] It's going to say newsletter 40% off. [2:21:13] If you want the full newsletter, you can click on it and get them and choose the annual [2:21:16] plan and get the 40% off. [2:21:17] If you want the free newsletter, which still is completely free, no ads, the best newsletter [2:21:22] you'll sign up to, click on that link and go onto the free plan as well. [2:21:26] Sign up to the newsletter, daily updates. [2:21:28] You get two hours before the opening bell, every bit of news you need to know without [2:21:32] any advertisement, without any political lean. [2:21:35] It tells you exactly what you need to know. [2:21:37] No advertisement. [2:21:38] No one's controlling what I have to say. [2:21:40] Again, if you keep up to date with the news, you're going to become a better investor. [2:21:43] Within that newsletter, we do deep dives on certain crypto projects. [2:21:46] What's going to benefit from the clarity out, what's not going to benefit, what stocks I'm [2:21:50] looking at, what part of the cycle we're in, the business cycle, what companies I'm investing [2:21:56] in, in the AI space, not just the big AI names, but the copper field, the utility field. [2:22:02] I've got a 5,000 pound portfolio challenge. [2:22:04] I've got the trading course. [2:22:05] I've got the training course as well, which is academically proven way of reading charts. [2:22:11] Not just these people you see on YouTube that are selling all sorts of courses. [2:22:14] This is academically proven. [2:22:15] It's part of the newsletter. [2:22:16] You just get it as an additional part. [2:22:17] The trading view indicators, which again, backed up by academic research, you get access to [2:22:22] private discord and you get access to net worth tracker and one-on-one DMs. [2:22:26] If you want it, you can do 40% off. [2:22:28] There's four spaces left. [2:22:29] It ends at midnight or click on the link and sign up to the free plan as well. [2:22:33] Please do choose one of them. [2:22:36] The link is in the live chat. [2:22:37] It's also the first link in the description. [2:22:39] Let's go back to this. [2:22:40] Senator Lumers is speaking. [2:22:41] Let's vote on 123. [2:22:43] Mr. Chairman, Amendment 123 makes bipartisan changes with respect to activities that are [2:22:50] permissible for banks and credit unions to engage in digital asset activities. [2:22:56] These changes include clarifying the trading activities that banks can do and extending applicability [2:23:03] to insured credit unions. [2:23:05] I urge adoption and yield back. [2:23:08] Senator Warren has recognized the rebuttal. [2:23:11] This amendment makes some modest improvements to Section 401, the part of the bill that drastically [2:23:17] expands the crypto-related activities that taxpayer-insured banks are permitted to engage in. [2:23:24] Wow. [2:23:25] But this one falls far short. [2:23:27] Under this amendment, banks would be able to transact in decentralized finance, lend against [2:23:34] crypto as collateral, own crypto directly, trade crypto derivatives, and more. [2:23:40] What could possibly go wrong? [2:23:42] Why are Republicans trying to divert Americans' deposits away from small business lending and [2:23:48] mortgage lending? [2:23:49] This just makes no sense. [2:23:51] If the bill passes, even with this amendment, the next crypto crash could bring down the [2:23:58] banks as well and bring down the entire economy. [2:24:02] Let's strike this section instead of trying to tweak it along the edges and pretend that [2:24:07] that fixes this problem. [2:24:09] I urge my colleagues to vote no on Lumers 123. [2:24:13] Okay. [2:24:16] Something put forward from Senator Lumers. [2:24:18] Now they're going to vote. [2:24:19] Yes. [2:24:20] Probably going to pass 13 to 11. [2:24:21] Mr. Krapo? [2:24:22] Yes. [2:24:24] Mr. Rounds? [2:24:26] Aye. [2:24:28] Mr. Tillis? [2:24:31] Aye. [2:24:32] Mr. Kennedy? [2:24:33] Mr. Haggerty? [2:24:35] Miss Lummis? [2:24:37] Aye. [2:24:39] Mrs. Britt? [2:24:41] Mr. Ricketts? [2:24:43] Aye. [2:24:45] Mr. Banks? [2:24:46] Mr. Kramer? [2:24:48] No. [2:24:50] Mr. Reid? [2:24:51] No. [2:24:53] Mr. Warner? [2:24:54] Aye. [2:24:57] Mr. Van Hollen? [2:25:00] No. [2:25:02] Mr. Smith? [2:25:05] Mr. Warnock? [2:25:07] Aye. [2:25:09] By proxy? [2:25:12] Mr. Kim? [2:25:14] Aye. [2:25:15] Mr. Geigo? [2:25:18] Aye. [2:25:22] Ms. Blunt-Rochester? [2:25:23] Aye. [2:25:24] Ms. Also Brooks? [2:25:25] Aye. [2:25:26] The vote is 19 in favor and 5 opposed. [2:25:27] I now call up, the amendment is agreed to, I now call up Lummis 124. [2:25:31] Mr. Chairman, amendment 124 changes an or, strikes an or and adds an and to section 505 to ensure [2:25:41] that the SEC properly carries out a rule making for the protection of investors and the benefit [2:25:47] of our financial markets. [2:25:50] I thank my Democrat colleagues for bringing this amendment to my attention and I urge everyone [2:25:54] to support it. [2:25:56] Senator Warren for a rebuttal? [2:25:59] Look, the problem of tokenization is one of the biggest problems with this bill. [2:26:04] And the fix that this amendment proposes in section 505 gives the idea of a fig leaf a bad name. [2:26:14] It is so inadequate. [2:26:16] This amendment, through a minor improvement on that section, does not do nearly enough [2:26:21] to protect our system from the harm of this bill. [2:26:25] As I have said before, the bill creates a system of easy regulation for crypto and easy ways [2:26:32] out of securities regulation to this new easy street for crypto. [2:26:37] And then, to stop the inevitable flow of capital from our traditional markets into crypto that [2:26:43] this incentive system will cause, section 505 ostensibly imposes a requirement of regulatory parity [2:26:52] between securities and tokenized securities. [2:26:55] It would be one thing if the bill left it at that, but it goes on to weaken that already [2:27:00] anemic fix by providing that the SEC actually can treat securities like assets differently [2:27:07] in light of the unique technological characteristics of crypto or consistent with the public interest [2:27:14] and protecting investors. [2:27:16] While the amendment would instead require the SEC to base its exceptions on the unique [2:27:22] characteristics of crypto and whether or not it is in the interest of the public and investors. [2:27:28] It does nothing to change the fact that this exception to the requirement of regulatory parity [2:27:34] threatens to swallow the entire rule. [2:27:37] I urge my colleagues to oppose it. [2:27:39] Clerk will call the roll. [2:27:40] Yes. [2:27:43] Mr. Crapo? [2:27:45] Aye. [2:27:47] Mr. Rounds? [2:27:49] Aye. [2:27:51] Mr. Tillis? [2:27:52] Aye. [2:27:54] Mr. Kennedy? [2:27:55] Mr. Hagerty? [2:27:56] Hagerty's aye. [2:27:58] Mr. Ricketts? [2:28:00] Aye. [2:28:02] Mr. Banks? [2:28:04] Aye. [2:28:06] Mr. Kramer? [2:28:08] Aye. [2:28:10] Mr. Moreno? [2:28:12] Mr. McCormick? [2:28:13] Aye. [2:28:15] Ms. Warren? [2:28:17] No. [2:28:20] Mr. Reed? [2:28:21] No. [2:28:24] Mr. Warner? [2:28:27] Aye. [2:28:28] Mr. Van Hollen? [2:28:31] Ms. Cortez Masto? [2:28:34] Ms. Smith? [2:28:37] Mr. Warnock? [2:28:39] Aye. [2:28:42] The vote is 18 in favor and 11 opposed or six opposed. [2:28:46] The amendment is agreed to. [2:28:47] We now go to Lummis 125. [2:28:49] Senator Lummis, you are recognized. [2:28:51] Thank you, Mr. Chairman. [2:28:52] I urge adoption of amendment number 125. [2:28:56] This amendment adds a bipartisan provision to address insider trading for ancillary assets. [2:29:03] And I want to thank my colleagues on this committee for the work we all did together to come to an agreement on this amendment. [2:29:10] I'm proud of all of us and I urge support. [2:29:13] Senator Warren for rebuttal. [2:29:17] Well, at face value, this amendment applies existing security laws prohibiting insider trading to crypto assets. [2:29:25] And that's a goal I would wholeheartedly support if it were even close to enough to address the issue. [2:29:32] But this amendment attempts to use a wine cork to plug a school bus sized hole that is created in our securities laws by this bill. [2:29:44] Look, at its core, the bill provides easier rules for crypto and easy ways for them to escape securities regulation [2:29:52] and get to this more lax regulatory environment. [2:29:56] Issues of securities only have to put securities on the blockchain [2:30:01] and then self-certify that securities laws don't apply and they have to, the rules start to fall away. [2:30:09] So while the amendment calls for ancillary assets to be covered by insider trading prohibitions, [2:30:15] it does absolutely nothing to address the fact that the bill has created so many routes for instruments [2:30:22] that share all the features of securities not to be considered ancillary assets at all [2:30:29] and therefore to be totally exempt from the securities laws, including the ones addressed by this amendment. [2:30:37] So, while I support stamping out insider trading in all its forms, this fix is far from adequate to address the issue [2:30:46] and it gives the public a false sense of security that somehow they're going to be safe from insider trading in crypto [2:30:53] because they will not be safe. [2:30:55] The insiders are going to run the game. [2:30:57] So, I urge my colleagues to vote no. [2:30:59] The clerk will call the roll. [2:31:01] Yes. [2:31:05] Mr. Crapo? [2:31:07] Aye. [2:31:09] Mr. Rounds? [2:31:10] Aye. [2:31:12] Mr. Tillis? [2:31:14] Aye. [2:31:15] Mr. Kennedy? [2:31:16] Mr. Hagerty? [2:31:17] Hagerty's aye. [2:31:19] Ms. Lummis? [2:31:20] Aye. [2:31:21] Mr. Ricketts? [2:31:23] Aye. [2:31:25] Mr. Banks? [2:31:27] Mr. Kramer? [2:31:29] Aye. [2:31:30] Mr. Moreno? [2:31:31] Another amendment right now. [2:31:33] Mr. McCormick? [2:31:35] Ms. Warren? [2:31:36] No. [2:31:38] Mr. Reed? [2:31:40] No. [2:31:41] Mr. Warner? [2:31:43] Aye. [2:31:45] Mr. Van Hollen? [2:31:51] No. [2:31:53] Ms. Cortez Masto? [2:31:55] Aye. [2:31:58] Ms. Smith? [2:32:01] Mr. Warnock? [2:32:02] Aye. [2:32:05] Mr. Kim? [2:32:07] Mr. Gallego? [2:32:08] Aye. [2:32:09] Ms. Blunt-Rochester? [2:32:10] Aye. [2:32:11] The vote is 18 in favor and 6 opposed. [2:32:12] We now call up Lummis 126. [2:32:13] Senator Lummis, you are now recognized. [2:32:15] Mr. Chairman, I move amendment number 126 and encourage its adoption. [2:32:22] The purpose is to provide investor and consumer protection enforcement. [2:32:26] This is bipartisan to provide for a system of regulation of the offer and sale of digital commodities [2:32:33] by the SEC and CFTC and I encourage and I thank again my colleagues for working on this [2:32:42] on a bipartisan basis and urge its adoption. [2:32:45] Mr. Ranking Member Warren is recognized for rebuttal. [2:32:49] Ms. So I think we should call this one fig leaf number 9. [2:32:54] This amendment claims to restore state level consumer and investor protections and the ability [2:33:00] of harmed investors to sue but it is so riddled with exceptions and caveats and loopholes [2:33:05] that it's pretty much meaningless. [2:33:07] Now, to be clear, one of the bill's most serious fatal flaws is that it guts state enforcement [2:33:13] authority, a point that Senator Cortez Masto has made over and over. [2:33:18] And I offered an amendment that comprehensively protected all those authorities but that amendment [2:33:23] was blocked by the chair. [2:33:25] I offered it because for decades state securities regulators have acted as front line cops on [2:33:31] the beat in all 50 states, rooting out fraud and scams in markets particularly in those [2:33:37] that affect individuals or small dollar amounts that may not get priority from federal law enforcement. [2:33:44] This provides a critical additional layer of enforcement capacity on top of federal watchdogs like the SEC [2:33:52] to make sure that every individual who is harmed has a chance of being made whole [2:33:58] and that the wrongdoers are held accountable. [2:34:01] As the crypto industry has grown, so have the scams. [2:34:05] As Donald Trump's federal regulators abdicate any responsibility for holding crypto criminals accountable, [2:34:13] these state level cops are the law abiding American people's only line of defense. [2:34:21] This bill already guts the SEC's ability to protect investors from the worst instances of fraud, [2:34:27] insider trading and market manipulation. [2:34:30] But it also tramples on states' rights, blocking state authorities from enforcing many of their own laws, [2:34:37] including those that fight fraud and illegal conduct in these markets. [2:34:42] Eliminating these protections and remedies that consumers have already under state law [2:34:48] will leave crypto holding consumers sitting ducks for fraud and far worse off than they would be [2:34:55] without any crypto market structure bill at all. [2:34:59] If this amendment actually did something, I would support it. [2:35:02] But it actually does nothing, only fool people to pretend it's doing something. [2:35:07] I urge a no vote. [2:35:09] Clerk will call the roll. [2:35:10] The chairman? [2:35:12] Aye. [2:35:13] Mr. Crapo? [2:35:14] Aye. [2:35:16] Mr. Rounds? [2:35:17] Aye. [2:35:18] Mr. Tillis? [2:35:19] Aye. [2:35:20] Expect this one to pass as well. [2:35:21] This is another amendment. [2:35:22] Mr. Haggerty? [2:35:23] Mr. Haggerty's aye. [2:35:25] Ms. Lummis? [2:35:26] Aye. [2:35:28] Mrs. Britt? [2:35:29] Mr. Ricketts? [2:35:30] Aye. [2:35:32] If you haven't hit the like button yet, it takes one second. [2:35:35] Please can you go hit the like button and subscribe to the channel. [2:35:37] If you care about Pumto, if you care about the Clarity Act, if you care about winning, [2:35:41] that's what we do on the channel. [2:35:42] We win. [2:35:43] Aye. [2:35:44] We don't promote fake coins. [2:35:45] We don't do any of that. [2:35:46] We are self-sponsored. [2:35:47] Mr. Van Hollen? [2:35:48] No. [2:35:49] We don't engage in anything like that. [2:35:50] Ms. Cortez Masto? [2:35:51] Aye. [2:35:55] Ms. Smith? [2:35:56] Waiting for this vote to conclude. [2:35:57] Mr. Warnock? [2:35:58] Hit the like button, subscribe. [2:35:59] First link in the description is our free newsletter and a special offer if you want to go for the premium. [2:36:03] Mr. Geigo? [2:36:04] Aye. [2:36:06] Ms. Blunt-Rochester? [2:36:07] No. [2:36:10] Ms. Also-Brooks? [2:36:11] Aye. [2:36:13] The vote is 18 in favor and 6 opposed. [2:36:15] The amendment is agreed to. [2:36:17] There are no further amendments. [2:36:19] Mr. Chair? [2:36:21] Mr. Chair? [2:36:22] Yes. [2:36:24] Mr. Chair, I would like to actually offer Reed Smith 95. [2:36:26] I know that this amendment has been ruled out of order. [2:36:30] Out of order. [2:36:31] There are no further amendments. [2:36:34] The question is now on ordering the bill HR 3633, the Digital Asset Market Clarity Act [2:36:40] of 2025 reported as amended. [2:36:43] The clerk will call the roll. [2:36:45] Mr. President? [2:36:46] The clerk will call the roll. [2:36:47] Mr. President? [2:36:48] The clerk will call the roll. [2:36:49] Mr. Chairman? [2:36:50] Aye. [2:36:51] Mr. Crapo? [2:36:52] Oh, is this the final vote? [2:36:54] Aye. [2:36:55] Mr. Rollins? [2:36:56] Mr. Tillis? [2:36:59] This could be the final vote. [2:37:00] Mr. Kennedy? [2:37:01] Mr. Hagerty? [2:37:04] Aye. [2:37:06] Mr. Pockets? [2:37:08] Mr. Banks? [2:37:11] Aye. [2:37:13] Mr. Kramer? [2:37:16] Mr. Moreno? [2:37:17] Mr. McCormick? [2:37:19] Aye. [2:37:21] Ms. Warren? [2:37:23] Mr. Reed? [2:37:25] No. [2:37:26] Mr. Warner? [2:37:28] No. [2:37:31] Mr. Van Hollen? [2:37:33] No. [2:37:34] Ms. Cortez Masto? [2:37:36] Ms. Smith? [2:37:39] Mr. Warnock? [2:37:42] No. [2:37:43] Mr. Kim? [2:37:46] Mr. Geigo? [2:37:49] Aye. [2:37:50] Ms. Blount Rochester? [2:37:51] No. [2:37:52] Ms. Also Brooks? [2:37:53] Aye. [2:37:54] The vote is 15 in favor and 9 opposed. [2:37:55] The ayes have it. [2:37:56] H.R. 3633 is hereby ordered reported as amended to the full Senate. [2:37:58] And the federal government staff be allowed to make technical and conforming changes and [2:38:01] that the cordon rule be waived. [2:38:03] Any objection? [2:38:04] Hearing no objection. [2:38:05] So ordered, is there any member who would like to give a statement? [2:38:09] Mr. Chair? [2:38:10] Mr.ela Cruz? [2:38:11] It's just been approved. [2:38:12] Senator Moro? [2:38:13] First of all, I want to thank all my colleagues for their hard work on this. [2:38:16] I think there's still some work to be done. [2:38:18] This has been a bullish vote. [2:38:19] Republicans and Democrats supported it. [2:38:20] I think we need to work on to make that even better. [2:38:21] But specifically, I just want to call out my two staffers Sofia and Lindsay for the heart [2:38:27] and Lindsay for the hard work that they put in and I'm sure all of you have Sophia's and [2:38:31] Lindsay that I think we need to give them a unanimous round of applause for their hard [2:38:35] work. [2:38:43] Mr. Chair. [2:38:45] Mr. Chair. [2:38:47] Senator Alsell Brooks. [2:38:48] I'd like to say a few words on the bill. [2:38:50] The digital revolution is upon us and it has presented a clear opportunity to support small [2:38:57] businesses, generate wealth, and I believe spur innovation and the truth is this digital [2:39:04] revolution is happening with us or without us. [2:39:08] Whether or not we regulate it to create the rules of the road or not, it is here. [2:39:12] I have a 20-year-old daughter and she and her peers have made it abundantly clear to me that [2:39:18] they are interested in this innovation, that they believe that the digital revolution is [2:39:23] important and they want not only to be able to participate in it safely, but they want [2:39:28] what every American wants. [2:39:30] The true and growing economic opportunity, the opportunity to become wealthy, to have [2:39:36] generational wealth, and so that is why I am at the table. [2:39:40] I've been in negotiations for over nine months working toward regulating digital assets in [2:39:45] a way that protects consumers and reduces the risk of deposit flight while still allowing [2:39:51] innovation to happen. [2:39:53] I have negotiated in good faith with colleagues on both sides of the aisle and I want to thank [2:39:58] them so much for all of their hard work. [2:40:00] Let's get some W's in the chat. [2:40:01] The Clarity Act passes to Senate. [2:40:03] I have voted yes to advance the bill today. [2:40:07] Do not go anywhere because this means nothing if you don't understand it. [2:40:10] I'm going to explain everything, but the Clarity Act passes to Senate. [2:40:13] Let's get to the closing statements because now is when it gets important. [2:40:17] Now you need to know what charts to look up, what it means. [2:40:20] This is very important. [2:40:22] Let's get some W's in the chat. [2:40:24] Everyone hit the like button, subscribe, stay with me. [2:40:26] 10 minutes and five minutes, we're going to go through everything. [2:40:28] And I know how important this is. [2:40:31] We also need to incorporate an ethics agreement that would allow, that would apply not only [2:40:36] to the president and vice president, but to all of us. [2:40:40] The American people, especially my constituents, expect that from us. [2:40:44] And we need to work with our colleagues on the agriculture committee on their product, [2:40:49] which still needs work. [2:40:50] I'll keep working with my colleagues to get this done. [2:40:54] Americans from every background and every community deserve to benefit financially from [2:41:00] this digital revolution and to be protected from the risks that come with it. [2:41:05] If we don't act, we'll get left behind. [2:41:08] And I simply will not let that happen. [2:41:10] Thank you. [2:41:11] Mr. Chair. [2:41:12] I think Senator Hagerty is next and then Senator Tillis or Senator Britt and then Tillis. [2:41:18] Thank you. [2:41:19] Mr. Chairman. [2:41:20] Ladies first. [2:41:21] Senator Hagerty, please continue. [2:41:23] Okay. [2:41:24] Then ladies first. [2:41:25] I just want to say thank you. [2:41:26] This bill creates a market structure framework for digital assets. [2:41:30] It's going to supercharge innovation here in America. [2:41:31] We've been long waiting this. [2:41:33] Less than a year ago, this committee advanced the Genius Act and it has promoted a tremendous, [2:41:40] world-leading regulatory framework for stable coins. [2:41:43] The act that we're going to pass today promises to do the same thing for all digital assets. [2:41:47] And I want to thank you, Chairman Scott, for your leadership and for your commitment [2:41:50] to me to work on technical fixes to the Genius Act that we have bipartisan agreement on. [2:41:56] And I want to thank Senator Alsobrook, Senator Warner, and Senator Marino for working with [2:41:59] me on this bipartisan fix and look forward to getting that implemented in the next iteration [2:42:03] of this bill. [2:42:04] Thank you. [2:42:06] Senator Britt. [2:42:08] Thank you, Mr. Chair. [2:42:09] Thank you for your leadership on this and everyone who took so much time and energy to help [2:42:13] get this where it is today, in particular Senator Lummis. [2:42:16] You have put heart and soul into this countless hours because you want to make sure that we [2:42:21] innovate here on our shores. [2:42:23] You want to make sure that each and every person has the opportunity that they wouldn't otherwise. [2:42:27] And it has been an honor to work with you on this and to watch you lead. [2:42:32] In particular as well, Senator Tillis and Senator Alsobrooks, thank you for your tireless advocacy [2:42:38] to make sure that we got this right. [2:42:40] I do hope that this committee continues to look at ways that we can provide relief for [2:42:45] community banks. [2:42:47] There are a number of places where we have seen over burdensome regulations, things that [2:42:51] were not intended to apply to a certain group. [2:42:55] And we know that they're the lifeblood of our main streets and our small towns. [2:42:59] And so I hope that we continue to look at that and look for ways to work together, even [2:43:03] on this piece of legislation. [2:43:05] In particular Senator Cruz and I have a piece of legislation, the Community Bank Relief Act. [2:43:09] We know when the Durbin Amendment was passed in 2010 that it ultimately, there were about [2:43:16] 7,500 community banks that were exempt during that time. [2:43:21] And now today there are at least fewer than 4,500. [2:43:25] So I think there are several entities there that were never intended to be burdened by that [2:43:29] regulation. [2:43:30] And I think we should fix it. [2:43:32] That's one example of things that we can do to make sure that we're looking at the entire [2:43:36] ecosystem. [2:43:37] And I hope as we move forward that we'll be committed to doing just that. [2:43:41] But thank you for your work and look forward to seeing this through. [2:43:44] Senator Tillis and then Senator Blunt Rochester. [2:43:46] Very, very briefly. [2:43:47] I just wanted to associate. [2:43:51] Stay with me. [2:43:51] These are closing remarks and then we get into what this actually means. [2:43:54] There's no point watching this stream and then leaving now. [2:43:58] Stay with me for another five to 10 minutes and we'll explain everything. [2:44:01] Let's wait for these closing statements and I'll tell you what's just happened and what [2:44:04] comes next. [2:44:05] Is it sell the news? [2:44:06] The big XRP chart. [2:44:08] Let me tell you all about it. [2:44:09] The staff who deserves a long weekend. [2:44:13] They all do, but especially Chris. [2:44:16] They thank them for their hard work. [2:44:19] But I also want to talk to the stakeholders out here. [2:44:22] People know that I'm in disagreement with some of the banking community, but I've been [2:44:28] with them before. [2:44:29] I'm going to be with them again and I'm willing to listen to ways that we can make this bill [2:44:33] better as it moves forward. [2:44:35] But we really must move forward. [2:44:38] So to the stakeholders who are satisfied with the bill, great. [2:44:42] To the ones who want more work, you have my commitment to continue to treat you in the [2:44:46] same professional manner that I've requested of my staff all along the way. [2:44:50] And Mr. Chair, thank you for your patience and thank you for your leadership in getting [2:44:56] this mark done. [2:44:57] Senator Blunt-Rochester. [2:45:00] Mr. Chairman and ranking member and to all of the members of the committee and to all [2:45:07] of our staff who have spent countless hours even through holidays to work on this. [2:45:14] That is because it is so consequential to our country and our economy. [2:45:19] And because it's so consequential, it is important to get it right. [2:45:25] For my state of Delaware, we have more crypto ATMs per capita than any other state. [2:45:31] We've had the AARP come in. [2:45:33] While they support the provision that was in it, they haven't put out a statement that [2:45:38] they support the whole bill because there are still concerns. [2:45:43] My community banks, I am concerned still. [2:45:49] Insider trading was one of the things that for me, people could understand. [2:45:53] And in this environment, there is a lot of concern. [2:45:56] And so what I hope, and while I am, again, grateful to the group that has worked very hard [2:46:03] and tirelessly, after the Genius Act, for me, I can't take a handshake. [2:46:10] I want the work to happen in committee. [2:46:13] And a part that was really missing were hearings. [2:46:18] There were a lot of members of this committee who said to me, I don't understand what this [2:46:22] is. [2:46:24] If we don't understand it, how can we legislate? [2:46:28] And so as we move forward, I appreciate the good faith efforts. [2:46:33] And I think we still have work to do. [2:46:36] And I look forward to working with all of my colleagues, but particularly on behalf of [2:46:41] the American people, because this is too big for us to fail. [2:46:46] I yield back. [2:46:47] Thank you. [2:46:48] Senator Lummis, comments? [2:46:49] I just want to add my thanks, Mr. Chairman, to you. [2:46:55] To everyone on our side of the aisle who's worked so hard, to those of you on the other [2:47:00] side that have worked so hard, and to a lot of the people that have informed the decision [2:47:05] making that's involved in this bill, particularly thanks to the folks from Treasury and Patrick [2:47:12] Witt from the White House. [2:47:14] Honestly, they, without their involvement, I don't think we could have gotten as much done. [2:47:21] The agencies went from offering technical assistance to really rolling up their sleeves and helping [2:47:28] with this bill. [2:47:30] And our staffs, particularly Chris Land, my staffer, I can't say enough about your dedication [2:47:37] to this. [2:47:38] As I've said to Chris many times, we're the dogs that caught the tire. [2:47:46] And it kept spinning and our heads kept beating against the pavement, but we can't let go because [2:47:52] we caught the tire. [2:47:54] And we're not going to let go of the tire until people on both sides of the aisle are satisfied [2:48:00] that this is a product we can all be proud of. [2:48:03] Thank you, Mr. Chairman. [2:48:04] Absolutely. [2:48:05] And let me just finally say this process has been one of the most informative and challenging [2:48:15] processes I've been through as a United States Senator. [2:48:20] I will also say that it has been one of the most transparent times and processes I've seen, [2:48:27] with members on both sides of the aisle and industry all in the same room at the same time [2:48:34] for hours upon hours upon hours. [2:48:39] Any suggestion that somehow this was done without a process that was available to all members, [2:48:48] undeniably, factually, patently false. [2:48:52] I will say that the members, Gallego, also Brooks, Warner, CCM, Catherine, as well as Britt, [2:49:03] Rounds, Lummis, Tillis, and Moreno, the number of hours that you all spent talking to each [2:49:12] other and getting to know each other better is unbelievable. [2:49:17] How Gallego and Moreno continue to talk is a shock to me, but truly, truly all things are [2:49:23] possible. [2:49:25] The Colombians, both of them, thank God for that part. [2:49:28] I also want to acknowledge the fact that Senator Gallego worked with Patrick Witt from the White [2:49:35] House tons and tons of hours trying to thread a needle. [2:49:40] And I will say that without Patrick and the White House engaging with the Democrats, this [2:49:46] first step, it's not even the last step, this first step would not have been accomplished [2:49:51] in a bipartisan fashion. [2:49:52] Ryan and Trey, Tyler Williams, excuse me, Tyler, there you are, looking for you over there. [2:50:01] Working together with our staff, it would not have been possible to find ourselves where [2:50:06] we are today. [2:50:07] I want to thank all staff, but particularly Janey and my staff for their profound impact [2:50:15] on this process. [2:50:16] You all have worked, I know for sure, thousands of hours over the last few months just on this [2:50:23] piece of legislation, and at 1.30 last night and at 4 a.m. this morning, I was still getting [2:50:30] texts from you all and responding at 4 in my heart, 5 for real. [2:50:35] But literally, this process has been one that has been, I think, quite, quite educational. [2:50:41] And I hope that we have a successful process on the floor, but I know one thing for sure, [2:50:45] that when you all say you're going to continue to work on it, you mean it. [2:50:50] And Warner, once again, thank you for your dedication through some challenging times. [2:50:56] You kept working. [2:50:57] And may the Lord bless your family, the challenges, and CCM, I've gotten to know you a lot better. [2:51:04] Appreciate you. [2:51:05] I know we don't always get to the final point, but we're going to get there at some point. [2:51:09] And thank you for your hard work at staying the course, no matter how you vote on the floor. [2:51:14] With that, meeting adjourned. [2:51:19] Okay. [2:51:20] Wow. [2:51:21] So much to get through. [2:51:22] Let me tell you what's going on. [2:51:23] The markets are pumping. [2:51:24] XRP's up. [2:51:25] It has passed. [2:51:26] So, here we go. [2:51:29] Let me go to a different screen so you can see. [2:51:32] So, you can see exactly what I'm going to talk about. [2:51:34] On the right, you can see we're going to discuss, sell the news, XRP chart, Bitcoin chart, what [2:51:38] next? [2:51:39] Because again, this is something big. [2:51:41] So, let me bring you up here. [2:51:45] Remember, if you want the newsletter, it's 40% off right now, and there's a free plan. [2:51:50] The link is in the live chat. [2:51:54] So, what's just happened? [2:51:56] The Clarity Act has passed the Senate Banking Committee by a vote of 15 to 9. [2:52:05] The Clarity Act passes Senate Banking Committee. [2:52:09] W's in the chat. [2:52:10] Can I have everyone hitting W in the chat for the Clarity Act passing? [2:52:15] I want to see the chat going crazy with W's because that is extremely bullish. [2:52:21] 15 to 9. [2:52:22] It did not need that many votes. [2:52:25] Oh, wow. [2:52:26] Look at this. [2:52:27] We've just got gifted jewels. [2:52:28] Never had that before. [2:52:29] I don't even know what that is. [2:52:30] Thank you, John Wilt, for doing that. [2:52:31] I don't even know what that is, but I appreciate it. [2:52:36] So that margin is the story. [2:52:39] The expectation this morning was 13 to 11 party line result. [2:52:45] Instead, the bill drew out bipartisan support with Democrats crossing over despite what [2:52:54] we saw from Senator Warren urging her party to oppose it. [2:52:58] Senator Warren, who we heard, I'm seeing all these dubbies in the chat. [2:53:02] I'm loving it. [2:53:03] Please hit the like button and subscribe. [2:53:04] Senator Warren was opposed to it, told her whole party to get off it and not support it. [2:53:10] But 15 to 9. [2:53:12] Why does that matter? [2:53:13] Well, that matters because the next stage, we're not done. [2:53:16] Clarity Act hasn't fully passed because the next stage is the full Senate floor. [2:53:23] So now we're going to go over to the full Senate floor. [2:53:26] We've made progress, but we're not done. [2:53:29] That is where we're going to get 60 votes because 60 votes are required. [2:53:34] And that means democratic support is essential. [2:53:38] They need democratic support. [2:53:41] Today provides the first concrete evidence that there is actually support. [2:53:46] That's why it's extra bullish. [2:53:47] This is better than expected. [2:53:48] At Amano 8S has become a member. [2:53:50] Like the like button. [2:53:52] Hit the like button. [2:53:53] Thank you, Amano. [2:53:54] Yes, please do hit the like button. [2:53:55] So what we've just got here are 15 to 9 votes. [2:53:58] The Clarity Act passes and that is more than we expected. [2:54:03] So we are getting a bit of an insight that when it goes to Senate, that there is actually [2:54:07] a chance that the Democrats are also going to be in support of this. [2:54:09] They have to be in support of this. [2:54:11] So let me just be clear what this vote was and what it's not. [2:54:15] This is committee clearance. [2:54:19] It is the first stage of the Senate process. [2:54:22] And you could say it's the most straightforward one. [2:54:26] The bill still must be merged with the Senate Agricultural Committee's version. [2:54:32] And then it has to pass a full Senate floor vote. [2:54:36] Then it has to go to the House. [2:54:38] And then it has to be signed by the President of the United States before it becomes law. [2:54:43] But that being said, this is a stronger result than the base case. [2:54:48] And that's why we're seeing, look at this, XRP going off the chart right now. [2:54:52] It is bullish. [2:54:53] This is better than what was priced and this is better than what was expected. [2:54:58] So we saw a lot of amendments that were aiming to sort of weaken the bill. [2:55:06] They failed. [2:55:06] They failed. [2:55:07] They all failed. [2:55:08] All the Democratic votes failed 13 to 11. [2:55:12] The Republicans didn't allow any of the Democratic votes. [2:55:16] The cortex that we saw advances, nothing major was changed. [2:55:21] And you can see the market is now responding positively. [2:55:24] We've got Coinbase. [2:55:25] Let's have a look at Coinbase stock. [2:55:27] We're going to have a look at XRP stock. [2:55:29] Is this a sell the news event? [2:55:30] Well, there is a lot more to happen. [2:55:34] If you're looking at the 15 to 9 vote, the Clarity Act passing, that is more bullish than we expected. [2:55:42] If I go over to our newsletter, which we put out to everyone before this came out, we can see why that is bullish and what that effect would mean. [2:55:49] Right now, we are seeing XRP go up. [2:55:51] We're going to have a look at Coinbase, MicroStrategy and some other charts. [2:55:54] The XRP has a really big breakout point that I am betting on. [2:55:58] So I'll show you that in a second as well. [2:56:00] But what's coming up next? [2:56:01] So we've got the agricultural reconciliation. [2:56:04] These two have to go together. [2:56:06] Then we've got the Senate floor vote. [2:56:08] That's where Elizabeth Warren is probably going to clash with some people. [2:56:13] Then the House will vote to re-vote it. [2:56:15] And then the signing could be the target is about July the 4th. [2:56:20] So in two months time, this could be signed by President Trump. [2:56:23] So is the market going to run up into this? [2:56:25] Well, let's have a look at the Genius Act. [2:56:28] What happened there? [2:56:29] Because with the Genius Act, we actually had all time highs after the Act was signed. [2:56:33] So is it going to be sell the news today? [2:56:35] Are we going to run up? [2:56:36] We've got about two months until the president could be signing this if it goes through the Senate. [2:56:43] So we do have opportunity here. [2:56:45] Remember, if the Clarity Act passes, lots of money is going to be flowing into the crypto space. [2:56:51] Why? [2:56:52] Because companies and banks don't lend money, don't invest if there is no laws. [2:56:58] With the Genius Act, we saw what happened. [2:57:00] It became law. [2:57:01] Money flowed into the stablecoin space. [2:57:02] We got IPOs left, right and center. [2:57:04] Circle, Bullish, Gemini. [2:57:06] Money flew into space. [2:57:07] But we've still got part two, Clarity Act. [2:57:10] If there's clarity, money can flow into space. [2:57:13] Brad Garlinghouse fought for this. [2:57:15] Ripple's CEO. [2:57:16] Whether you like XRP or don't, Brad Garlinghouse fought for the whole crypto industry. [2:57:21] They had to spend millions. [2:57:23] They had to be priced out of the US. [2:57:25] The XRP holders were badly affected by the previous SEC and how they acted. [2:57:32] What the Clarity does, it will give us rules. [2:57:37] Whether there's some issues within the Clarity Act, it doesn't matter. [2:57:40] Why? [2:57:41] Well, because if there's rules in place, people can work around it. [2:57:44] Companies can at least know what the law of the land is so they can work within those bounds and innovate. [2:57:49] Companies always find a way. [2:57:51] If the laws are from 1900s and the 1800s and 1700s and they're stupid, [2:57:56] it doesn't matter because companies still strive because they find ways around it. [2:58:00] They can see what the bounds of the law are and they can innovate and invest. [2:58:04] So Clarity is massive. [2:58:05] This is the first big step, but it's not it. [2:58:07] And the best way to be prepared is to understand it, is to see what's going on in the market, [2:58:13] is to see what's going to benefit. [2:58:15] What do we do at Sensei.News? [2:58:17] We run a newsletter. [2:58:18] Why did I run the newsletter? [2:58:20] Because there's so much fake news out there. [2:58:22] There's so many people selling you all sorts of different courses. [2:58:25] There's so many people pretending to rent Lamborghinis and say, [2:58:28] look how much money I made. [2:58:29] And they're not. [2:58:30] We're not here to sell advertisement. [2:58:32] We don't have an agenda. [2:58:33] We're not sponsored by anyone. [2:58:35] And if people are sponsored, you know something's wrong because they control their voice. [2:58:39] We're not sponsored by anyone. [2:58:40] We are here for you guys. [2:58:43] Go and look at our track record. [2:58:45] Go and look at me covering crypto four years ago about XRP, [2:58:48] telling you that it's going to move from 30 cents to $3. [2:58:51] That happened. [2:58:52] We are in a bear market right now. [2:58:54] People are tuning out. [2:58:55] People are giving up. [2:58:56] But this is the time to understand what's going on. [2:59:00] What I've done with the newsletter is made it super simple. [2:59:03] You don't need to subscribe to 50 different news sources like I was years ago. [2:59:07] It was great. [2:59:08] I was getting all the news, but there was so much advertisers, [2:59:10] so much political lean, and it was pretty expensive. [2:59:15] What we've done with the newsletters, I'm subscribed to all of that. [2:59:18] I scan all the news every day. [2:59:19] I spend four hours every day building the newsletter [2:59:22] so I can send you a simple version every single morning, [2:59:25] two hours before the opening bell, [2:59:27] of the five things you need to know every morning, [2:59:29] whether it's a crypto story or a stock story. [2:59:31] It is simply laid out. [2:59:32] It's got the chart of the day, the technical analysis. [2:59:35] If it requires deep dives like today, [2:59:37] we put out a post today which had a deep dive [2:59:40] of everything you need to know about the clarity app. [2:59:42] We're going to come to it in a second. [2:59:43] So every day you get prepared for the market with the top stories [2:59:47] you need to know. [2:59:49] That's not it. [2:59:50] That's the first part. [2:59:51] You get that for free. [2:59:52] You can sign up for free and get that. [2:59:54] How do you do it? [2:59:55] Well, the link is in the live chat. [2:59:56] It's the first link in the description. [2:59:57] If you click that and go onto the free plan, you will get that. [3:00:00] But we don't stop there. [3:00:01] We give you the chart analysis course. [3:00:03] Too many people are selling you fake courses for thousands of pounds. [3:00:06] This is included in the newsletter. [3:00:08] You get the chart analysis course backed up by academic research, [3:00:11] backed up by eight years of me learning charts, [3:00:14] doing all the courses and figuring out what works. [3:00:16] And we backed it up by academic research. [3:00:19] We've given you three trading view indicators that you get access to. [3:00:22] That's backed up by academic research that works. [3:00:25] So you get the training course. [3:00:27] Two hours of you watching videos. [3:00:29] You'll learn what took me eight years and a lot of money, [3:00:33] but you get it included in the newsletter. [3:00:36] Plus the trading view indicators, the private trading view indicators. [3:00:39] You get that. [3:00:40] You don't only get that. [3:00:41] You get more. [3:00:42] You also get the macro event cheat sheets. [3:00:45] If there's an FOMC meeting going on, if there's a CPI data report going on, [3:00:48] if there is an inflation report, a jobs report, [3:00:50] you will get in your inbox. [3:00:52] If you're going to be watching the event, [3:00:53] you can see how it's going to affect your crypto positions, [3:00:55] your stock market positions, what to look out for, [3:00:57] and how I'm looking at it, the specific charts and the way I'm trading it. [3:01:00] Again, it's not financial advice, but it's getting you prepared for it. [3:01:02] What else do you get? [3:01:03] Let me turn that off for a second. [3:01:05] This is all included in the newsletter, by the way. [3:01:08] You get the £5,000 portfolio challenge. [3:01:11] You need to know where this money is flowing. [3:01:13] And we're looking at the stock market as well, where AI money is flowing, [3:01:16] not just in the big names, but behind the scenes, the copper side, [3:01:18] the healthcare industry, the utility industry. [3:01:22] And we're trying to turn £5,000 into £100,000. [3:01:24] And I'm showing you every single move I'm doing, the full research. [3:01:27] It takes days to do this research and we're putting it out. [3:01:29] You get a portfolio, sort of a net worth portfolio tracker. [3:01:34] That is an app. [3:01:35] We don't track your data. [3:01:36] I have no access to your data. [3:01:37] It's fully in your control. [3:01:38] You download it to your own computer. [3:01:40] I have no access to it. [3:01:42] And you can track your finances to plan your debts, plan your income, [3:01:46] forecast your retirement and everything like that. [3:01:48] It's included. [3:01:49] You get access to our private Discord community when I'm putting out those trades [3:01:52] where you can access me, one-on-one DM access. [3:01:54] And all of that today only until 12 p.m. [3:01:57] If you want the premium plan to get all of that 40% off. [3:02:00] So if you haven't got it, link is in the live chat. [3:02:04] Spend one minute. [3:02:05] There's five spots remaining. [3:02:06] This will go very fast. [3:02:07] Link is in the live chat. [3:02:09] It's also the first link in the description. [3:02:11] Click on it. [3:02:12] If you don't want to, there's a free plan, but today up until midnight is 40% off, [3:02:18] but that'll probably sell out because we've got five spots only today. [3:02:22] Now, let's go on to what this clarity act means. [3:02:25] Also, if you haven't got Discord, let me give you the Discord link as well, [3:02:28] because this is very important as well. [3:02:30] Discord is where Martin shares all his trades. [3:02:33] He's been beating the market for the last three years. [3:02:35] He shares every single one of his trades and you get access to community. [3:02:39] No price increases ever. [3:02:41] And that's the link to Discord as well. [3:02:43] If you want to sign up to Discord, there we go. [3:02:46] So let me just tell you a bit more about what we've just seen today. [3:02:49] So let me go over to our newsletter because that's where we get all our important information. [3:02:55] And let's just go through some of the most important points. [3:02:58] If I go back to this screen over here, you should see the newsletter. [3:03:02] There it is. [3:03:03] This is what we sent out, but let's cover some of those important points. [3:03:06] Let's put XRP back on the screen, bottom left. [3:03:10] It is running up. [3:03:11] And a quick look at the market reaction on this. [3:03:14] Micro strategy. [3:03:16] Let me remove some of these indicators. [3:03:19] I don't want to share too much of these indicators. [3:03:22] Micro strategy currently up 8%. [3:03:25] Bitcoin up 3.5%. [3:03:27] XRP breaking out at 4.4%. [3:03:30] I'll show you that chart in just a second. [3:03:32] Silver down. [3:03:33] The S&P 500 up slightly. [3:03:35] Let's go over to Coinbase. [3:03:36] Coinbase should react positively to this news. [3:03:39] And Coinbase is up 8.64%. [3:03:42] A big day for Coinbase. [3:03:44] So why is this happening? [3:03:45] Let's go into the news of the Clarity Act. [3:03:47] So what does Clarity actually do? [3:03:52] Well, it splits the referees. [3:03:54] This is the core of the bill. [3:03:55] Two US agencies, the SEC and the CFTC. [3:03:58] It gives clarity on who regulates what, who regulates commodities, [3:04:01] who regulates securities. [3:04:02] That is big. [3:04:03] That is important. [3:04:04] It creates funding path. [3:04:06] Eligible token projects can now raise up to 50 million a year over 4 years. [3:04:10] Capped at 200. [3:04:11] Without the full heavyweight public company securities process. [3:04:14] They can raise money. [3:04:15] Money can flow into crypto. [3:04:17] Tokens can essentially go up. [3:04:19] Money in the industry is a good thing if you're a crypto holder. [3:04:22] It adds investor protection and anti-crime laws, which is good. [3:04:26] Too many scams out there. [3:04:27] Too many pumps and dumps. [3:04:28] We need to clean up the industry and the Clarity Act does this. [3:04:34] It defines DeFi by control, not code. [3:04:37] DeFi. [3:04:38] Decentralized finance is crypto that runs on software with no company in the middle. [3:04:42] So again, it makes things more efficient. [3:04:45] We don't need a middleman. [3:04:46] We don't need the banks to give us yields and take a massive cut. [3:04:51] Decentralized finance is more trusted than any financial institution. [3:04:57] And it allows this to thrive. [3:04:59] Decentralized finance is the future. [3:05:00] Tokenization is the future. [3:05:02] Crypto is the future. [3:05:04] But we need clarity. [3:05:05] We need laws. [3:05:06] And this is what it allows. [3:05:07] It handles the stable coin question. [3:05:09] There has been a lot of bank lobbying to get rid of the yields. [3:05:12] And they've kind of succeeded. [3:05:15] But it gives more clarity on stable coins as well. [3:05:19] I'm not going to go into the stable coin fight. [3:05:22] But if you go over to this article that I've written, it is very interesting what that fight is. [3:05:27] I'll give you the link directly to that article as well. [3:05:29] Because there's a big fight on stable coins and what the banks are doing. [3:05:33] And I'll leave that there as well. [3:05:35] So let me talk to you quickly about sell the news. [3:05:38] And then it will come onto the XRP chart, the Bitcoin chart and what next. [3:05:41] So firstly, this was extremely bullish. [3:05:46] If you look at the cheat sheet we put out today, we said bullish. [3:05:49] The vote would be bullish if it's higher than 13 to 11. [3:05:55] We got much higher than that in terms of the vote. [3:05:58] The Clarity Act passed by higher vote than 13 to 11. [3:06:01] What was it? 15 to 9 or something like that. [3:06:04] It was higher than that. [3:06:05] One or more Democrats crossover to vote. [3:06:08] Yes, a lot more did. [3:06:11] So that means risk gone. [3:06:13] Coinbase is up. [3:06:14] XRP is up. [3:06:15] And MicroStrategy is up. [3:06:16] That's what we expected if this outcome was going to happen. [3:06:19] And that happened. [3:06:20] It was above what the market expected, which was 13 to 11. [3:06:23] So the bullish is the upside surprise. [3:06:25] And we got that upside surprise. [3:06:27] The bill clears by more than 13 to 11. [3:06:29] It did with one or more Democrats crossing over to vote. [3:06:32] Yes, more than that did. [3:06:34] Why does that matter? [3:06:35] Because the next stage and the reason this is so important, this is not a one and done. [3:06:39] It's not today. [3:06:40] The Clarity Act is signed and becomes law. [3:06:42] The reason it's so important we got more people voting in favour is because in the next stage at the full Senate floor, that needs 60 votes, which means the bill must eventually win democratic support to become law. [3:06:57] And it is gained more democratic support. [3:06:59] Elizabeth Warren was very anti it, but her Democrats were actually a little bit more for it. [3:07:04] They voted yes. [3:07:05] So a Democrat voting yesterday is the first hard evidence that support exists. [3:07:13] There is democratic support for the bill. [3:07:15] And that's the thing the market actually needs. [3:07:17] We saw that. [3:07:18] Yes, we can sell the news. [3:07:19] Yes, we can go down tomorrow. [3:07:20] And maybe I'm not recommending anyone goes 100x long because more money is going to flow into the industry. [3:07:26] This is not a today thing. [3:07:27] This is a one year, two year, three year bullish for the industry, not something you should emotionally trade today. [3:07:34] So sell the news. [3:07:35] We discussed sell the news is a possibility, especially if we were in line with expectation or below. [3:07:42] In fact, we're a bit more bullish than we expected, but sell the news is still possible. [3:07:46] So let's look at prior examples very quickly. [3:07:50] So what were prior examples? [3:07:54] Well, the Bitcoin spot ETF approval. [3:07:56] The approval went through. [3:07:57] That's when the Bitcoin spot ETF came out. [3:07:59] Then Bitcoin fell roughly 16% over the next two weeks, and then it continued. [3:08:03] So we could get crypto to go up now, sell off over the next couple of weeks, and then continue the upside like the Bitcoin ETF approval. [3:08:15] Or if you look at the strategic Bitcoin reserve, while Bitcoin dropped around 6% on the signing, [3:08:20] then more over the next few days on disappointment over the details. [3:08:24] So that was an example of a sell the news and a continuation to move down. [3:08:28] If we're looking at the Genius Act, however, the Genius Act is the closest thing we have to the Clarity Act. [3:08:35] And if we look at what happened then, it was a continuation rally. [3:08:38] The market was heading up. [3:08:39] We got the Genius Act. [3:08:41] Market read it as the first bill in the sequence. [3:08:43] Bitcoin went all the way up to 126,000 after the Genius Act. [3:08:48] So this could be a bottoming out of the crypto bear market and a continuation potentially to all-time highs. [3:08:56] That is a possibility. [3:08:57] Again, what do I do? [3:08:58] I prepare for all scenarios. [3:09:00] If you want to know exactly what I do, you can go to the newsletter. [3:09:02] You can chat to me one-on-one. [3:09:03] You're not going to learn everything about my strategy in this one video. [3:09:06] You need to put in the work. [3:09:08] I'll give you that newsletter link. [3:09:09] Once again, you can sign up for free or take advantage. [3:09:12] Let me check. [3:09:13] There's two spots left. [3:09:14] Two more people can get the 40% off offer. [3:09:18] Once it's gone, it's gone. [3:09:19] Again, it works out to about 30, 50 cents a day. [3:09:22] And you get a newsletter every single day. [3:09:24] You get access to all the training. [3:09:26] Everything is included for about 30, 40 cents, about $10 a month. [3:09:30] You can get it right now on the annual plan, 40% off. [3:09:33] There is a free plan as well. [3:09:34] Grab it now. [3:09:37] So sell the news. [3:09:40] That certainly could happen, but I'm not looking at the short-term. [3:09:43] I think long-term, this is a good point. [3:09:46] So let's move on from sell the news. [3:09:47] Let's highlight that. [3:09:48] Let's go over to the XRP chart and Bitcoin chart. [3:09:51] Firstly, the Bitcoin chart. [3:09:54] Let me go to Bitcoin chart first. [3:09:56] If you look at our indicators, [3:09:58] it is signaling a downtrend. [3:10:00] We've been in a long-term bear market. [3:10:02] However, there is some hope. [3:10:04] If we stay above 80,000, if we consolidate around 80,000, [3:10:07] we could start heading up to 100,000 and invalidate this downwards trend on Bitcoin. [3:10:12] Again, I'm not going to spend 10 minutes talking about the Bitcoin chart. [3:10:14] We do that in our other streams on the newsletter in our private chats. [3:10:18] But just to give you an idea, we are in a downtrend. [3:10:22] We've had multiple bear flags. [3:10:24] If we stay above 80,000, this could be good. [3:10:26] We could have a slight move towards the upside. [3:10:28] However, the broader trend is towards a downtrend. [3:10:32] You can't ignore the downtrend. [3:10:33] If we do invalidate the downtrend, get back above 85,000, [3:10:37] head up to 100,000, see how we react to 100,000. [3:10:39] Then yes, all-time highs could certainly be in progress if we stay above 100,000. [3:10:43] But right now, the base case is the bear market continues. [3:10:46] Let's see if the Clarity Act changes that. [3:10:49] Be prepared for all scenarios. [3:10:50] Remember, what do I do? [3:10:51] I buy at value. [3:10:52] I don't care what happens. [3:10:53] What happens? [3:10:54] I buy at good levels. [3:10:55] We bought at 60,000. [3:10:56] I posted my buys when we bought at 60,000. [3:10:58] We're now at 80,000. [3:10:59] I could take profits or I can hold. [3:11:01] I've taken some profits, holding most of it. [3:11:03] I just buy where it's at value. [3:11:04] If it goes back to down to 60,000, I'll buy. [3:11:06] If it goes to 100,000, brilliant. [3:11:08] I hold Bitcoin at 60,000. [3:11:09] I hold it from 40,000, 30,000, 15,000 from last cycle. [3:11:13] I bought it at a good level. [3:11:14] It doesn't matter what happens next because I hold it at good value. [3:11:17] I can buy more if it goes lower. [3:11:19] And if it doesn't go lower, I've bought an active price. [3:11:21] So that's how I do it. [3:11:22] I'll let you know how I do it. [3:11:24] Again, I'll give you a full explanation on that in the newsletter and XRP. [3:11:27] XRP, look at that triangle we've got going on. [3:11:31] Right now, we've got a consolidation triangle on XRP. [3:11:35] A symmetrical triangle just there. [3:11:38] You can see it above my head right there. [3:11:40] That, if it breaks out, we've got 150 as the next resistance. [3:11:43] If we break above 150, we're looking at $2. [3:11:46] I did post something in Discord where I took... [3:11:53] Let me see if I can bring it up on the show. [3:11:55] I don't think I can, but let me see. [3:11:57] I sent it to my newsletter subscribers. [3:11:59] There was a poly market. [3:12:00] Will XRP reach $1.80 in May? [3:12:03] I voted yes. [3:12:04] I put $188 down to win $1,173. [3:12:09] If you want to see how I've done that, you can go over to sign up to newsletter. [3:12:12] You can see exactly that trade. [3:12:13] Again, I haven't put all my money on it. [3:12:16] It's just showing you that if this breakout happens, we can easily hit $1.80. [3:12:21] If that happens in May, there are some good ways to take advantage of it. [3:12:24] Again, not financial advice, but something I've done based off if this breakout does occur. [3:12:29] I'll tell you more about it in those Discord events and my live shows. [3:12:32] So what happens next? [3:12:35] So you've seen the Bitcoin chart. [3:12:36] You've seen the XRP chart. [3:12:38] What happens next? [3:12:40] Reconcile with the Senate agricultural. [3:12:45] Remember, there's two sides of this. [3:12:47] The two Senate committees will have to now come together, share crypto jurisdiction. [3:12:54] Sorry, the two Senate committees, they share the crypto jurisdiction. [3:12:57] They're going to have to come together and the two texts need to be merged in one. [3:13:02] Then they need to resolve the ethics fight, likely on the Senate floor since Scott has ruled it out outside the committee remit. [3:13:07] So then they're going to get to the Senate floor, they're going to have these debates, and then they're going to vote on the Senate floor. [3:13:12] And this is when we get all the senators. [3:13:14] They're going to need 60 votes to pass. [3:13:17] So what we're going to do is we're going to have another event like this lined up for the Senate floor vote, [3:13:22] another newsletter sent out to you guys with everything you need to know, just like we do with other events. [3:13:26] Why would you limit the number of paid subscribers? [3:13:29] BC Vinto, you've asked the question, why do I say that there's only 10 people that can subscribe today and only two spots left, I believe. [3:13:37] I need to check, but only two spots left. [3:13:39] Why do I limit the number of paid subscribers? [3:13:41] Someone's just asked that in the live chat. [3:13:43] The reason I limit the number of paid subscribers is because we don't want too many. [3:13:47] We don't want thousands of paid subscribers. [3:13:50] I don't need lots and lots of money. [3:13:52] We do great from the markets. [3:13:54] The 2020 run, we make money from the markets. [3:13:58] I want to be able to answer everyone's questions. [3:14:00] Everyone else has AI bots following and saying things. [3:14:04] They've got fake trade alerts. [3:14:05] They've got fake Lamborghinis and they want millions of people to subscribe. [3:14:11] I don't. [3:14:12] I just want to do a good thing. [3:14:13] I want to have a good newsletter. [3:14:14] I want to be able to answer everyone's questions. [3:14:16] I don't want thousands of people signing up. [3:14:18] So we limit it because if it gets too many, we just shut it off. [3:14:21] I don't want a hundred people to sign up. [3:14:23] So it's limited. [3:14:24] That's why, because I want to answer everyone's questions. [3:14:26] We don't have AI bots answering questions. [3:14:28] We don't have AI writing on these. [3:14:30] Imagine getting, if anyone could get AI to write a newsletter like this, I'll pay you thousands of dollars because it's not possible. [3:14:36] It's not possible. [3:14:37] Maybe in two years, three years, it might be, and then we'll just get better. [3:14:40] But it requires so much time and attention. [3:14:42] And I want to be able to answer everyone's questions. [3:14:44] And we don't want millions of people just like Martin Disco. [3:14:46] We don't want millions of people. [3:14:48] He's limited his to one a day or two a day or something like that. [3:14:53] We don't want thousands. [3:14:56] I just want to be able to answer everyone's questions. [3:14:58] That's why it's limited. [3:14:59] And that's why there's, I think only two left for today. [3:15:01] So we've got the ethics fight. [3:15:03] That's likely on the Senate floor. [3:15:05] The full Senate floor vote will be next. [3:15:07] We're going to be doing a full newsletter on that. [3:15:09] We're going to be covering that. [3:15:10] That's when we need the full support. [3:15:12] And we need lots of Democrats to come over. [3:15:14] Or not too many. [3:15:16] I mean, today was a really bullish sign of how many Democrats are potentially going to come over. [3:15:20] That needs 60 votes to pass. [3:15:23] And then that's essentially only seven Democrats coming over and saying yes, which is very possible. [3:15:28] So it's looking very bullish now. [3:15:30] It's looking like this will pass eventually. [3:15:32] And we could get this to the president at the beginning of July. [3:15:35] Then we need the House revote, which will probably approve it. [3:15:38] And then finally, the president's signature. [3:15:39] That will be the day where it will probably be a sell the news event. [3:15:42] But we can run up into that, sell the news on the beginning of July when the president signs it. [3:15:46] And then continue to upside. [3:15:48] We're going to be navigating this. [3:15:49] We're going to be winning and winning and winning. [3:15:52] Again, we called the bear market eight months ago. [3:15:54] We took profits. [3:15:55] We bought the bottom. [3:15:56] If it is the bottom. [3:15:57] And if it's not, we'll buy the bottom again. [3:15:59] But we bought XRP around $1.15. [3:16:02] Bitcoin at $60,000 recently over the last few months. [3:16:05] And if it goes lower, we'll buy the bottom again. [3:16:08] If not, then brilliant. [3:16:09] We're in. [3:16:10] We're ready. [3:16:11] So even after the signature, the actual detailed rules get written over the following year. [3:16:15] So again, this does take time. [3:16:17] This isn't a get rich quick scheme. [3:16:18] Tomorrow, we're going to be millionaires. [3:16:19] This is good progress, but we're not fully there yet. [3:16:23] And we will navigate the market together. [3:16:25] So that's what's happening next. [3:16:26] The Clarity Act, if you look at Polymarket, the odds right now is jumping up now. [3:16:31] 70% chance that Act will be signed into law in 2026. [3:16:35] So that is more than half. [3:16:36] That is good odds. [3:16:37] That is in favor of the Clarity Act being signed this year, most likely in July. [3:16:44] And again, this is all from our newsletter. [3:16:46] If you want to see this and read the full newsletter, you can go and check it out. [3:16:49] Again, this is one of the perks of the newsletter. [3:16:51] You get all the other perks, the net worth tracker, the chart training course, the indicators, [3:16:55] the portfolio challenge, the Discord access, all of that is included with the newsletter, [3:17:02] or you can get it for free. [3:17:03] I understand some people might not have $10 a month, but that's fine. [3:17:08] We want to give value to everyone. [3:17:09] There is even a free plan. [3:17:10] If you just click on the link that's in the live chat, and if we run out of premium spots, [3:17:14] you can click on that, go to the free side and just sign up to the newsletter for free. [3:17:18] There's no ads. [3:17:19] It is the only newsletter out there with no ads, I think. [3:17:22] So let me go back here. [3:17:26] Live now, end premium. [3:17:34] Let me see this. [3:17:37] Okay. [3:17:38] That's good. [3:17:39] We've got us. [3:17:40] Yes. [3:17:41] Okay. [3:17:46] So this is the watch list now. [3:17:49] That's for today. [3:17:50] We don't need to cover that again. [3:17:52] So the Clarity Act passes the first steps. [3:17:55] We are now going to go over to a premiere that Martin has set up. [3:17:59] Guys, please just hit the like button. [3:18:02] Hit the like button. [3:18:03] Please make sure you subscribe. [3:18:06] My screens are turning off. [3:18:07] I've been live so long. [3:18:08] It takes one second to subscribe. [3:18:10] It takes one second to hit the like button. [3:18:12] Let me see if I can put a countdown on the screen so we can end the promotion for the [3:18:17] newsletter again. [3:18:18] Let me do that. [3:18:19] Let me edit the countdown. [3:18:25] Let me do that. [3:18:26] Let me do that. [3:18:29] Let me do that. [3:18:35] Okay. [3:18:36] I'm going to put a countdown. [3:18:37] Where should I put it? [3:18:39] I apologize. [3:18:41] I don't normally do this. [3:18:42] Let me. [3:18:43] There's a countdown there. [3:18:44] When that hits zero, I'm going to stop any newsletter signups. [3:18:47] So that's seven minutes. [3:18:48] The link is in the live chat. [3:18:49] First link in the description. [3:18:50] So let me go over to your live chat. [3:18:52] Anyone who has questions, throw them in now. [3:18:54] I'll try and get through as many questions as possible. [3:18:57] Throw your questions into the live chat and I'll go to live chat in a second. [3:19:04] Let's just have a quick look at the market. [3:19:06] Coinbase selling off slightly after that big run up. [3:19:09] Let me actually go to the daily chart. [3:19:11] One second. [3:19:12] Coinbase breaking above $210. [3:19:14] That could send us all the way to $260. [3:19:17] It could look like Coinbase has bottomed out up 7% on this news. [3:19:21] XRP up 3.3%. [3:19:23] Look at this breakout. [3:19:24] If this does succeed, the target for the breakout is close to $2. [3:19:31] I mean, we can take a measured move from the beginning of this triangle to the bottom [3:19:35] of this triangle and then move it to here, the breakout point. [3:19:38] Yeah, it could take us very close to $2. [3:19:40] Again, as I said in the chart training course, $2. [3:19:42] Everyone has that as a number in their head. [3:19:45] So I always put my take profit lower than that. [3:19:48] So maybe $190, $180 for this specific move. [3:19:52] And remember, I just mentioned, I did take that Polymarket odds. [3:19:56] Brilliant odds that I put my money on. [3:19:59] Again, not financial advice at all. [3:20:01] If you go over to Sensei News announcements on Discord, you can see Polymarket. [3:20:05] Polymarket, will XRP reach $1.80 in May? [3:20:08] Let me just ask the chat. [3:20:09] Yes or no? [3:20:10] Will XRP hit $1.80 in May? [3:20:13] Again, I don't know. [3:20:14] No one knows, but you can make educated guesses. [3:20:17] Will it go up 25%? [3:20:19] Is that possible? [3:20:20] $1.80 in May? [3:20:21] Yes or no in the chat. [3:20:22] I voted yes on Polymarket and look at the odds. [3:20:26] It costs me $188. [3:20:28] If it does hit $180, and I don't have to be, it's not like a long position where I have [3:20:34] to make sure I get out when it's above $180 and I have to control my emotion. [3:20:38] If it hits $180 in May, I win $1,173. [3:20:42] That's about a 7x if it hits $180, if it goes up 25%. [3:20:47] So that might happen and again, I like to keep an eye out for these odds on Polymarket because [3:20:53] last time we saw something like this, it was the Iran deal. [3:20:56] Is there going to be an Iran deal reached? [3:20:58] I think it was $500 could turn into $30,000. [3:21:02] These are the odds I like to keep an eye out for. [3:21:04] They might happen, they might not happen. [3:21:06] That did happen and this seems like a punt. [3:21:12] Again, don't put all your money into it. [3:21:15] Do not. [3:21:16] I'm not condoning gambling because this isn't gambling. [3:21:18] This is based off charts. [3:21:20] I'm not sports betting. [3:21:21] I just want to take advantage of good odds. [3:21:25] If the odds are in my favor, I'll take advantage and I'll share it with you guys again. [3:21:29] As I've said, the way to reach financial freedom is most of your portfolio should be [3:21:36] in a diversified asset class with low cost indexes. [3:21:40] For example, the FTSE All World, the S&P 500, a little bit of gold, silver, a little bit [3:21:45] of the top cryptos. [3:21:46] Put that away. [3:21:47] DCA into that if you want to say that or buy when it's at value. [3:21:50] A little bit of bonds depending on your age and your risk tolerance. [3:21:53] That is what's going to give you financial freedom if you keep working and putting money into that. [3:21:57] However, with 20% of my portfolio, I like to beat those odds. [3:22:00] I like to play a little game. [3:22:01] Can I beat the market? [3:22:02] Sometimes I can, sometimes I can't. [3:22:04] And with that money, I look for specific crypto projects. [3:22:06] I look for specific AI plays. [3:22:08] I look for specific odds and I share that with you guys. [3:22:11] If you want access to that, again, you can sign up to newsletters, see what I'm looking at. [3:22:16] I might win, I might lose, but it doesn't matter because 80% of my portfolio, what's right for me, [3:22:20] what's right for you might be 100% of your portfolio, 10%. [3:22:23] I don't know. [3:22:24] 80% of my portfolio is in low cost index funds, which I hold long term. [3:22:28] And that's how you reach financial freedom by investing long term, going out, making money [3:22:31] and putting it away. [3:22:32] Whether that's pension funds, which have better tax advantages or your personal pensions or [3:22:39] investment accounts. [3:22:40] For me, 80% long term, don't touch. [3:22:42] Touch it when I want to retire and that's going to make me money. [3:22:45] 20%, I like to beat the market and that's where I find it. [3:22:48] So questions in the chat and then we're going to go over to this premiere that starts in eight minutes. [3:22:53] So let's go over to those questions. [3:22:55] Three minutes left, by the way, until I shut off the discount. [3:22:58] The link is in the live chat. [3:23:00] It takes one second. [3:23:01] Click that link. [3:23:02] It's in the live chat. [3:23:03] It will ask you to put in your email. [3:23:04] Once you put in your email, you can choose whether you get the 40% discount and go premium [3:23:08] or go free. [3:23:10] There's no reason not to click that link because you're either going to go free [3:23:13] or you're either going to go premium. [3:23:15] Let me go over to your comments and questions. [3:23:18] Let me remove that XRP chart. [3:23:21] That's the time over here until we end the discount. [3:23:24] Two minutes left, guys. [3:23:26] A super chat came in. [3:23:28] Do Q4 still be threats to us because of recession? [3:23:33] Look, there's always a recession threat. [3:23:35] There's always a carry trade threat. [3:23:37] There's things that can move the market up, that can move the market down. [3:23:40] For me, I always am positive because the market has proven time and time again, [3:23:46] it's always going to make new all-time highs. [3:23:48] I'm not talking about your favorite little coin. [3:23:50] I'm not talking just about XRP. [3:23:51] I'm talking about the market. [3:23:52] The market is always going to put in highs. [3:23:54] The point is to buy when you can, when it's at value, anytime you have money, [3:23:58] and then hope for it to go up. [3:24:00] Now, can a recession come? [3:24:02] Can you make more money? [3:24:03] Yes, but I'm not going to sell my whole portfolio because I think there's a chance [3:24:06] of a recession or because I think there's a carry trade unwind. [3:24:09] If a carry trade unwind comes, it's most likely not going to be a massive crash. [3:24:12] It's probably going to unwind slowly and we're not going to get something like 2024 [3:24:16] or something like that, where we had a day crash. [3:24:18] That's probably unlikely to happen. [3:24:20] And if it does, got some money in cash, some money in bonds, we can take advantage of it. [3:24:25] I don't bet against the market really, especially with the large amount of my portfolio. [3:24:30] Is a recession... [3:24:31] Well, I've been saying there's about 40% chance of recession based off where we are in the market, [3:24:37] the AI bubble, the oil crash, the oil boom. [3:24:40] So I've got money on the side to take advantage of it. [3:24:42] I'm not selling everything to take advantage of it because what if I get left behind? [3:24:46] What if there is no recession? [3:24:47] People have been calling for recessions for years, remember? [3:24:49] 2023 people called for recessions. [3:24:51] 2022 people called for recessions. [3:24:53] Last year, people called for recessions. [3:24:54] It didn't come and it might not come and it might come two years down the line. [3:24:57] There is a real big issue of the AI spend and at some point that is going to crack. [3:25:02] I've been speaking to Michael Burry on Substack, the newsletter platform, [3:25:05] and he's not bullish at all, but he's not saying today or tomorrow. [3:25:10] He's just put in 80% of his portfolio input options on Nvidia and Palantir, [3:25:14] but not for tomorrow, but by the end of 2027. [3:25:17] So I do think at some point there's going to be a big correction that we can take advantage of, [3:25:20] but I don't want to bet when that is. [3:25:22] I want to stay in the market and if it does happen, I've got some of my portfolio to take advantage of. [3:25:26] So is a recession going to happen? [3:25:27] Well, in my opinion, there's about 40% chance, which is quite a high chance. [3:25:30] Is there going to be an AI crash? [3:25:32] Well, I do think at some point over the next two years, maybe it's next month, maybe it's in a year, [3:25:36] there's going to be a correction, take advantage of it, have some money on the side. [3:25:39] I do think crypto could have a secondary leg down, whether it's in October or end of May. [3:25:44] That's possible as well. [3:25:45] Money on the side, I'll take advantage of it, but I'm not going to stay out the market [3:25:49] because I'm betting that that's going to happen. [3:25:50] You have to have your emotions in check and remember the market goes up. [3:25:54] Okay. So there's one minute left. [3:25:55] So I'm going to close that. [3:25:56] As soon as the stream ends, until the stream ends, you have to get the newsletter. [3:25:59] And then I'm going to shut it off when I end the stream and the premiere starts in four minutes. [3:26:03] So you've got about four minutes. [3:26:04] The newsletter link is in the live chat. [3:26:06] Let me answer some more questions. [3:26:07] Taco trade on a natural trade. [3:26:09] It says Starlight, 1978 Buckley. [3:26:12] Lovely to see some familiar faces here. [3:26:14] There's a lot of new people here as well. [3:26:15] So if you guys, it's your first time, hit that like button. [3:26:18] Please do subscribe. [3:26:19] I'm sorry for this camera angle. [3:26:21] It's not working well. [3:26:22] I wonder if I can, no, I can't change that right now. [3:26:28] Stop Stronghold passed. [3:26:30] Yes. [3:26:31] Did the Karate Act pass? [3:26:32] Yes, it did. [3:26:33] The Karate Act passed. [3:26:36] The Senate Banking Committee hasn't passed Senate yet. [3:26:39] This is the first stage. [3:26:40] It's the first gate. [3:26:41] There's about three more to go through, but this is very bullish. [3:26:44] What's happened today? [3:26:45] Trump post moving the market. [3:26:48] Yeah. [3:26:49] Taco trade. [3:26:50] I'm just, if there's any more questions, throw them in the live chat right now and stay [3:26:53] where you are because the premiere is starting very soon. [3:26:56] Let me go over to this. [3:26:58] So, has that been pinned about? [3:27:03] Yes, it has been pinned about three minutes to go. [3:27:08] Let me scroll up. [3:27:09] What's your opinions on ETH and PI? [3:27:11] So I'm bullish on Ethereum, but I'm, it's the top, top four cryptocurrencies essentially enough. [3:27:16] Yes, I do dabble in the other cryptocurrencies, Flare and HBAR and stuff like that. [3:27:20] But yeah, Bitcoin, Ethereum, XRP, XRP is my main position. [3:27:23] I like Bitcoin. [3:27:24] I like Ethereum. [3:27:25] I don't love Bitcoin's technology, but it's cemented its place. [3:27:28] Institutions are going to buy it. [3:27:30] Pension funds are going to buy it. [3:27:31] It's decentralized, whatever. [3:27:33] So Bitcoin has a place, but it's very old technology and I don't like Bitcoin maxis. [3:27:37] Ethereum is great, but again, it's slow and Solana is probably going to be better. [3:27:42] But yeah, Ethereum cemented its place. [3:27:44] XRP is probably the one I'm most bullish on. [3:27:46] And then Solana. [3:27:47] So I have a basket. [3:27:48] Pi is a bit too small for me to say, I love Pi. [3:27:51] It will do well in a bull market in an altcoin season, but we're not there yet. [3:27:55] I've warned people for the last 12 months, stop buying random altcoins because they're [3:27:59] just going to bleed and bleed against the big dogs, against Bitcoin, XRP. [3:28:02] They're going to bleed. [3:28:03] There will be a time and a place and I still hold some altcoins, but it's not a bull market yet. [3:28:09] We're not in an altcoin season. [3:28:10] We've got plenty of time to find those altcoins. [3:28:13] I'm not telling you to buy or sell. [3:28:14] I don't give financial advice. [3:28:15] Let me see. [3:28:18] Do we have any spots left? [3:28:19] Yes, we've got one spot left. [3:28:23] If anyone wants the final spot, again, I'm going to turn this off. [3:28:26] As soon as I end the show, the newsletter link is in the live chat. [3:28:29] Correct. [3:28:30] So one spot left and that's it. [3:28:32] And then the 40% discount is gone. [3:28:33] I'm not doing a 40% discount. [3:28:35] That's gone. [3:28:37] He's done interact with them. [3:28:39] Do you think I just got paid and I can't get in the sub stack? [3:28:44] Ravi Patel. [3:28:45] If you're paid, you're in the sub stack, then you can join the discord. [3:28:47] You can open the ticket and then I can sort out any issue. [3:28:49] There's normally no issues, Ravi Patel. [3:28:51] But if there is an issue, you can always message me on sub stack or you can join the discord [3:28:55] and say you're a newsletter member. [3:28:57] Give me your email in the application process and I'll sort out any issues. [3:29:00] And again, that goes for anyone. [3:29:02] Anyone can join the discord. [3:29:03] And if you're a newsletter subscriber, we give you access to the extra channel. [3:29:06] So the discord link is there. [3:29:08] Time to go over. [3:29:10] Let me just check. [3:29:11] Have I missed? [3:29:12] Have I missed the premiere? [3:29:14] I don't think so. [3:29:15] Okay. [3:29:16] It starts in 60 seconds. [3:29:17] So annoying. [3:29:18] Everyone making Brad Carlinghouse rich. [3:29:21] I mean, that's like saying buying Tesla shares makes Elon Musk rich. [3:29:24] Well, kind of does, doesn't it? [3:29:26] But he's made a lot of people money as well. [3:29:29] Uh, Trump wants a July 4th date for the final. [3:29:33] Yes. [3:29:34] July 4th day. [3:29:35] It looks like is what the aim is for, for, for it to get to the president. [3:29:39] Nice job is always sent. [3:29:40] So thank you. [3:29:41] Uh, when does it go to Senate? [3:29:42] Uh, we don't have a date yet, but it should get to president by the July the 4th. [3:29:46] So it's going to be some point late May or June. [3:29:49] We're looking at the Senate and we'll be covering it live. [3:29:51] So make sure you subscribe. [3:29:52] Uh, scheduled for, uh, Senate in June or July. [3:29:54] Requiring 60 vote. [3:29:56] Yes, it is. [3:29:57] Uh, so annoying. [3:29:58] People are like Trump. [3:29:59] Uh, where's the link to discord? [3:30:01] The link to discords. [3:30:02] Uh, I'm putting it in the live chat. [3:30:03] The link to discord is here. [3:30:04] The link to discord is there. [3:30:06] If you're a premium sub stack subscriber, you can click that link, go to the interview [3:30:10] process, say I'm a premium member and I'll onboard you, or you can join Martin services [3:30:14] where he gives you trades for the lowest price possible. [3:30:17] So there's, there's something else there on discord. [3:30:19] And here's the newsletter link. [3:30:20] Thank you everyone for tuning in so many new faces. [3:30:22] I'd love to see you guys in the newsletter. [3:30:23] I'd love to see you guys in the next stream. [3:30:25] Thank you for tuning in. [3:30:26] If you stay exactly where you are, we're going to go over to the premiere. [3:30:30] The premiere is where, um, is where you can, um, share to the world, uh, this amazing [3:30:35] moment about the Senate. [3:30:36] So here is the link to that. [3:30:38] That's starting now. [3:30:41] Here is the link to the next show. [3:30:42] Please stay where you are or click this link and you will be taken to that live show. [3:30:46] Uh, that's where you get to tell the world about this amazing event that took place today. [3:30:50] Um, and the Senate. [3:30:51] So, uh, the clarity act passed. [3:30:53] Um, so that's the link. [3:30:55] Uh, let me go back to this screen over here. [3:30:58] Clarity act passes. [3:30:59] I hope you guys liked the new look. [3:31:02] Uh, I hope you guys enjoyed the show. [3:31:04] I'm happy to be back. [3:31:05] I'm sure you, um, sure there'll be a lot more shows. [3:31:08] We'll be doing a discord show for the premium members as well. [3:31:11] Um, of the newsletter and of the discord channel. [3:31:16] So look forward to that. [3:31:18] The, the countdown has started for the premiere. [3:31:20] So again, thank you for this amazing show. [3:31:22] What a point in history. [3:31:23] We're going to be covering the next two shows, uh, on, on the Senate and everything. [3:31:27] Again, I promise to you is no AI, no bots. [3:31:30] We're real. [3:31:31] We're human. [3:31:32] We want the real interaction. [3:31:34] We are going to give you the real facts and we're not going to be sponsored by people like FTX. [3:31:38] That's not us until next time. [3:31:41] What are they? [3:31:42] Stay where you are. [3:31:43] You'll go over to premiere. [3:31:44] Take care of yourselves and each other final chance link. [3:31:48] First link in the description, the newsletter, and in the link in the live chat is discord. [3:31:52] Take care of yourselves and each other. [3:31:54] Bye.