CLARITY ACT Delayed? #CryptoTownHall

Key Takeaways

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  Clarity Act faces significant Senate schedule delays

  “But the news basically is that the Clarity Act is off the Senate schedule for next week. We're supposed to have a hearing, I think, today, but nothing specific to the Clarity about crypto. And then the expectation was that Tim Scott would have the crypto market structure bill markup scheduled for next week, potentially the week after, but certainly by the end of April, it's not currently on the docket.”

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  Basel III rules impact bank Bitcoin adoption

  “My understanding is that the main impediment for banks to service Bitcoin right now is the capital requirement rules that are imposed by the Basel III interpretations, not so much what's coming down the pipes from the Clarity Act. I think Clarity Act would have a more direct impact into decentralized finance and other types of assets in the space, but the Basel III request for comments is still ongoing.”

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  Regulatory agency guidance outweighs legislative action

  “The agencies are the one that have to take action, provide the guidance, and also enforce it. The Clarity Act is essentially just to prevent another administration later down the line reverting what the agencies are doing. So I think we definitely want to get a Clarity Act passed, but it's not as important as the agencies themselves putting out the guidance, which I think a lot of folks care more about.”

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  Bad crypto legislation risks long-term precedents

  “If we push for malformed clarity now, it could start a terrible precedent. I would much rather wait for proper clarity, proper guidance, and not push for just an incremental bump in price now. The reality is, we know that we have something special. Bitcoin is not going away anytime soon. And everyone is just waking up to it on the world stage.”

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  Banking lobby pressure confirms Bitcoin viability

  “To me, the biggest indicator here is how much lobby pressure the banks are putting on delaying this thing. To me, it's a very good indicator that Bitcoin is going to work. They don't like it, they're fighting it. I would rather no clarity than bad clarity. I don't think it impacts the price whatsoever, Scott.”

Episode Description

Today on Crypto Town Hall, the panel breaks down the Clarity Act delay and low odds of favorable crypto legislation, Michael Saylor’s STRC “infinite money glitch” powering massive Bitcoin purchases, Basel III capital rules for banks, agency guidance from SEC/CFTC, Kevin Warsh’s crypto-heavy portfolio as potential Fed chair, and controversy around Trump’s World Liberty Financial token unlocks and ethics issues. The group debates if the current administration has been a net positive or negative for crypto. Learn more about your ad choices. Visit megaphone.fm/adchoices