More than a year ago, the House passed the Clarity Act.
There’s been progress since — thousands of hours of bipartisan negotiations took place at the staff and Member levels. The Senate Committees on Banking and Agriculture advanced their respective titles. And Senate Republicans produced a floor-ready product that, as I type this, is waiting for a vote.
It’s disappointing — but not surprising — that Senate Democrats are choosing politics on the cusp of a major victory for American leadership. Find another instance in history where Congress, when given the choice, opted to push an industry out of the United States rather than smartly regulate it. American Exceptionalism was once a bipartisan goal; if Clarity fails, I have serious doubts.
These same Democrats — many of whom have taken millions of dollars from the crypto industry — proclaim that Clarity lacks safeguards for consumers and falls short in countering illicit finance. Nothing could be further from the truth. Titles II and III materially uplift regulatory and compliance obligations for digital asset intermediaries, placing them on similar footing with traditional financial institutions. The Blockchain Regulatory Certainty Act — which Washington lobbyists have spun up as a boogeyman for certain groups of prosecutors and law enforcement — does nothing other than codify longstanding Treasury Department policy that’s remained consistent across Administrations: non-custodial builders and developers are not, and have never been, subject to registration obligations under the Bank Secrecy Act. And at this point, major law enforcement trades that once opposed the bill, including the Fraternal Order of Police, have now endorsed it.
The Senate needs to vote NOW on this landmark legislation. The truth is that Senate Democrats are afraid to advance the Clarity Act as they fear Senator Warren and the “Anti-Crypto Army” she once promised to build. In the days ahead, Leader Thune will put this theory to the test. Will Senate Democrats be on the side of American Exceptionalism, or will they opt to cede American leadership of a global industry for fear of the bespectacled squirrel’s Left flank?
America will lead or America won’t. It’s not more complicated than that. I believe Satoshi once said it best:
“If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.”
@MattWalshBlog Take this as constructive feedback and stop commenting about wokeness in this film. The film was amazing and it didn’t distract from the film at all.
If you think home prices crashing is bad, you have fiat brain. Homes are consumer goods and the cheaper they are the better. You only think of them as an investment asset because your money is broken & you have never known savings.
Spencer Pratt got 0 out of 24,000 votes in a late night LA ballot drop.
0/24,000
A guy getting around 30% support got 0 out of 24,000.
Astronomically small probability of happening.
Impossible.
California no longer even hides it.
Doors need to be kicked in.
The Fed has never been independent.
With US debt-to-GDP over 120% and interest expense exceeding government receipts, "Fed independence" would mean interest rates define US economic policy, foreign policy and defense.
The Fed has never been more dependent. It’s just math.