---
title: 'They Are Lying to You About Crypto (John Oliver, Sean Hannity)'
source: 'https://youtube.com/watch?v=lzJsSigKw1M'
video_id: 'lzJsSigKw1M'
date: 2026-08-06
duration_sec: 545
---

# They Are Lying to You About Crypto (John Oliver, Sean Hannity)

> Source: [They Are Lying to You About Crypto (John Oliver, Sean Hannity)](https://youtube.com/watch?v=lzJsSigKw1M)

## Summary

The video discusses the urgency of passing the Clarity Act in the US Senate before the August recess, highlighting its potential to create a national regulatory framework for crypto. It features commentary from Tom Lee, Senate Majority Leader John Thune, and a critical segment from John Oliver, alongside updates on crypto market developments.

### Key Points

- **Clarity Act Urgency** [00:02] — The Clarity Act, if passed, would create a national body (CFTC) to govern crypto in the US, but the Senate has only about eight working days before the August recess, and the bill is competing with other priorities like Russia sanctions and government funding.
- **Tom Lee's 1934 Moment** [00:42] — Tom Lee compares the Clarity Act to the creation of the SEC in 1934, arguing that a single national regulator is needed to avoid conflicting state rules, which would hinder crypto adoption.
- **Kraken Perps Expansion** [02:08] — Kraken is seeking approval to list perpetual futures tied to gold and silver, expanding beyond crypto perps. The video promotes a referral code 'altcoin' for a promotion.
- **Senate Priorities** [03:08] — Senate Majority Leader John Thune lists Russia sanctions, government funding, and nominations as priorities, but says there will likely be a vote on the Clarity Act, though it's not guaranteed.
- **Democratic Counter Offer** [05:19] — Senators Gallego and Tillis are finalizing a Democratic counter offer for the Clarity Act, indicating a willingness to negotiate, which is seen as positive progress.
- **Ondo Network Shift** [05:44] — Ondo Finance is shifting from a layer-one blockchain to an off-chain execution network, which may impact the utility of its governance token.
- **BNB Chain Adoption** [06:41] — Franklin Templeton's tokenized money market fund, Benji, has moved $1.5 billion (61.7% of its AUM) to BNB Chain, surpassing Stellar and Ethereum.
- **Solana DEX Volume** [07:28] — Solana's DEX volume hit $17 billion, showing strong on-chain trading activity and product-market fit even during a market cooldown.
- **John Oliver's Criticism** [07:41] — John Oliver criticizes the Clarity Act, arguing it benefits Trump and lacks guardrails, and that the changes would be hard to undo, raising concerns about conflicts of interest.

### Conclusion

The Clarity Act faces a tight timeline and political hurdles, but there are signs of negotiation. Meanwhile, crypto adoption continues through institutional moves like BNB Chain's growth and Solana's trading volume, though criticism from figures like John Oliver highlights ongoing concerns about regulation and conflicts of interest.

## Transcript

>> Big news today for crypto. >> If the Clarity Act passes, >> the changes could be hard to undo. >> With about eight working days remaining >> What do you believe [music] you can get accomplished before the August recess?
accomplished before the August recess? >> US Senate puts Clarity Act on hold to prioritize Russia sanctions bill. >> What percentage of those do you believe midterm elections? >> I'll share with you the propaganda
>> One more time ask [music] why the Clarity Act needs to be passed. >> Just to clue everybody in very quickly on the significance of why we need the Clarity Act, Tom Lee explains this 90-second clip. Listen, then I'll react.
>> Yeah, the Clarity Act creates a a national body to govern crypto in the US. So, a singular entity which will be the CFTC. It's a big deal because if and the asset managers are tokenizing assets and want to build stablecoin
if they have to be subject to state regulations or local regulators, it is >> But are they for it or they're against it? many of the asset managers are for it. Charles Schwab, Franklin Temp, Digital
>> this is a and I forgive me if I don't have my years exactly right. I believe the SEC was created 1934, I think, ish. This is a 1934 type moment and the reason the SEC was created is because
state regulators, you might have one rule in Indiana and another rule in Virginia and investors like, "I can't manage both these rules." Bitcoin is having all crypto is having that 1934 type
moment, right? >> And looking at Congress's schedule, understanding we have to get this done before the midterms or else it starts all over again, we see that Congress does not work practically in all of
does not work practically in all of October and after August 7th does not work for the rest of August and half of September. So, we have 1 2 3 4 5 6 7 8 working days remaining. This is why I believe it is not a coincidence all this
shared this with you, I think it is important to note that channel partner KelShe is seeking approval now to list perps tied to gold and silver. So, not only can you today trade perpetuals on Bitcoin altcoins. I have a Solana long
open which I shared with you in my dedicated video how to start trading perps as a beginner in 2026. Highly recommend. But, because this is fully compliant, KelShe is CFTC regulated, and perps are a way for you to make money
trading crypto whether price goes up or whether price goes down. Special promotion that is ending soon. Trade $25 for the chance to earn up to $500 only with referral code altcoin. So, make sure you first learn how and take
advantage of the promos because perp trading only getting bigger globally. And with limited days remaining, yet many issues to cover, the Senate is now prioritizing nominations, Russia sanctions bill, government shutdown, and
Senate Majority Leader John Thune explains exactly where clarity ranks in these next eight working days. >> What do you believe you can get accomplished before the August recess and then you come back in September? Um
how imperative uh is it that these items get voted on? do Russia sanctions and that's a tribute to Lindsey Graham who um we all are are going to, you know, commemorate tomorrow.
got to fund the government and I think we're on a path to do that. it down? >> We'll see. I mean, I'm going to find out this week. But, I think there's also a um there's a package of nominations.
It's about 74 noms that the president's put forward that we've now we're moving them in block. We'll do that. Uh we will probably have a vote on the Clarity Act, which is the digital assets uh uh bill legislation that's in front of the
us the votes to get on that. There's also a possibility on uh NIL conversations over the weekend with people like Ted Cruz, Eric Schmitt have been working on that issue. And um and that's the college sports issue. A lot
>> How I know the president has leaned on you hard. He's leaned on Mike Johnson hard. You have very slim majorities. You know, in terms of his priorities, what percentage of those do you believe you can have done before the midterm
elections? Because he's got a lot on his his his wish list. wants, Sean, as you know, is the is the Save America Act. >> So right from the Senate Majority Leader's mouth, he says that he still
hopes that the Clarity Act will receive a Senate vote before the August recess, although he does list Clarity Act among many things they need to vote on. And obviously they won't have time for everything. Again, they have 1 2 3 4 5 6
everything. Again, they have 1 2 3 4 5 6 7 8 days until August. And then 1 2 3 4 5 weeks off. Then they come back for 1 2 3 4 5 days. 6 7 8 9 10 11 12 days before
they're off for a month again, and then that's midterms. Meaning it's either these 8 days or a group of 12 days in September or else reset. I still have hope. And again, we're receiving updates by the
day, so the best thing you can do right now is stay informed. Click subscribe. Every day I keep you updated. Because just in, Senator Gallego, who's a Democratic Senator who's on the fence, but was kind of opposing, and also
but was kind of opposing, and also Senator Tillis, are finalizing language for a Clarity Act counter offer from the Democrats and plan to send it to the White House in the next couple of days. A counter offer means they want a deal.
to give a little more, but we're working towards something. We also have positive news per certain crypto coins regardless. For example, Ondo shifts from layer one blockchain plan to off-chain execution network. And this is
a shift. The new system marks an apparent departure from the institution-focused layer one blockchain Ondo announced in 2025. So, what does this mean to you? Well, the company said Monday that Ando
network will handle trades away from public blockchains and is already being used by Ando perps, its perpetual futures platform. And Ando describes this system as a continuation of Ando
chain just in a new way they're going to record the transactions. This is interesting. It'll be interesting to see if this makes the token, which is a governance token, uh give it more utility or less utility.
I'm going to do more research on this. Also, good news for BNB. BNB chain becomes a main network for Franklin Templeton's Benji assets. Benji assets are essentially their tokenized money market fund, and they chose BNB. And
according to validated Benji data, approximately 1.5 billion of Franklin Templeton's tokenized money market fund assets are now on BNB chain. That represents 61.7% of the platform's total 2.44 billion
under management, putting BNB chain ahead of Stellar and ahead of Ethereum. So, shifting more of their funds towards BNB, that's interesting. And of course, quick piece of news for Solana. Solana's DEX volume hit 17 billion as on-chain
trading stays hot, meaning even in this cool down period, and all this data comes from third-party source DeFi Llama, Solana is still picking up the majority of the trading activity. It still has product market fit. All in
all, this is an ongoing story. I want to share this with you last because HBO doesn't claim my video because I showed a clip. This is not the press we want for Clarity Act. This is John Oliver's final words for his over 10, I
think over 15-minute takedown of how Clarity Act just benefits Trump. This is what he's telling his massive audience. >> If the Clarity Act passes, the changes could be hard to undo. One executive of a crypto trade group has even said, "It
administration, whether it's Republican or Democrat, to really change too much about it." And that should be worrying here. Especially given that nothing in the latest draft of the Clarity Act would prevent Trump from continuing to
profit from his meme coin or other crypto ventures. And look, I know you might be saying, "Why does any of this matter to me? I've been trying so hard to avoid thinking about or dealing with crypto right up until this point in my
But that is actually sort of the problem here. Because if these conflicts of interest was easy to understand as something like Jimmy Carter and his peanut farm, I think there'd be a lot more alarm
about just how flagrantly corrupt and compromised Trump looks here. That is why we badly need proper guardrails going forward, but the Clarity Act is just not the answer. >> Time will tell. I'll keep you updated.