---
title: 'Major Update on Congress Crypto Bill: Act Now Before It''s Too Late'
source: 'https://youtube.com/watch?v=NERnNaBAwPs'
video_id: 'NERnNaBAwPs'
date: 2026-08-06
duration_sec: 597
---

# Major Update on Congress Crypto Bill: Act Now Before It's Too Late

> Source: [Major Update on Congress Crypto Bill: Act Now Before It's Too Late](https://youtube.com/watch?v=NERnNaBAwPs)

## Summary

The video provides a major update on the Clarity Act, a bipartisan crypto bill, highlighting Senator Cynthia Lummis's impassioned speech urging Congress to act. It also covers institutional adoption (Banco Santander's Bitcoin ETF holdings), macroeconomic factors (M2 money supply at all-time high), and news on specific altcoins (Ondo Finance, Hyperliquid, Solana).

### Key Points

- **Senator Lummis's Speech on Clarity Act** [00:02] — Senator Cynthia Lummis makes an impassioned speech on the Senate floor, urging colleagues on both sides of the aisle to vote for the Clarity Act, emphasizing it's good for the country, consumers, and the people they represent.
- **Banco Santander's Bitcoin ETF Holdings** [00:17] — Spain's largest bank, Banco Santander, disclosed owning $4.3 million in spot Bitcoin ETFs, indicating institutional accumulation while individual investors may be selling due to fear.
- **US M2 Money Supply at All-Time High** [00:45] — US M2 money supply jumped to a new all-time high of $23.155 trillion, highlighting the need for assets with finite supply like Bitcoin.
- **Money Supply vs GDP Growth Gap** [01:11] — The US has over 279% money supply growth but only 171% GDP increase since 2004, showing a widening gap between money creation and economic growth.
- **Clarity Act Ethics Proposal Sent to White House** [01:25] — Senators Tom Tillis and Ruben Gallego sent a new ethics proposal for the Clarity Act to the White House, indicating active negotiations between Democrats and Republicans.
- **Sponsor Segment: Kalshi** [02:07] — The video includes a sponsor segment for Kalshi, a CFTC-regulated exchange for trading perpetuals, offering a promo code for viewers.
- **Lummis's Plea to Congress** [03:01] — Lummis emphasizes the bill's bipartisan nature and her partnership with Democratic Senator Kirsten Gillibrand, tracing the bill's evolution from a 168-page bill in 2022 to a 616-page bill today.
- **Latest Update on Clarity Act** [06:34] — The latest ethics proposal includes a role for state attorneys general, addressing Democratic concerns. The White House is reviewing the draft, and a vote could happen next week.
- **Ondo Finance Acquisition News** [07:16] — Ondo Finance is considering an acquisition worth up to $500 million, despite its token being valued at $2 billion. The company denies active conversations.
- **Hyperliquid Valuation** [08:27] — Hyperliquid (HYPE) trades at a forward multiple of 15-18x, and is compared to Coinbase, Circle, or Robinhood, suggesting it still looks cheap versus fintech peers.
- **Circle Mints USDC on Solana** [09:16] — Circle minted 500 million USDC on Solana, and Korean fintech giant KS Net will integrate Solana Pay across 330,000 merchants processing over $4 billion monthly.

### Conclusion

The video underscores the urgency of the Clarity Act's passage, the growing institutional interest in crypto, and the macroeconomic backdrop favoring scarce assets like Bitcoin. It also highlights specific altcoin developments that could present opportunities.

## Transcript

>> Major update, Senator Cynthia Loomis makes an impassioned speech about the crypto bill going through Congress. >> And after 11 months of giving nearly everything that was asked of us, >> there's a reason we're seeing buyers
start to step back in or price start to tick up. It was just disclosed Spain's largest bank, Banco Santander, reports owning 4.3 million dollars in spot Bitcoin ETFs. Meaning while individuals
are getting emotional, individuals are scared, they may be selling, Spain's largest bank is choosing to huddle. Also, they continue to print money. Also, they continue to print money. US M2 money supply jumps to new all-time
high of 23.155 trillion dollars. This is a reason we need something with a finite supply, something like Bitcoin. I mean, this is a scary statistic. The money supply, which I just showed you, is
significantly outpacing economic growth across major economies. So, we can look at Canada, Japan, Italy, France, the United States. The US has an over 279%
United States. The US has an over 279% money supply growth, yet only a 171% money supply growth, yet only a 171% increase of GDP since 2004. The gap between money creation and economic growth is widening. Find assets they
can't just print. And just in, update on the Clarity Act, Senators Tom Tillis and the Clarity Act, Senators Tom Tillis and Ruben Gallego have sent their new ethics proposal for the Clarity Act to the White House this morning. Meaning
negotiations back and forth between the Democrats and the Republicans are actively happening now, today. Listen to this clip. I almost got tears or I just became overwhelmed in a sense. Senator Cynthia Loomis took to the Senate floor
to champion the Clarity Act ahead of the upcoming vote, urging colleagues of both sides of the aisle to act. As I share this with you, I do want to take just 30 seconds and thank sponsor of this section of today's episode, Kalshi, a
fully compliant CFTC regulated exchange where you can trade perpetuals, or basically make money on an asset whether price goes up or whether price goes down. I did a full tutorial how to start
trading perps as a beginner in 2026 in under 12 minutes, and so many of you have already taken advantage of this, earned up to $500. I want to make sure everybody gets a shot. This is limited time, it's going away soon, but just for
time, it's going away soon, but just for the Altcoin Daily audience, trade $25 for a chance to earn up to $500 only with promo code Altcoin. This is to incentivize you to try the platform, and they're giving you money to do it. Now,
back to the video. Senator Cynthia Lummis urging colleagues, makes an impassioned plea to Congress regarding the Clarity Act upcoming vote. >> This is a very good bill. Good for the country, good for
consumers, and good for the people we all represent on both sides of this aisle. And after 11 months of giving nearly everything that was asked of us, I am genuinely
struggling to understand what else my colleagues across the aisle think it colleagues across the aisle think it needs before we act. When I was elected to the Senate in 2020, I knew I wanted to work on digital
asset legislation because Wyoming's legislature was already years ahead of Washington. Building a legal framework for digital asset companies before most of the country was even paying attention. I
wanted to do everything I could to keep those companies in Wyoming, and more those companies in Wyoming, and more importantly, to keep them in America. importantly, to keep them in America. The person I have been most proud to
is Democratic Senator Kirsten Gillibrand of New York. of New York. People have raised an eyebrow for years that a Wyoming Republican and a New York Democrat
have worked hand in hand on this bill. But we have become genuine friends. And I trust her. In June 2022, we introduced the
Lummis-Gillibrand Responsible Financial In uh Financial Innovation Act together. The first real attempt at a comprehensive regulatory framework for digital assets,
dividing oversight between the SEC and the CFTC, and regulating stablecoins. That was a 168-page bill. We had to start by deciding whether to create a unique, new,
whether to create a unique, new, stand-alone regulatory framework or lay digital assets over the existing framework. We chose the latter, and then we took off from there. Now, we reintroduced Lummis-Gillibrand
in 2023. That was a 274-page bill. It contained provisions that cracked down on mixers and tumblers and crypto ATMs, required plain language customer agreements, and regulated
crypto advertising. It was a very strong bill for consumers. From a consumer protection standpoint, it had improved dramatically. Now, that partnership is the foundation this bill stands on,
is the foundation this bill stands on, and it's why I reject any suggestion that this bill is partisan. This bill is bipartisan. It has always been about keeping an industry we want here. Here to stay, but
regulated in the right way. In Wyoming, we used to call it growth on This bill is growth on our terms. It is growth on American terms, protecting consumers,
terms, protecting consumers, and protecting us from illicit finance. Now, today we have a 616 page bill because I've listened to my Republican and Democrat friends,
incorporated their priorities, and tried to create the best bill possible. That is how we got to a 15 to 9 bipartisan vote out of the Banking Committee on May. >> So, while this was in the last 24 hours,
the update in the last hour is this. I'm hearing from a couple of sources off I'm hearing from a couple of sources off the hill that the latest ethics proposal brokered by Tillis and Gallego include a role for state attorney
general. Basically, what the Democrats wanted. full package looks like or what additional provisions have been added to address the White House concerns. The White House is now reviewing the
latest draft, which was sent over this morning. How the White House responds could go a long way towards determining whether the Senate moves forward with a vote on the bill next week. This is an ongoing story. Click subscribe to
costs you nothing. Now is the time to stay informed on what happens next in crypto. And big news for three specific altcoins. Number one, Ando Finance weighs acquisition worth up to $500 million.
So, the tokenized asset firm is considering being acquired for $0.5 which is interesting because and by the way, their token price is
pumping on the news, but their token value is worth 2 billion. And they're considering being acquired for 0.5 billion. So, I guess this is just uh an acquisition of the company and all
of their assets the company holds, but the crypto coin valued at much more, I stay in the hands of whatever people own it. And this is interesting because this is sort of a leak. Ondo Finance, the company, was asked about this and they
said, "As a fast-growing company, Ondo regularly evaluates the market as part of normal business operations. We are not in conversations with any party at this time." So, Ondo's saying no.
the line and saying, "We're talking to a source and this is happening now." I'll keep tabs on this. And big news for Hyperliquid. Do you hold Hyperliquid? keep keeping you updated on it. But Hype trades at a forward multiple of
anywhere from 15 to 18 X. So, we're evaluating this crypto coin like we do the stock market, which we can because Hyperliquid has real cash flows. So, it can be valued like a stock, but on earnings per token, not earnings
per share. So, we see Hyperliquid being compared to Coinbase or Circle or Robinhood. Hyperliquid on forward earnings would be valued around here. On this basis, the value of Hype still looks cheap versus other fintech peers,
meaning essentially room to run. If you think this is going to be as big as a Coinbase or as significant as a Robinhood. And if you hold Solana, like the video, you'll like this. Circle has just minted 500
million USDC on Solana. So, the stablecoin market on SOL is growing fast. As well as Korean fintech giant KS Net will integrate Solana Pay across its network of over 330,000 merchants
processing over $4 billion in monthly payment volume. Monthly, and now they have the option to use Solana rails. Click subscribe to stay informed on crypto, and like always, see you tomorrow.