The Next 5 Days Could Change Crypto Forever!!

[00:02] >> This is shaping up to be one of the most important weeks for crypto in a long important weeks for crypto in a long time. The Senate has only five days remaining to pass the biggest crypto bill the US has ever tried to pass. The

[00:19] Clarity Act. Five days remain before they leave for summer recess. >> Yay! Recess! >> Guys, smash the like button if you appreciate me keeping you informed on all of this. It's going to be a big

[00:33] week. Let's talk about it. It is a make or break week for the Clarity Act. No floor vote this week means no vote before recess and the chances of it coming back onto the calendar in September before the midterms slim. I'm

[00:50] going to keep things honest with you guys. At this point, it's likely that the Clarity Act does not pass the Senate floor this week, does not get passed before midterms. We're literally in single-digit

[01:04] chances that this happens. >> So, you're telling me there's a chance. >> There's a chance, yes. And what's surprising is that Coinbase's head of institutional strategy says that he remains relentlessly optimistic that the

[01:20] Crypto Clarity Act passes in its final hour listing three reasons. Coinbase and other places who have worked worked tirelessly on this. Um, I am

[01:33] relentlessly optimistic. I know we're getting down to the wire. I know that politicians and bankers and opponents are sending sort of rage-baiting tweets understand all of this. I'm relentlessly optimistic for three reasons. One as I

[01:49] mentioned, uh, the smartest people I know, the most ethical people I know, are working tirelessly on this and they're optimistic. And so, I, you know, on the ground, they're talking to the right people. We're right. The messaging

[02:03] is the correct one. Uh we are on the side of the correct Uh we are on the side of the correct innovative path. And eventually uh we do the right thing as a country. Uh and then finally, I'm reminded that the

[02:17] genius act, although people remember it as kind of passing through easily, in reality, it was hard-fought until the bitter end. So, I am optimistic couple of days, all the sort of, you know,

[02:31] silly hyperbolic tweets and the misinformation, I'm optimistic that are the that those are the sort of desperate final throws of an opposition that realizes uh it's against history.

[02:45] >> Even the banking industry, even the banking lobbyists, and in this case, the banking lobbyists, and in this case, the American Bankers Association CEO admitted on CNBC, there's a lot of good in the Clarity Act. Financial

[02:58] institutions need the Clarity Act. This is good for the banks. This is good for financial institutions. Of course, they're still not fully on board with they're still not fully on board with the stablecoin issue, but 98%

[03:10] Listen. >> I do think that the crypto and the banking sectors can co- can coexist. I think we can be the crypto capital of the world, and I think we can be the banking capital of the world. There's a

[03:22] do think that we should have a supervisory framework over digital assets. We think that's important. We all that and innovation in the United States is important as well. So, we support that. The bill Becky's about 600

[03:35] pages, and there's only two paragraphs that we're suggesting tiny surgical edits. So, the bill will do exactly what the senators want it to do. I will say And you mentioned the the dialogue between Mr. Armstrong and Jamie Dimon. I

[03:50] do think that the crypto and the banking sectors can co- can coexist. >> So, here are the two possible scenarios. The Clarity Act passes, hugely bullish fundamental catalyst, or the Clarity Act doesn't pass, and that's the way crypto

[04:05] has been operating for the last 16 years. A refreshing take on if the Clarity Act doesn't pass, Chris Giancarlo, the former CFTC chairman, he says the industry needs to calm down about the Clarity Act. Perhaps it's time

[04:19] to stop making such a big deal out of clarity. Innovation goes on. I like such a big deal out of clarity. I mean, the industry is running around saying we do. But the internet is still happening and

[04:34] statute 30 years later. If we don't get clarity, innovation goes on. And so, um think it's got a lot of value in it. It's got, you know, amongst the many good provisions, it reauthorizes LabCFTC, which I started when I was at

[04:50] the CFTC. I'd like to see not just the CFTC, but every financial regulator in Washington, in fact, every regulator in Washington have an innovation center in their own house with expertise there, which is what LabCFTC did for the CFTC.

[05:05] think we need to brace ourselves that it might not, and the world is going to go >> Because remember, the SEC chair, Paul Atkins, says the SEC is prepared to establish crypto regulations even if Congress fails to pass the Clarity Act.

[05:21] like it should be. >> I'm optimistic that Congress will pass the Clarity Act, and and we're doing all we can to to help them answer their questions and and provide technical assistance. But ultimately, statute is

[05:39] is the way to future-proof something. We are ready, willing, and able to come out with rules, you know, that that address the same issues the same issues in clarity and and other aspects of the

[05:53] crypto market. And I think that it behooves us to do that either to implement the Clarity Act or if something you know, should should not happen in Congress then where we stand ready to provide that. But ultimately,

[06:07] we need the certainty of a statute that will help future proof so that we have clear direction and to to go for. >> So with crypto entering a brand new month of August, July closed green.

[06:22] Let's just be real about it. August is historically one of Bitcoin's weakest historically one of Bitcoin's weakest months. Out of the past 13 years of the month of August in Bitcoin's history, only four out of 13 have been green.

[06:36] Will this be one? If the Clarity Act passes, I think there's a strong chance August is green. But if it doesn't, August is typically a bad month for Bitcoin and that's might be what we should expect. Because aside from 2021

[06:51] and 2017, these were two bull market years, Bitcoin's returns in August over the past 10 years have been poor. The last time August closed green was in a raging bull market of 2021. The previous four years have all seen a red month.

[07:07] Again, if Clarity Act passes, this year can finish strong. If Clarity Act doesn't pass, I suspect we have a few more months of churn and then we'll have to re-evaluate. Ethereum on exchanges continues to plummet. You remember for

[07:22] going on about two years now, Ethereum on exchanges just keeps getting lower and lower and lower and it is very low right now. This can't keep going down without a massive supply squeeze boiling. So when interest comes back,

[07:36] when capital comes back into the market, there's not that much Bitcoin or Ethereum on exchanges to go around. Look, crypto holders, I understand if you're angry right now. I understand why tensions are high.

[07:50] But understand that this will pass. Charles Hoskinson going off on a podcaster who asked him about his origins with Ethereum. Bad move, it >> You're lazy. Do some basic research. I'm so tired of talking about

[08:06] You know, I'm so tired of it. >> Charles, I want to take you back to to forgive me and indulge me a little bit here cuz person. The actual story behind what happened

[08:20] with the founding of Ethereum because >> Ethereum dude and shame on you for asking. Do some basic research. It's been 12 years and I've answered the question 400 times. And every god damn interview. Imagine my life experience.

[08:33] Every interview, hey, you worked at a place 12 years ago for 6 months and books have been written about it. Can you go back to that and walk me through step-by-step everything that happened. You're lazy.

[08:46] Dude, in any basic research you know it is lazy. In any basic research, there are hundreds of interviews where I've spent 30 minutes an hour, 2 hours talking about it, going back and forth about it. Again,

[08:58] 12 years. You want to ask me about the 12 years of how we built Cardano to a of the hardest problems of computer science or you want to talk about 6 months of my life 12 years ago that I've already talked about 300 times. 300

[09:12] times, 400 times. Again, if if a traumatic event happens in your life and you're done talking about it, you've said what you've wanted to say, it's not appropriate just keep badgering people after 12 years about the god damn thing.

[09:24] I'm so tired of talking about Ethereum. You know, I'm so tired of it. >> My name is Aaron. Subscribe to Altcoin Daily. We are the largest crypto Daily. We are the largest crypto community in the world. This is a great

[09:37] time to be into crypto, just like 2022, just like 2018. In our recent interview with Bitwise CIO Matt Hougan, I'm going to play you the final 30 seconds of this interview because he really does put things into

[09:52] perspective. Now is a great time to be in crypto. See you tomorrow, my friends. >> This is a magical time to be investing in crypto. Uh so the the hero stories that people tell are the people who came in and in the depths of 2022 or the

[10:07] depths of 2018, 2019. This is like that, except we can see the clearly. We have this catalyst of stablecoins and tokenization. We have this catalyst of large wealth management platforms finally allocating to crypto.

[10:23] It honestly feels like sort of the best moment I've seen to invest in crypto uh across eight plus years of being at Bitwise. So, it's an exciting time.