00:00Did the industry get everything it wanted in this bill?
00:03They got a lot of what they want, but speaking of Coinbase, they did not get the option to have interest-sparing accounts in order to better compete with the banking sector.
00:11That was sort of a key concession that bankers obtained from lawmakers.
00:15So I think overall, industry is pretty happy at Coinbase.
00:18They might like to see some changes, but the bill goes forward.
00:21The bill goes forward, and to your point, some wins, some not so much.
00:26What does this open the door for, ultimately, in terms of the crypto industry to move forward with?
00:32What can they do now?
00:34So if this legislation becomes law, stablecoin issuers will be able, they'll have a lot more clarity about what's legal, what's kosher for them to move forward when they want to issue one of these particular crypto assets that's pegged to something that's stable like the U.S. dollar, the euro, or a basket of currencies.
00:50So, again, there's always process in D.C.
00:54They still have to get a House version through that chamber, and if they both get through their floor votes, they'll have to be conferenced.
01:01And that's another option where there can be even more concessions that are worked out.
01:04So maybe Coinbase, for example, might have some more success in the House version.
01:08We'll see.
01:09Lydia, you're on Capitol Hill.
01:10So very briefly, on the politics of this, Republicans were known, at least in the last election cycle, as the ones to be primarily supported by the crypto industry, though their support was bipartisan.
01:20In terms of this bill, did Democrats get on board finally?
01:26They really did.
01:27I think that, as my colleague Stephen Dennis and others who are up here for us all the time on the Hill have reported, the Republicans and Democrats really worked together over the past two weeks to get to a better place to address the concerns that Democrats have had with some conflicts of interest issues,
01:42particularly with the president's meme coins, his family holdings.
01:47But I just came from a hearing, a budget hearing for the Securities Exchange Commission chair, and Democrats were hammering him about questions about, are you looking into this?
01:56What are conflicts of interest related to these assets in the president's family and companies?
02:00So that is going to continue to remain a big political issue in Washington as this legislation moves forward.
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