00:00So what is on Congress and regulators crypto agenda in the second half of this year?
00:04So from the congressional perspective, it's getting the Clarity Act over the line. And we
00:08are definitely in go time here because, you know, Congress only has a certain amount of days before
00:13they leave for the August recess. Now, when the Clarity Act passes in, look, I'm at a 70 percent
00:17chance. I think it passes. It's then going to lead out and allow regulators to go actually
00:22develop what should we go. What should crypto platforms actually operate under, give them
00:28regulatory clarity and set the stage for them to actually grow without having the fear of an
00:33enforcement action over their neck? All right. That's a lot of things to get through. I guess
00:38my question here is the Senate calendar is very, very tight. There's a lot of work to do. Do you
00:44think how does the Clarity Act fit in with all the other pressing priorities that has to move forward
00:50on? Yeah. So, you know, the Senate's only here for about 20 days before the August recess. And there
00:55are other things out there like the housing bill and FISA, et cetera, confirming Jay Clayton to be
01:00the acting director of national intelligence. So, you know, there's a lot of people of can this get
01:04done before the 4th of July? I don't think so. I think if Clarity passes, it's going to have to
01:07happen in mid-July. It's going to have to be very quick. And there are two issues that still need
01:11to be
01:11resolved. These are tied to ethics and provisions related to the Trump and family involvement of tokens
01:17and also just whether or not crypto platforms should be advancing or working under KYC or AML
01:23systems very similar to a bank. But at the end of the day, I think it can get done because
01:27these crypto
01:28platforms, they want to bill. If not, you know, they are not going to be able to operate, you know,
01:32past
01:332028. If a Democrat comes in and takes the presidency, those enforcement concerns come back. So, Nathan,
01:38when the markets closed, we're off. When Congress is not in session, are you off? We are always on. I
01:46mean,
01:46we're Bloomberg. But what I'll say here is, is that, you know, when Congress is off, the regulatory actions
01:51keep on moving. The Office of the Comptroller of the Currency right now has a proposal out there
01:55implementing the Genius Act for stablecoins. And they actually went a little bit further in terms
01:59of their stablecoin yield restrictions than Congress had. And the crypto platforms, they don't like
02:04this. So the OCC is trying to finalize this by the end of the year. If Congress passes clarity,
02:09that should actually supersede what the OCC is doing, meaning that this won't become an issue.
02:14But if Clarity Act doesn't pass and the OCC does propose it, it's going to be an issue.
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