Banks Blocking Crypto Bill!🚨Danger!🔥Ron Hammond INTERVIEW

The Clarity Act, a crucial market structure bill for crypto, is stalled in the Senate due to the government shutdown and bank opposition to provisions like interest-bearing stablecoins, creating uncertainty for its passage by year-end.

• The Clarity Act for crypto is currently stuck in the Senate due to the government shutdown and banking opposition.

• Banking lobbies are pushing for concessions, specifically banning interest-bearing stablecoins for third parties.

• Achieving a market structure bill requires bipartisan support and direct engagement with senators to overcome political hurdles.

The market structure bill, known as the Clarity Act, is currently stuck in the Senate due to the ongoing government shutdown and disagreements over specific provisions, particularly regarding banks' influence on interest-bearing stablecoins. Negotiations are hampered by the shutdown and leaked proposals, making the timeline for a vote uncertain. The crypto industry is pushing for clarity and needs broad bipartisan support to overcome these legislative hurdles, especially with the banking lobby actively trying to influence the bill.

Market Structure Bill Stalled

• 00:01:15 The Clarity Act, a significant market structure bill for crypto, is currently stalled in the Senate despite strong advancement from the House. Initial hopes for markups in September or October were dashed by the government shutdown, which remains the primary impediment to legislative progress. While negotiations are ongoing, there is concern about potential stalling, with a vote possibly delayed until December if the shutdown persists.

Banking Lobby's Influence

• 00:03:41 Leaked proposals from 12 Senate Democrats revealed concessions across multiple fronts, including a bank-led push to ban interest-bearing stablecoins for third parties and affiliates, which significantly concerns entities like Coinbase. While these proposals are starting points, the banking lobby, represented by powerful groups like the American Bankers Association, is actively attempting to reopen and change previously agreed-upon terms, presenting a major battle in Washington D.C.

Legislative Hurdles & Lobbying

• 00:06:16 Leaks of sensitive legislative proposals are common in politics, highlighting the transparency and negotiation challenges in D.C. These proposals, especially those with concerns over AML requirements for DeFi, require at least eight more senators to cross party lines to gain the necessary 60 votes in the Senate for the market structure bill to advance. Grassroots efforts and direct outreach to senators will be crucial when votes or amendment processes are imminent, as constituent feedback is already influencing some Democratic senators.

Potential Fed Chair Impact

• 00:12:50 The potential selection of a new Federal Reserve Chair under a Trump administration, with names like Christopher Waller, Michelle Bowman, and Kevin Warsh being considered, could significantly influence crypto policy. While some candidates are perceived as pro-bank, the overall sentiment is that the Fed's stance on crypto is improving, moving in a more open direction compared to previous years. The hope is for a selection like Warsh, who is viewed positively, despite ongoing drama surrounding the shutdown impacting decision-making.