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

Bipartisan talks over a bill overhauling how cryptocurrencies are regulated have stalled, jeopardizing the legislation’s path forward this year. The Government Shutdown and powerful Bank lobby might successfully delay passage of the most important Crypto bill.

~This episode is sponsored by Tangem~
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Guest: Ron Hammond - Head of Policy and Advocacy at Wintermute
Wintermute website ➜ https://bit.ly/WintermuteCrypto
Follow Ron on Twitter ➜ https://x.com/RonwHammond

00:00 Intro
00:10 Sponsor: Tangem
01:00 Clarity Act update
02:20 Prediction: When will Government Shutdown end?
02:50 Should we take this bet?
03:50 Are we going to give concessions to the Banks again?
05:50 Thoughts on leaked DeFi Bill
07:30 Naming everyone who supports removing yields?
08:50 Who is worth saving?
10:00 Should the house pass a stand-alone bill called “Right To Yields Act”?
11:15 Will we be able to preview the final draft?
11:50 What is Elizabeth Warren going to focus on?
12:50 Fed Chair select?
14:25 Outro

#Crypto #Bitcoin #ethereum
~Banks Blocking Crypto Bill!🚨Danger!🔥Ron Hammond INTERVIEW~
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Episode Transcript

Speaker 1 (00:00):
Let's get into a topic today.

Speaker 2 (00:01):
I think you guys will want to hit on, and
that is banks versus crypto. We're going to have a
special guest to talk about that. What's going on in DC.
You don't want to miss it. Before we get started,
I want to thank our sponsor and that is Tangum.
You can actually become your own bank, and the way
that you can do that is through self custody. Jump
over to tangum dot com. You can use our link
down below. It gives you a little bit of a

(00:22):
discount and get a physical card that is a self
custody device that works with your crypto. Doesn't matter where
you're what exchange you're coming down, what kind of wallet
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on tangentm dot com. To get started, get the three
card set to get rolling all right, I want to
bring in Ron Hammond, who is a friend of the channel,
has been here many times talking about what's going on

(00:44):
in DC.

Speaker 1 (00:45):
Nice see Ron, how are you?

Speaker 4 (00:47):
It's good? See? Well right now?

Speaker 3 (00:49):
Unfortunately, as many folks now, it's a little quite over
here in DC the shutdown. So but just playing again too,
So looking forward to time on all things crypto and
drama in DC.

Speaker 1 (00:58):
All right, So I like it.

Speaker 2 (01:00):
Crypto and drama, I feel like, is what we're dealing
with right now. As far as the Clarity Act is concerned,
we've had a handful of markups or attempted markups that
have been played within DC. Where does that stand right now?
What are we going to actually see coming out of
Congress on the Clarity Act?

Speaker 3 (01:20):
Sure? Thanks, The Martitructure Bill with the Clarity Act is
currently stuck in the Senate right now. It's been there
for a couple of months. Unfortunately, we had advanced the
House of the Clarity Act very strong margins and we
were told likely September October we would start seeing some markups.
But of course, as everyone probably has figured out, the
shutdown has definitely complicated that.

Speaker 4 (01:37):
But there are a number of other factors too.

Speaker 3 (01:39):
We haven't seen the final draft it looks like of
the Senate Banking version of the Marty Tructure Bill. Senate
our culture, we haven't seen a single drafts yet, and
they've see to going into very different, very different but
it's a different direction than the House did with the Clarityact.

Speaker 4 (01:52):
So in the at least the negotiating tables are still occurring.

Speaker 3 (01:56):
It seems we had a couple of CEOs come to
the hill last week to try to encourage centers on
both sides to get back to the table because there
was fears of things calling out with the shutdown kind
of overlooming everything.

Speaker 4 (02:06):
But overall, unfortunately.

Speaker 3 (02:07):
Shutdown does be the kind of maximal factor here and
things not moving forward, and we're looking to hopefully get
us logjam moving so we can get going to march structure.
I would say likely to have a market hopefully in November,
but that's rapidly approaching, and if the shutdown keeps going
till Thanksgiving, could be even December.

Speaker 2 (02:25):
Oh okay, So that is exactly what was going on
with you know, Brian Armstrong of coinbase, he of course
did a whole round of trying to get into senators
to get them moving on this with that being the
case and the shutdown also being the case. Right now,
November twenty fourth is in this poly market right here,
which is holding at about a forty eight percent chance.

(02:47):
So if you put one hundred bucks in there, let's
see what that would be paying back. Nice little move there,
But is this going to happen by the twenty fourth.

Speaker 1 (02:56):
Do you think.

Speaker 4 (02:59):
It's tough?

Speaker 3 (03:00):
You know, at least right now, what we're seeing is
that they're basically going to keep the government funded at
least The current oposal is to fund until the end
of Thanksgiving, but that deadline is actually kind of rapidly approaching. Now.
The question is do we just fund it for the
next two weeks, even if we do come to an agreement,
and then do this all over again at the end
of Thanksgiving we go for a whole years All that
Macrosuff's being debated right now, but both sides don't seem
to be getting any closer to each other, at.

Speaker 4 (03:21):
Least here in DC. It's a look whiet. And that's
kind of concerning considering all things that are in mumbo
right now, the shutdown.

Speaker 2 (03:27):
Yeah, so based on and of course you never know,
because I mean, there's always backroom deals that are happening.
There's always a different optic side of things than what
maybe many people see on the outset of where this
is playing into it. Do you think we're going to
get into Let's go back to the Clarity Act for
a second, because I want to talk about the bank component.

(03:48):
This is something that of course has been raised within
the Genius Act. Do you think we're going to end
up making concessions on the Clarity Act for banks to
be able to get this through like what we've had
to do here, or at least around the Clarity Act
or the Genus Yeah.

Speaker 3 (04:06):
There were cope proposals that twelve Senate Democrats they put
out there privately did get leaked publicly, it seems like,
but they did have some concessions on multi affronts arranged
from Conifer.

Speaker 4 (04:16):
The interest with the Trump family.

Speaker 3 (04:17):
As well as the bank's push were more banning intersparing
stable coins for third parties and affiliates, which of course coin.

Speaker 4 (04:25):
Based prohood all those folks would be very much caring for.

Speaker 3 (04:28):
There are also things like AML requirements for DeFi which
didn't make any sense at all. The DeFi community especially
was very much of norms against that. But we're kind
of seeing that, you know how the sausage is made
in a very public way in DC, which is kind
of you very different usually than we've seen before. So
we know that we at least the Democrats have laid
out a variety of proposals they're not gonna get all
of them by any means, but we're the kind of

(04:49):
focus or energy on it is going to be really
telling what action was for. I would say, you know,
probably two weeks ago been the banks on the intersparing
stable coin provision with probably worth they landed on. But
you know, with the cz aring, I think the cop
interest conversation that's really sorry to really boil up here
and decently become the focal points, including Center Warren and
Adam Schiff from California. Later on tonight you're going to

(05:10):
be doing a petition to basically the motion of an
impointant word to be against the whole cd partning and
to be very public and to have a couple hours.

Speaker 4 (05:19):
But I think the focus is going to be there.

Speaker 3 (05:21):
That's gonna be very telling to see kind of where
the Marktruture bill goes, because obviously that gets in a
very political territory that's not really even crypto focused.

Speaker 2 (05:29):
Well, yeah, you're getting into the issue that really is
raised more around the Trumps themselves, which is the challenge.
I think that many people did not want that drawn
into this side of it, which clearly is now when
you look at just special interest of what the Trump's
involvement are going to be. This could play things considerably different.
What about Okay, so you mentioned the leak D five bill,

(05:53):
and I understand because there was many people I heard
that some of the conversations got a little bit heated.
You know, this kind of set us back. Are you
pro letting that bill get out there so people can
see it or do you?

Speaker 1 (06:07):
Because the concern I have is.

Speaker 2 (06:08):
If we don't see it, you won't know really until
it's too late, and then they could jam something through
on the Clarity Act.

Speaker 1 (06:15):
What are your thoughts on that.

Speaker 3 (06:17):
Yeah, this kind of leakage happens a lot of politics,
and not just from crypto. So you know, anytime there's
a big bill out there, anytime the other party wants
to have concessions or trying to make the process change
a little bit and or have ideas flowed out there tends.

Speaker 4 (06:28):
To get leaked to the media.

Speaker 3 (06:29):
So this is kind of, you know, familiar territory, at
least in the political side of things. But obviously the
folks who did draft that provision more than the staff side,
probably they're probably fee a little burned, and that's why
we're seeing a little bit outburst with some senders in
the meetings last week, because obviously folks don't like it
when they're more private conversations are leaked there, especially their proposals.
But to your point, though, having that transparency is really important.

(06:50):
So you know, with some folks on Twitter kind of say, well,
we're in the deep proposals. I did see a copy
myself as well. But overall this is a starting point,
seems like. But what's important though, is that for these
twelve centers that put their name on that piece of paper,
they're saying, you know, there's a lot of issues that
they wanted to have concessions on, and we're gonna need

(07:10):
at least eight of those, if not more to come
across the other side to Republicans if we have you know,
a chance and Martra structure for this year next, so
you know they're considered. It's worth taking consideration because they
are kind of the key holders here in this bill
of live.

Speaker 4 (07:24):
Of dies since we eat sixty votes in the Senate,
it's before.

Speaker 2 (07:27):
Right, how important is it now to be naming names?
I mean, because this is something that especially for the
issue around earning interest on stable coins, very pro bank
should we have our lobbyists being out there telling us
who we should be putting pressure on right now, especially
from a lot of these positions that are clearly the

(07:49):
lines are being drawn in the sand.

Speaker 3 (07:52):
Of course, I mean we come some molar of the
lobbing side of things, just a bunch of things happening
and love as you can kind of pull here, and
we saw that with the CEOs last week, where we
kind of have the more the executives come in and uh,
you know, there's tide the story and present the industry
to them. The lobbies have been in multitude of offices
and they've been countless beings on both flanks, you know,
both for crypto but also the banks and other groups
that are more open to changing things. So things are

(08:14):
happening behind the scenes, and there's definitely be a grassroots
bush hopefully, but of course they're kind of waiting to
see when the moment is to you know, have these
conversations because a lot of times these to your point,
behind closed doors, and you know, having a huge grass
roots swelling maybe not be.

Speaker 4 (08:26):
The right time to pull that trigger.

Speaker 3 (08:28):
But when it votes happening or we're getting closed to
amendment process, be a lot more public and that's definitely
when the engagement is going to be hugely helpful, because
actually a couple of the executives last week said that
a lot of centers, even on the Democrats side, we're
referencing their constituents reaching out about crypto, So they're definitely
talking about its being heard in the offices. But of
course we got away from the votes times and that's
going to be the probably the key time and reach

(08:48):
out to centers as such.

Speaker 2 (08:50):
Is there are there any senator or in any senators
right now that we would say, hey, we need to
educate them and help them kind of come across the
bow and understand what's going on here. Is there any
out there that you would say they're on the fence
right now and could be possibly brought over based on
just getting more information. Anyone you would point to, Yeah, I.

Speaker 3 (09:11):
Mean, I'd say all twelve those centers that were on
that original DeFi proposal, those are all very goottable centers.
Of course they're going to have their passion projects within.
But you know your Ruben Gegos of Arizona, your Mark
Owners of Virginia, you're Adam Shifts of California. You know,
you're also Brooks of Maryland, you know Tina Smith as well,
and there is several centers. I would also leave the
Corey Booker from New Jersey. He's kind of more you know,

(09:32):
been there for a while. But usually I would look
to the younger generation and the folks that we believe, Hey,
don't listen to Listid Warren or kind of what the
old guard is saying. Look what happened in the elections,
Look what's happening after the Genius Act, and let's provide
a clarity to the industry. And I fall from kind
of more of the parts and politics here, which seems
to try to derail this bill at every turn, But
so far it's been you know, still chugging a log.

(09:54):
So and there's not many meals I can say that
to this stage exactly.

Speaker 2 (10:00):
And so Ron, I'm kind of curious when you look
at yields becoming such a big deal here. Obviously for
clear reasons the banks are wanting to protect that area.
Why not separate that from the current bill and do
like a Rights to Yield Act completely separate that they
just could go vote on and just say okay, here
it is, let's vote on it.

Speaker 4 (10:22):
Technically, we kind of already had that, I guess with
the Genius Act.

Speaker 3 (10:25):
So yeah, which is why the bank strategy of trying
to reopen up a bill they already endorsment agree to,
and they agree to these terms with the crew industry
and the Center. So I mean again, it's probably more
bad lobby on their part and more kind of not
thinking too far in advance. But yeah, overall, they made
this agreements and.

Speaker 4 (10:40):
Now they're trying to go back on it.

Speaker 3 (10:42):
So but again, they are very powerful for us in DC,
so we'll see how the battle every notch plays out.

Speaker 4 (10:47):
But it's very.

Speaker 1 (10:50):
When you say they, you mean the banking lobby, right, Yeah, your.

Speaker 3 (10:54):
Being Policy Institute, Bank Association. Those are kind of large groups.
We haven't seen it, at least in my knowledge, a
large bank really stick their head up and say, like,
you know, we are actually a post of things. And
at the same time we're seeing it feels like the
one today with City and Coinbase. We always want to
morton earlier too, so it's kind of weird how to
you seither playing against each other, but in the markets
we're kind of seeing the opposite.

Speaker 4 (11:12):
So yeah, interesting, we'll see what happens.

Speaker 2 (11:16):
Okay, one couple of questions I have is, uh, do
you think we're going to get a chance to review
this draft bill before it actually goes out and gets voted.

Speaker 4 (11:25):
On one hundred percent?

Speaker 3 (11:27):
You know you should the vote like three days beforehand
will have at least like a current draft. But there's
also amendments that they have to vote in committee, so
that bill is going to change over time in that
committee process and then has to go to the Senate floor,
and that has amendments as well. So the bill that
we draft, we see again milling Clan seen half it.
We haven't seen the Center Agriculture draft. That's to be
really really important. But once you see the full draft

(11:48):
and probably a vote in a couple of weeks, and
then there'll be amendment so things will change as time.

Speaker 2 (11:53):
All right, let's assume we get this through. I'm not
assuming it's going to go through and we're going to
get this on. What is Senator Warren going to be
doing after that? Because this would be too big l's
for her in her camp.

Speaker 4 (12:09):
Among many on her side.

Speaker 3 (12:11):
You know, being minority, she doesn't have too much power,
but you know, they can really block a lot of things,
and if she gets a lot of her colleagues to
you know, peel away from the Mark Truchure bill.

Speaker 4 (12:18):
She'll take that as a win. But I'm in your camp.

Speaker 3 (12:20):
I'm still optimistic we're gonna get Mark Chutch are done
at least in twenty twenty six. I've not in the spring.
It seems like the shutdown delayed things. But she'll probably
you know, complaining and you know, doing a lot of
members that minority do. But overall, it seems like at
least this is the last big crypto bill the next
one after that, so they probably cryptotax issues that's going
to be going through the committee, so she won't be

(12:41):
having too much say on that process. But but look
for taxes like that. The taxis are going to be
definitely next up.

Speaker 2 (12:48):
Listen, we've got potentially brewing in the background here a
new FED chair and Tromp Ben also Scott Best, and
I've kind of pointed at a whole list of people
that potentially could be on that, some of which are
we know are very pro bank and Christopher Waller is
one of those. We saw Michelle Bowman, Kevin Harsh or

(13:09):
Warsh and then Kevin Hassett and Rick Reader. All of
these if you could pick one of these right now
for the FED chair, would you? Who would you select?
I'm kind of curious.

Speaker 4 (13:18):
That's stup one.

Speaker 3 (13:19):
I mean, I've to kind of worship for so I
know he's even a great guy, so I first of
like him.

Speaker 4 (13:24):
You know, a lot of folks like Chris Waller as well.

Speaker 3 (13:27):
Of course, there were some concerns on his comments obviously
more on the issue as well that Crypto America covered
really well. But overall, again, the odd part is it's
a lot better than we had in the crop beforehand.
And the FED has been, you know, an obstacle in
the past, even though they really can't impact a lot
of this stuff. In Congress, they have been in the
past eight years a dealt with them in various forums
for crypto policy. They have not been the most opened

(13:49):
out there. But that's definitely changing. So it's going in
the right direction, even tho if we disagree on some points.
So we're hopeful for it, but we'll see what happens
with the E the drama for the shutdown.

Speaker 2 (14:00):
Well, hopefully Warsh will be the one they select. I mean,
there's a possible I guess was Michelle Bowman. I don't
know about Christopher Waller, I'm a little concerned with that,
at least from the crypto side. I mean, I think
he would be good for the markets. The markets would
probably look at this as a positive for sure, just
with his pro banking position. I guess I can say
that in terms of his you know, narrative on what

(14:22):
he's looked at in the past. All right, well, listen, Ron,
we're going to get you back on because as we
get closer to this government hopefully reopening, and the fact
that we've got so much potential pent up you know,
work there in DC that could come to final fruition,
we're definitely going to need somebody on the ground there.

Speaker 1 (14:39):
So we'll get you back on when that happens.

Speaker 3 (14:42):
Okay, it sounds good waiting for the ETFs to get launched.
It seem to be all a lot waiting in the
pipeline hends as well as uh forgot, there's a lot
of new action letters I got dropped two days prior
to the shutdown, so I'm sure more on that front.
So yeah, I'm looking forward to updating you and all that.
Hopefully we go open back up.

Speaker 1 (15:01):
All right, Ron, thanks so much for stopping in. We
appreciate it.

Speaker 4 (15:04):
Thanks all you bet all.

Speaker 2 (15:06):
Right, you guys, make sure and get in on our
own Diamond Circle. That's our special group out there that
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the Paul Baron Show.

Speaker 1 (15:21):
Thank you,