December 11, 2025 • 16 mins
Democrats are pushing back on Senate Banking Chair Tim Scott’s plan to hold a crypto bill markup next week. Meanwhile, Republicans fail to pass healthcare bill.
~This episode is sponsored by Tangem~
Tangem ➜ https://bit.ly/TangemPBN
Use Code: "PBN" for Additional Discounts!
00:00 intro
00:07 Sponsor: Tangem
00:39 Bull Market vs Congress
01:06 Crapo Bill
01:20 Trump vs Bernie on Healthcare Bills
02:19 Republican Healthcare Vote Fails
02:36 Problem Solvers To The Rescue?
03:33 Congress Solves No Problems
03:54 Government Shutdown Odds Climb
04:24 Tariffs vs Christmas
05:27 Tariff Rebate Checks?
06:08 CLARITY Act vs Banks
06:36 Eleanor on CLARITY Bill Status
07:26 Not Passing This Year
07:34 The "Nice Version"
08:20 Banning Stablecoin Yields
09:05 Coinbase Removes Yields
09:41 Tax Refunds Coming?
10:16 Gambling Tax on Losses!
11:25 Trump Removing Gambling Tax?
11:55 Relief Not Coming
12:21 Why Trump Won't Sign Crypto Bill
12:46 Trump Crypto Game Launches
13:28 Citadel vs DeFi
14:42 Most Hated Bill in America
15:02 CBDC's Incoming?
15:32 Howard Lutnik on Economy
15:59 Upcember?
16:15 outro
#Crypto #Bitcoin #Ethereum
~Congress Unleashes Crap-o Bills!💩Crypto & Economy At Risk🚨~
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~This episode is sponsored by Tangem~
Tangem ➜ https://bit.ly/TangemPBN
Use Code: "PBN" for Additional Discounts!
00:00 intro
00:07 Sponsor: Tangem
00:39 Bull Market vs Congress
01:06 Crapo Bill
01:20 Trump vs Bernie on Healthcare Bills
02:19 Republican Healthcare Vote Fails
02:36 Problem Solvers To The Rescue?
03:33 Congress Solves No Problems
03:54 Government Shutdown Odds Climb
04:24 Tariffs vs Christmas
05:27 Tariff Rebate Checks?
06:08 CLARITY Act vs Banks
06:36 Eleanor on CLARITY Bill Status
07:26 Not Passing This Year
07:34 The "Nice Version"
08:20 Banning Stablecoin Yields
09:05 Coinbase Removes Yields
09:41 Tax Refunds Coming?
10:16 Gambling Tax on Losses!
11:25 Trump Removing Gambling Tax?
11:55 Relief Not Coming
12:21 Why Trump Won't Sign Crypto Bill
12:46 Trump Crypto Game Launches
13:28 Citadel vs DeFi
14:42 Most Hated Bill in America
15:02 CBDC's Incoming?
15:32 Howard Lutnik on Economy
15:59 Upcember?
16:15 outro
#Crypto #Bitcoin #Ethereum
~Congress Unleashes Crap-o Bills!💩Crypto & Economy At Risk🚨~
⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺
Join our community!
Barron Market Edge (FREE)➜ https://www.paulbarronnetwork.com/barron-market-edge-signup
Private Telegram Group (FREE) ➜ https://t.me/+nISqoMxrok40NTcx
Subscribe on YouTube ✅ https://bit.ly/PBNYoutubeSubscribe
X/Twitter 📱 http://bit.ly/PBNtwitter
Get official PBN merch! ➜ https://merch.paulbarronnetwork.com/
~ The Best Self Custody Wallet ➜ https://tangem.com/en/ Use Code PBN for Additional Discounts!
~ The Best Crypto Exchange ➜ Coinbase, get up to $200 in crypto - coinbase-consumer.sjv.io/BARRON
~ Looking for the best tax havens for Crypto? Free Month with iTrust Capital ➜ Use PROMO CODE - PAUL BARRON https://rebrand.ly/PAULBARRON
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
We were inundated with a bunch of crap bills coming
in from Congress this week. We'll break it down for you.
You're not going to like this one, guys, but we're
going to do it anyway. And of course I want
to thank our sponsor, and that is Tangum. You guys
can use our code good ten percent off and start
your self custody journey. It's very easy and right now
with what's happening in DC, self custody, do it. Get
going right now on self custody. This is a big
(00:21):
thing because you can start to secure your assets over
there and very easy. Three minutes to set one of
these things up. It's a card. It works with your phone,
both Android iOS, doesn't matter.
Speaker 2 (00:33):
Use it.
Speaker 1 (00:33):
Use our link. It does cap the or stack the
bonuses that you get. So get going down below. All right,
You guys know that we have been talking about this
for quite some time and one video that we did
that I want to highlight on was this one right
here was the bullmarket catalyst. These were the things that
would have to happen for a bullmarket to start. One
(00:54):
of them a key one was Congress needed to play ball.
The problem is is what we are starting to see
now coming out of DC is absolute horror. It's a
horror film. It's like Texas Chainsaw massacre. And that is
the center Republicans set to put the casside Crappo. This
is actually the last name health proposal up for a vote.
(01:14):
This did not end well. I want to go to
this first clip to kind of break this down for you.
Speaker 3 (01:20):
Take a look.
Speaker 4 (01:21):
You're not going to see a doubling in your premium.
So you're going to see a tripling or quadrupling. People
are going to be spending forty to fifty percent of
their incomes on healthcare. That is insane. Are they prepared
for it? No, of course they're not prepared for it.
It's a disaster.
Speaker 5 (01:34):
In letting those subsidies expire acceptable to you?
Speaker 3 (01:37):
And shoot America?
Speaker 2 (01:38):
What do I want on healthcare? Very simple? Ready? What
I want to do for a simple I want to
give the money to the people.
Speaker 4 (01:44):
Yeah, but he's a fraud. Yeah that's what he says.
Now what's the answer.
Speaker 2 (01:48):
I'm giving them money. I want to give the money
to the people. Do you know that works really well? Right?
It works like magic.
Speaker 4 (01:56):
He's talking about giving people one thousand dollars a two
thousand dollars read reducing premiums by over ten percent. I'll
repeat that our plan will reduce premiums by ten percent.
It's talking about getting people into the so called bronze
plan with huge deductors. You know, if you end up
at a hospital, you're going to spend several hundred thousand dollars.
Rather embarrassingly, Republicans have nothing significant to say about healthcare.
Speaker 1 (02:20):
All right. So to the point there, sen a GOP
healthcare plan also fails on party line vote as well.
So this is an issue that where Trump may be
trying to give money back to the people, but it
doesn't work either way. So basically we have a loss
loss right now when it comes to the healthcare side
of things. With all that being said, I've got a
clip here. This is the problem solvers Caucus that says
(02:42):
they're going to come to the rescue with a bipartisan bill.
Listen to what they have to say.
Speaker 6 (02:46):
They coach air the problem Solvers Caucus.
Speaker 1 (02:48):
Early this week they introduced the Bipartisan Healthcare Insurance Affordability
Active Morning.
Speaker 3 (02:53):
Where do you think your colleagues are though on this
issue right now? So where they're adversus. They're willing to
vote our two different questions.
Speaker 2 (03:02):
Unfortunately, sometimes.
Speaker 7 (03:07):
Have you spoken to the White House about this bill yet?
Speaker 3 (03:12):
Yeah, we've kept them in the loop.
Speaker 1 (03:13):
You know, they actually issued their own proposal that was
leaked out and then pulled back.
Speaker 3 (03:18):
Can you explain what your bill does.
Speaker 4 (03:20):
We've got to compromise here, and there's some other compromises
out there.
Speaker 5 (03:23):
We're signing on to kinds of different ideas.
Speaker 1 (03:25):
Let's something help, gentlemen.
Speaker 3 (03:32):
I don't know if we had a little bit of
an audio issue.
Speaker 1 (03:36):
These guys are idiots. Yes, they're idiots. They've solved no problems.
And of course this is going to continue to be
an issue in healthcare if this goes through, if we
start to see the acceleration of these subsidies, this is
absolutely going to erect the economy. It's going to wreck
the markets. We are going to see mayhem going forward.
All of this is getting ready to also blend into
(03:58):
something else that's not so good, and that is guess what.
Another government shutdown is looming, possibly by January thirty first. Now,
granted this holds at least where we're at right now,
but still, my gosh, we're getting nearing almost forty percent.
It's spike to forty percent. But the key here is
it's going up on polymarket. Not a good sign. If
we get into another government shutdown. This will only couse
(04:20):
things to get worse, I think in general for the
investing community, but more importantly for the United States because
now we've got the grant coming into it, and whether
or not we end up with even more tariffs before Christmas.
Take a look at this one.
Speaker 2 (04:34):
When you think of what I've done, Remember Rare Earth
and the problem with magnets and all of these things
that was going to shut down the whole world. I've
made a fortune for the United States. You're talking about
trillions and trillions of dollars. I've made trillions and trillions
of dollars. Trillions of dollars on that one trip, three
trillion dollars. Eighteen trillion because of tariffs. Eighteen trillion dollars
(04:56):
is coming into a I've made a fortune and spend
very little time. Just remember when we had a problem
with China very recently, I was able to work that out.
Speaker 5 (05:05):
So would you rule out reducing tariffs on anymore goods.
Speaker 2 (05:09):
On some and in some all increase seriffs, people are
buying their holiday presidents presidence they're planning. Don't be dramatic, No, no,
I wonder what grade you would give A plus A
plus A plus plus plus plus plus.
Speaker 4 (05:24):
Well, if God help us, if we ever get to
a B or a C.
Speaker 1 (05:28):
With all these trillions and trillions of dollars plus plus
plus economy, why are we not seeing that at the
level for the people right now, whether we see that
in tax rebates, whether we see that in some sort
of stimulus, something that would start to jettison the economy
in the right position. This is not good, guys, This
is not good, and it doesn't seem like it's going
(05:49):
to get any better. Further into this, of course, I
got to go over to the doze issue, because of
course we're dealing with that now. Remember that we were
going to cut a trillion off the deficit. That didn't work.
People believed it, though, people believed it, Yeah, because just
Trump said it was going to happen, but it didn't happen,
and then Elon turned tail and went back to building startlink.
(06:09):
All right, So even though the dough stamlish is off,
maybe there's going to be a crypto stimulus in some
way in the course right here, you've got an issue with,
of course, what's happening in DC. All these banks, guests,
all these banks will meet with Senators to discuss curbing
interest rates and payments by affiliates or stable coin issue
(06:30):
is this is one of the problems that we see
in the Clarity Act right now, where they're trying to
double dip here on the Clarity Act after passing the
Genius Act. Moving forward, I have another clip for you.
This one of course goes into detail around what is
happening in DC right now by eleanor take a look.
Speaker 5 (06:47):
A lot of the frustration has come from sort of
the House and also proponents in the crypto industry who
saw the Clarity Act and said this is a good bill.
Speaker 3 (06:54):
Let's just pass this bill.
Speaker 5 (06:56):
People saying, well, why can't we just get this passed
by the Senate. Why does the Senate have to have
kind of finagle all this, and why can't we just
pass as is? But that's what we've been seeing and
where we stand right now is we're coming down to
the wire. We've got this next couple of days in Congress,
We've got next week in Congress before they all go
home for Christmas.
Speaker 3 (07:13):
Break and we're trying to get a markup done.
Speaker 5 (07:16):
There could be a markup incentate banking hopefully next Thursday.
Speaker 3 (07:20):
They'll leave for Christmas break on Thursday.
Speaker 5 (07:22):
But Democrats and Republicans are they still haven't agreed on
the text yet.
Speaker 1 (07:27):
All right, so I'm just going to tell you right
now they're checked out.
Speaker 2 (07:29):
Guys.
Speaker 1 (07:30):
They're not going to agree on it. It's not coming
before Christmas. Not even a markup is coming. And if
they do, it could possibly be this thing called the
Nice version. This is an example of it right here.
By person's familiar with this, it's the nice version and
the nice version when you click this open. I want
to highlight a couple of things. They are going back
(07:51):
in as agreed keywords here, as agreed on bipartisan basis
in the Genius Act, where we would do this, we
would get offering interest or yield by stable coin issues. Basically,
they were trying to negotiate in the Genius Act so
that they could change shit later. This is falling apart
(08:12):
quickly in DC. I'm sure quite a few of the
crypto crew are on their way to DC right now.
Matt Hogan kind of hit it right here on the
head banning stable coins from paying interests like banning cars
from going faster than horses, no doubt, Matt, I agree
with that all right. When you look at this, Dems
think they can find another way to permit yield. If
you look down into the articles here, it says Democrats
(08:35):
believe the Congress can find solutions that issue to protect
banking systems still permitting rewards and incentives. The Working Group
believes also closing loopholes is a bipartisan issue, another problem
with a wide coalition of bankers that are right here
at the front of this. So basically what they're talking
about is figuring out how to give you bonuses in rewards,
(08:56):
which basically boils down to maybe posters, I guess, or
I don't know what they would give you. But that
point is is they're going to be taking away or
trying to take away yield out there. And this isn't
just happening away from DC. Now You've got Coinbase over
here doing this stuff where you don't get a yield
now unless you pay for Coinbase one. Come on, Coinbase,
let's get this together. Drop this right now. I think
(09:19):
you just have to do it. Just get it out
of here. But right now you've got to pay sixty
bucks to get your three and a half percent apy,
So that's a banking tactic overall. Remember Robin Hood's getting
ready to have lost their banking app. I don't know
if that's going to happen. I got the note this
morning from Robinhood saying, yes, it's going to happen. Vladd
needs to get this going. Hopefully he'll be paying yields
(09:40):
without the additional fees over there. Trump of course, is
going to rain tax refunds on America, record baking breaking
tax refunds hitting Americans in twenty six, saying around one thousand,
two thousand per household. I don't know, do you think
this will even happen? Or is it another doze stimulus
you know, facade, or or is it you know, is
(10:01):
it one of those situations right now? Where will this
even affect the market in general? I don't know. I
don't know if I can believe this administration. I don't
know if I can believe anything that's going on in
DC right now, with the amount of crapo bills that
are funneling through DC right now. At the end of
the year. It's getting ridiculous. One big beautiful sports bill.
It doesn't end, guys, it doesn't end. Now you've got
(10:22):
one coming after the gamblers. I mean, let's go.
Speaker 3 (10:25):
A new tax rule in President Trump's big beautiful bill
is getting attention from gamblers.
Speaker 7 (10:30):
Under the law, gamblers will only be able to deduct
ninety percent of their losses.
Speaker 2 (10:34):
It's probably going to affect a handful of betters.
Speaker 1 (10:38):
And I got a lot of people up in arms.
Speaker 8 (10:41):
We had a million responses. Now I've never had a
million responses. I've gone viral. So many people have called
and text and tweeted about it being a bad idea
that they're getting on board my bill, the Fair Bed
Act to try to just take that out of the provision.
So then we're looking everywhere they can find little pots
some money to have offset their tax breaks for the wealthy.
(11:03):
And they estimated that this would bring in a billion dollars.
Speaker 7 (11:08):
People are gonna go back up to those offshore sites.
Speaker 8 (11:11):
Maybe, well, that's right, and that didn't help the community.
Speaker 6 (11:14):
You're gonna see revenues drop, You're gonna see tourism drop,
You're gonna see jobs lost. If you want taxes and
money we made. That's fine. But if you want taxes
on money we didn't. I have a serious problem with that,
and it's wrong to do that to our community.
Speaker 1 (11:25):
All right, So, as you can see, this is continuing
to dump on the market. The big beautiful Bill is
figuring out ways to pull in more from so many
different other places. Here's Trump on trying to remove gambling taxes.
Take a look you consider no tax on gambling, no
tax in gambling.
Speaker 8 (11:44):
I don't know that I'm gonna be to figure about that.
Speaker 3 (11:47):
I think it's better to go up and maybe take
our seats. Is a pretty m play by everybody.
Speaker 8 (11:53):
I better get out of here.
Speaker 1 (11:57):
This is a clown show. I don't think relief is
for the gambling markets. This is a problem because it
starts to affect some of these growing and burgeoning industries.
And I think, yes, it's going to push a lot
of this stuff back offshore, which is exactly the opposite
of what we should be doing. Now, you've got to
consider what's happening with the Clarity Act. It looks like
we are in destruction mode right now, with the bankers
(12:19):
winning on the banker's lobby versus crypto. I don't know
what happened. Did the crypto lobby go to sleep here
or what. But the issue is going to boil down
to whether or not Trump will sign the bill. Take
a look.
Speaker 5 (12:31):
Obviously this bill has to be signed by President Trump
at the end of the day, right, So when you
have the ethics language in there that the Democrats want
to get through, President Trump's not going to sign something
that says I can no longer sell my mean coin
or I can no longer get world liberty things done
that my sons want to take part.
Speaker 3 (12:46):
And it's very complicated, guys.
Speaker 1 (12:47):
All right, so one more clip here, This is why
Trump might actually change his mind on the gambling text.
Take a look. Fuck, I'm gonna go vomit in my coffee.
(13:18):
I'll let Johnny respond to that one. I'll just let
you guys read that, so I don't have to. We'll
go on moving on. So well, let's don't stop the
pain here. Let's go over to Ken Griffin. He of
course synodel security jumping through with a recommendation. The recommendation is, hey,
let's identify intermediaries that would be involved in trading of
(13:40):
tokenis US equities, including via so called decentralized trading protocols
and let's lock them down, mister sec. So again, more
trouble coming in from the guys that want to hold
on to being able to control the financial system out there,
and we know who those are. Here was Hayden Adams
kind of hitting on this US this of course being
(14:01):
UNISWAP and he gets into it around Ken Griffin nerve
of One of their arguments is to be that there
is no way for DeFi protocols to provide fair access.
That's crazy, makes sense since the king of shady TRADFI
markets that's of course who he's talking about, doesn't like
open source peer to peer tech that can lower the
barrier to liquidity creation. These are the things that DeFi
(14:23):
does and this is exactly what the traditional finance companies
want to take away from DeFi because it does solve
problems out there, and this is a big issue overall.
Senator Booker comes in and says, hey, wait a minute,
all this should be a deal breaker, all of this.
We can't criminalize people who write code for crying out like,
thank goodness for that?
Speaker 7 (14:43):
All right.
Speaker 1 (14:44):
To conclude, this is the most hated bill in America,
and that is this defense spending bill, and they just
passed it overwhelmingly to put another nine hundred billion. You know,
they didn't want to put that out an extra hundred
billion on it because it is a trillion dollar defense
bill going into the Pentagon and other agencies. So remember
(15:05):
we were promised that there would be no CBDC language
in these bills. Well, that promise has now been broken.
A CBDC, of course, you guys know, it's the ultimate
tool for surveillance out of governments, and we had a
demand border better. I think the issue is is that
the fight is now on with a must pass bill
to ensure that CBDCs never see the light of day.
(15:27):
This is a big, big deal that right now is
currently on the chopping block there in DC. One last
thing this, of course, is Howard Lutnick saying, hey, don't
worry about it. We good take a look.
Speaker 7 (15:38):
There's no fears, there's nothing happening that are horrible. There
is no inflation in the country. You know, things are
coming down. These people are too afraid. Jay Powell is
too late, but maybe he should be called too afraid instead.
We're always leaning back as if something bad is happening,
we are doing great. Nothing bad is happening. Greatness up, Sember, Tom.
Speaker 1 (16:02):
I love you, but I think we are down for
Dumpsimber is ahead of us right now with all this
mess that's going on in DC. Listen, guys, we're gonna
cover this as much as we can before I have
to go vomit. Make sure and subscribe.
Speaker 8 (16:15):
Do that.
Speaker 1 (16:16):
Follow me on X at Paul Baron. We'll catch you
next time right here on The Paul Baron Show
We were inundated with a bunch of crap bills coming
in from Congress this week. We'll break it down for you.
You're not going to like this one, guys, but we're
going to do it anyway. And of course I want
to thank our sponsor, and that is Tangum. You guys
can use our code good ten percent off and start
your self custody journey. It's very easy and right now
with what's happening in DC, self custody, do it. Get
going right now on self custody. This is a big
(00:21):
thing because you can start to secure your assets over
there and very easy. Three minutes to set one of
these things up. It's a card. It works with your phone,
both Android iOS, doesn't matter.
Speaker 2 (00:33):
Use it.
Speaker 1 (00:33):
Use our link. It does cap the or stack the
bonuses that you get. So get going down below. All right,
You guys know that we have been talking about this
for quite some time and one video that we did
that I want to highlight on was this one right
here was the bullmarket catalyst. These were the things that
would have to happen for a bullmarket to start. One
(00:54):
of them a key one was Congress needed to play ball.
The problem is is what we are starting to see
now coming out of DC is absolute horror. It's a
horror film. It's like Texas Chainsaw massacre. And that is
the center Republicans set to put the casside Crappo. This
is actually the last name health proposal up for a vote.
(01:14):
This did not end well. I want to go to
this first clip to kind of break this down for you.
Speaker 3 (01:20):
Take a look.
Speaker 4 (01:21):
You're not going to see a doubling in your premium.
So you're going to see a tripling or quadrupling. People
are going to be spending forty to fifty percent of
their incomes on healthcare. That is insane. Are they prepared
for it? No, of course they're not prepared for it.
It's a disaster.
Speaker 5 (01:34):
In letting those subsidies expire acceptable to you?
Speaker 3 (01:37):
And shoot America?
Speaker 2 (01:38):
What do I want on healthcare? Very simple? Ready? What
I want to do for a simple I want to
give the money to the people.
Speaker 4 (01:44):
Yeah, but he's a fraud. Yeah that's what he says.
Now what's the answer.
Speaker 2 (01:48):
I'm giving them money. I want to give the money
to the people. Do you know that works really well? Right?
It works like magic.
Speaker 4 (01:56):
He's talking about giving people one thousand dollars a two
thousand dollars read reducing premiums by over ten percent. I'll
repeat that our plan will reduce premiums by ten percent.
It's talking about getting people into the so called bronze
plan with huge deductors. You know, if you end up
at a hospital, you're going to spend several hundred thousand dollars.
Rather embarrassingly, Republicans have nothing significant to say about healthcare.
Speaker 1 (02:20):
All right. So to the point there, sen a GOP
healthcare plan also fails on party line vote as well.
So this is an issue that where Trump may be
trying to give money back to the people, but it
doesn't work either way. So basically we have a loss
loss right now when it comes to the healthcare side
of things. With all that being said, I've got a
clip here. This is the problem solvers Caucus that says
(02:42):
they're going to come to the rescue with a bipartisan bill.
Listen to what they have to say.
Speaker 6 (02:46):
They coach air the problem Solvers Caucus.
Speaker 1 (02:48):
Early this week they introduced the Bipartisan Healthcare Insurance Affordability
Active Morning.
Speaker 3 (02:53):
Where do you think your colleagues are though on this
issue right now? So where they're adversus. They're willing to
vote our two different questions.
Speaker 2 (03:02):
Unfortunately, sometimes.
Speaker 7 (03:07):
Have you spoken to the White House about this bill yet?
Speaker 3 (03:12):
Yeah, we've kept them in the loop.
Speaker 1 (03:13):
You know, they actually issued their own proposal that was
leaked out and then pulled back.
Speaker 3 (03:18):
Can you explain what your bill does.
Speaker 4 (03:20):
We've got to compromise here, and there's some other compromises
out there.
Speaker 5 (03:23):
We're signing on to kinds of different ideas.
Speaker 1 (03:25):
Let's something help, gentlemen.
Speaker 3 (03:32):
I don't know if we had a little bit of
an audio issue.
Speaker 1 (03:36):
These guys are idiots. Yes, they're idiots. They've solved no problems.
And of course this is going to continue to be
an issue in healthcare if this goes through, if we
start to see the acceleration of these subsidies, this is
absolutely going to erect the economy. It's going to wreck
the markets. We are going to see mayhem going forward.
All of this is getting ready to also blend into
(03:58):
something else that's not so good, and that is guess what.
Another government shutdown is looming, possibly by January thirty first. Now,
granted this holds at least where we're at right now,
but still, my gosh, we're getting nearing almost forty percent.
It's spike to forty percent. But the key here is
it's going up on polymarket. Not a good sign. If
we get into another government shutdown. This will only couse
(04:20):
things to get worse, I think in general for the
investing community, but more importantly for the United States because
now we've got the grant coming into it, and whether
or not we end up with even more tariffs before Christmas.
Take a look at this one.
Speaker 2 (04:34):
When you think of what I've done, Remember Rare Earth
and the problem with magnets and all of these things
that was going to shut down the whole world. I've
made a fortune for the United States. You're talking about
trillions and trillions of dollars. I've made trillions and trillions
of dollars. Trillions of dollars on that one trip, three
trillion dollars. Eighteen trillion because of tariffs. Eighteen trillion dollars
(04:56):
is coming into a I've made a fortune and spend
very little time. Just remember when we had a problem
with China very recently, I was able to work that out.
Speaker 5 (05:05):
So would you rule out reducing tariffs on anymore goods.
Speaker 2 (05:09):
On some and in some all increase seriffs, people are
buying their holiday presidents presidence they're planning. Don't be dramatic, No, no,
I wonder what grade you would give A plus A
plus A plus plus plus plus plus.
Speaker 4 (05:24):
Well, if God help us, if we ever get to
a B or a C.
Speaker 1 (05:28):
With all these trillions and trillions of dollars plus plus
plus economy, why are we not seeing that at the
level for the people right now, whether we see that
in tax rebates, whether we see that in some sort
of stimulus, something that would start to jettison the economy
in the right position. This is not good, guys, This
is not good, and it doesn't seem like it's going
(05:49):
to get any better. Further into this, of course, I
got to go over to the doze issue, because of
course we're dealing with that now. Remember that we were
going to cut a trillion off the deficit. That didn't work.
People believed it, though, people believed it, Yeah, because just
Trump said it was going to happen, but it didn't happen,
and then Elon turned tail and went back to building startlink.
(06:09):
All right, So even though the dough stamlish is off,
maybe there's going to be a crypto stimulus in some
way in the course right here, you've got an issue with,
of course, what's happening in DC. All these banks, guests,
all these banks will meet with Senators to discuss curbing
interest rates and payments by affiliates or stable coin issue
(06:30):
is this is one of the problems that we see
in the Clarity Act right now, where they're trying to
double dip here on the Clarity Act after passing the
Genius Act. Moving forward, I have another clip for you.
This one of course goes into detail around what is
happening in DC right now by eleanor take a look.
Speaker 5 (06:47):
A lot of the frustration has come from sort of
the House and also proponents in the crypto industry who
saw the Clarity Act and said this is a good bill.
Speaker 3 (06:54):
Let's just pass this bill.
Speaker 5 (06:56):
People saying, well, why can't we just get this passed
by the Senate. Why does the Senate have to have
kind of finagle all this, and why can't we just
pass as is? But that's what we've been seeing and
where we stand right now is we're coming down to
the wire. We've got this next couple of days in Congress,
We've got next week in Congress before they all go
home for Christmas.
Speaker 3 (07:13):
Break and we're trying to get a markup done.
Speaker 5 (07:16):
There could be a markup incentate banking hopefully next Thursday.
Speaker 3 (07:20):
They'll leave for Christmas break on Thursday.
Speaker 5 (07:22):
But Democrats and Republicans are they still haven't agreed on
the text yet.
Speaker 1 (07:27):
All right, so I'm just going to tell you right
now they're checked out.
Speaker 2 (07:29):
Guys.
Speaker 1 (07:30):
They're not going to agree on it. It's not coming
before Christmas. Not even a markup is coming. And if
they do, it could possibly be this thing called the
Nice version. This is an example of it right here.
By person's familiar with this, it's the nice version and
the nice version when you click this open. I want
to highlight a couple of things. They are going back
(07:51):
in as agreed keywords here, as agreed on bipartisan basis
in the Genius Act, where we would do this, we
would get offering interest or yield by stable coin issues. Basically,
they were trying to negotiate in the Genius Act so
that they could change shit later. This is falling apart
(08:12):
quickly in DC. I'm sure quite a few of the
crypto crew are on their way to DC right now.
Matt Hogan kind of hit it right here on the
head banning stable coins from paying interests like banning cars
from going faster than horses, no doubt, Matt, I agree
with that all right. When you look at this, Dems
think they can find another way to permit yield. If
you look down into the articles here, it says Democrats
(08:35):
believe the Congress can find solutions that issue to protect
banking systems still permitting rewards and incentives. The Working Group
believes also closing loopholes is a bipartisan issue, another problem
with a wide coalition of bankers that are right here
at the front of this. So basically what they're talking
about is figuring out how to give you bonuses in rewards,
(08:56):
which basically boils down to maybe posters, I guess, or
I don't know what they would give you. But that
point is is they're going to be taking away or
trying to take away yield out there. And this isn't
just happening away from DC. Now You've got Coinbase over
here doing this stuff where you don't get a yield
now unless you pay for Coinbase one. Come on, Coinbase,
let's get this together. Drop this right now. I think
(09:19):
you just have to do it. Just get it out
of here. But right now you've got to pay sixty
bucks to get your three and a half percent apy,
So that's a banking tactic overall. Remember Robin Hood's getting
ready to have lost their banking app. I don't know
if that's going to happen. I got the note this
morning from Robinhood saying, yes, it's going to happen. Vladd
needs to get this going. Hopefully he'll be paying yields
(09:40):
without the additional fees over there. Trump of course, is
going to rain tax refunds on America, record baking breaking
tax refunds hitting Americans in twenty six, saying around one thousand,
two thousand per household. I don't know, do you think
this will even happen? Or is it another doze stimulus
you know, facade, or or is it you know, is
(10:01):
it one of those situations right now? Where will this
even affect the market in general? I don't know. I
don't know if I can believe this administration. I don't
know if I can believe anything that's going on in
DC right now, with the amount of crapo bills that
are funneling through DC right now. At the end of
the year. It's getting ridiculous. One big beautiful sports bill.
It doesn't end, guys, it doesn't end. Now you've got
(10:22):
one coming after the gamblers. I mean, let's go.
Speaker 3 (10:25):
A new tax rule in President Trump's big beautiful bill
is getting attention from gamblers.
Speaker 7 (10:30):
Under the law, gamblers will only be able to deduct
ninety percent of their losses.
Speaker 2 (10:34):
It's probably going to affect a handful of betters.
Speaker 1 (10:38):
And I got a lot of people up in arms.
Speaker 8 (10:41):
We had a million responses. Now I've never had a
million responses. I've gone viral. So many people have called
and text and tweeted about it being a bad idea
that they're getting on board my bill, the Fair Bed
Act to try to just take that out of the provision.
So then we're looking everywhere they can find little pots
some money to have offset their tax breaks for the wealthy.
(11:03):
And they estimated that this would bring in a billion dollars.
Speaker 7 (11:08):
People are gonna go back up to those offshore sites.
Speaker 8 (11:11):
Maybe, well, that's right, and that didn't help the community.
Speaker 6 (11:14):
You're gonna see revenues drop, You're gonna see tourism drop,
You're gonna see jobs lost. If you want taxes and
money we made. That's fine. But if you want taxes
on money we didn't. I have a serious problem with that,
and it's wrong to do that to our community.
Speaker 1 (11:25):
All right, So, as you can see, this is continuing
to dump on the market. The big beautiful Bill is
figuring out ways to pull in more from so many
different other places. Here's Trump on trying to remove gambling taxes.
Take a look you consider no tax on gambling, no
tax in gambling.
Speaker 8 (11:44):
I don't know that I'm gonna be to figure about that.
Speaker 3 (11:47):
I think it's better to go up and maybe take
our seats. Is a pretty m play by everybody.
Speaker 8 (11:53):
I better get out of here.
Speaker 1 (11:57):
This is a clown show. I don't think relief is
for the gambling markets. This is a problem because it
starts to affect some of these growing and burgeoning industries.
And I think, yes, it's going to push a lot
of this stuff back offshore, which is exactly the opposite
of what we should be doing. Now, you've got to
consider what's happening with the Clarity Act. It looks like
we are in destruction mode right now, with the bankers
(12:19):
winning on the banker's lobby versus crypto. I don't know
what happened. Did the crypto lobby go to sleep here
or what. But the issue is going to boil down
to whether or not Trump will sign the bill. Take
a look.
Speaker 5 (12:31):
Obviously this bill has to be signed by President Trump
at the end of the day, right, So when you
have the ethics language in there that the Democrats want
to get through, President Trump's not going to sign something
that says I can no longer sell my mean coin
or I can no longer get world liberty things done
that my sons want to take part.
Speaker 3 (12:46):
And it's very complicated, guys.
Speaker 1 (12:47):
All right, so one more clip here, This is why
Trump might actually change his mind on the gambling text.
Take a look. Fuck, I'm gonna go vomit in my coffee.
(13:18):
I'll let Johnny respond to that one. I'll just let
you guys read that, so I don't have to. We'll
go on moving on. So well, let's don't stop the
pain here. Let's go over to Ken Griffin. He of
course synodel security jumping through with a recommendation. The recommendation is, hey,
let's identify intermediaries that would be involved in trading of
(13:40):
tokenis US equities, including via so called decentralized trading protocols
and let's lock them down, mister sec. So again, more
trouble coming in from the guys that want to hold
on to being able to control the financial system out there,
and we know who those are. Here was Hayden Adams
kind of hitting on this US this of course being
(14:01):
UNISWAP and he gets into it around Ken Griffin nerve
of One of their arguments is to be that there
is no way for DeFi protocols to provide fair access.
That's crazy, makes sense since the king of shady TRADFI
markets that's of course who he's talking about, doesn't like
open source peer to peer tech that can lower the
barrier to liquidity creation. These are the things that DeFi
(14:23):
does and this is exactly what the traditional finance companies
want to take away from DeFi because it does solve
problems out there, and this is a big issue overall.
Senator Booker comes in and says, hey, wait a minute,
all this should be a deal breaker, all of this.
We can't criminalize people who write code for crying out like,
thank goodness for that?
Speaker 7 (14:43):
All right.
Speaker 1 (14:44):
To conclude, this is the most hated bill in America,
and that is this defense spending bill, and they just
passed it overwhelmingly to put another nine hundred billion. You know,
they didn't want to put that out an extra hundred
billion on it because it is a trillion dollar defense
bill going into the Pentagon and other agencies. So remember
(15:05):
we were promised that there would be no CBDC language
in these bills. Well, that promise has now been broken.
A CBDC, of course, you guys know, it's the ultimate
tool for surveillance out of governments, and we had a
demand border better. I think the issue is is that
the fight is now on with a must pass bill
to ensure that CBDCs never see the light of day.
(15:27):
This is a big, big deal that right now is
currently on the chopping block there in DC. One last
thing this, of course, is Howard Lutnick saying, hey, don't
worry about it. We good take a look.
Speaker 7 (15:38):
There's no fears, there's nothing happening that are horrible. There
is no inflation in the country. You know, things are
coming down. These people are too afraid. Jay Powell is
too late, but maybe he should be called too afraid instead.
We're always leaning back as if something bad is happening,
we are doing great. Nothing bad is happening. Greatness up, Sember, Tom.
Speaker 1 (16:02):
I love you, but I think we are down for
Dumpsimber is ahead of us right now with all this
mess that's going on in DC. Listen, guys, we're gonna
cover this as much as we can before I have
to go vomit. Make sure and subscribe.
Speaker 8 (16:15):
Do that.
Speaker 1 (16:16):
Follow me on X at Paul Baron. We'll catch you
next time right here on The Paul Baron Show
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