00:00The crypto industry's profile in politics has risen, especially during President Trump's second
00:04term in the White House. This has created a bit of a political exchange in Washington.
00:09We have Republican Senator Cynthia Lemmes saying that the lawmakers will release the Clarity Act's
00:13compromise tax over the upcoming 4th of July weekend. But Galaxy Research reduced the odds
00:19of the act passing this year to 50 percent. That's down from 60 percent earlier this month.
00:25Joining us for more is Nathan Dean. He's from Bloomberg Intelligence and he will be helping
00:29us break this all down. So, Nathan, what is the most significant change from this updated draft
00:34compared with the previous versions? I mean, does it meaningfully address democratic concerns like
00:38ethics or conflicts of interest? We think it does on the ethics side, but we do think that there
00:44needs to be more work done on the law enforcement side, a.k.a. the bank, you know, bank provisions
00:49that
00:49essentially allows you to do Know Your Customer, Bank Secrecy Act and anti-money laundering. Now,
00:54this text will come out over the 4th of July weekend. Senate returns on July 13th. There's
00:58essentially going to be two weeks worth of debate, and we do think that there's going to be a vote
01:02whether the votes are there or not. Now, I'm at 60 percent chance that this will pass. I may be
01:06out
01:07of consensus here, but ultimately, you know, this is going to be the final month for this bill to get
01:11across the line. If it doesn't, then we see August recess, and I think it's going to just essentially
01:16slip and not pass during this congressional session. So, a lot of debate has to happen in July,
01:21but ultimately, I think they can get it through.
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