@paulbarron @KennedyPattiso1 I didn't see it on the calendar yet, have you? Talk is cheap, and our senators have plenty of it.
English
Ben Smith
16.3K posts
Ben Smith
@13thBen
🇺🇸 Married 🇺🇸 America 1st 🇺🇸 MAGA 🇺🇸 Support Our Troops 🇺🇸 (No DM's)
Lewisville, TX Katılım Haziran 2021
2.4K Takip Edilen1.8K Takipçiler
🚀Regardless of whether the banks are making one last-ditch effort to stifle the Clarity Act, the Markup happens on the 11th of May - get ready.🔥
Bitcoin Magazine@BitcoinMagazine
JUST IN: 🇺🇸 Senator Bernie Moreno says they're going to mark up the Bitcoin and crypto market structure legislation "next week." "We'll get it on the President's desk before the end of June and he'll sign it into law before July 4th."
English
@ChadSteingraber I'll believe it when I see it. Talk is cheap and is all our government knows.
English
They're all saying it is going to be law by July.
2 months to go...⌛️
🇬🇧 ChartNerd 📊@ChartNerdTA
🏛 JUST IN! @berniemoreno just said the #CLARITY Act will be "Marked Up" NEXT WEEK by the Senate, and will land on the Presidents Desk by end of June 🇺🇸
English
English
@Acquired_Savant @InvestWithD @Ripple I'm under many NDAs, but none of them force me to lie. If I'm asked a question that I can't truthfully answer because of an NDA, I'll either say so or dodge the question. There is nothing I know that can't share due to an NDA that is earth shattering. It's mostly very boring.
English
🚨Ripple’s JoelKatz CONFIRMS He Has NO NDA Forcing Him To Lie — Says If XRP Were To Reach $10,000, Rich Investors Would’ve Pushed It To $20 Already 😳🔥
Ripple ex-CTO @JoelKatz just DENIES claims that he is only saying this because of some NDA after leaving @Ripple. 👀
@JoelKatz CLAIMS he would rather say NOTHING or avoid the question completely than give an answer he DOESN'T BELIEVE is truthful and accurate. ⚠️
If wealthy, rational investors truly believed $XRP had a SMALL chance of reaching $10,000 in the future…
They would already be buying aggressively and pushing the price MUCH higher today, at least $20 as of now. 🤯🫣
And right now, @JoelKatz is saying the market is NOT pricing a $XRP $10K outcome. ❌
This is one of the MOST DIRECT reality checks we’ve seen from inside @Ripple itself. 😳
English
@patrickjwitt @thinkingcrypto Better get some favorable tax rules around it, too, then, or they will keep migrating to Dubai... where there's none.
English
Did you know? Only 19% of crypto developers are located in the U.S. — down 51% in recent years.
In order to bring those builders back and make the U.S. the crypto capital of the world, software developer protections are essential.
With input from the crypto community and law enforcement organizations, we have worked with @SenLummis on a compromise that we believe addresses Senator Grassley’s concerns.
This issue should be resolved very soon.
Coin Bureau@coinbureau
🚨 CLARITY ACT NEGOTIATIONS NOW CENTER ON SECTION 1960 Senator Chuck Grassley is expected to weigh in this week on proposed changes to Section 1960, a critical provision that would deny legal safe harbor protections to software developers who knowingly facilitate money laundering. The debate has become one of the final sticking points in Clarity Act negotiations, as lawmakers push to ensure DeFi protections do not limit the government’s ability to police illicit crypto activity ahead of a potential Senate markup.
English
Just for the record…
I’m against the Clarity Act as is today.
It sucks, I’d rather have nothing but the Genius Act now.
English
@Spudlink1 @iampaulgrewal @coinbase Im all for choice and free market capitalism. But we live in reality where compromise is, unfortunately, the only way anything is getting done because we won't overthrow our corrupt gov. As such, giving up a marginally better bank account for defi law is a deal heavy in our favor
English
@13thBen @iampaulgrewal @coinbase That’s for individuals to have that choice. Not for you or government to dictate that we aren’t allowed.
English
@Spudlink1 @HSightCapital @iampaulgrewal @coinbase Not really. The deposits showed up when the yield did. It's literally the incentive that drove high net worth depositors to do it. The yield leaves, so do the deposits. They make 100% of nothing. Those greedy thieves never cared about us. Stop pretending they did.
English
@HSightCapital @13thBen @iampaulgrewal @coinbase So what? That’s capitalism. Mutual benefit.
Now they make more. The government is literally force them to keep it all.
English
@paulbarron Still has to go back to the house first. You do know that, right? I'm just making sure, it's not in the graphic.
English
🔥 The rumors are confirmed: The Clarity Act markup is set for the week of May 11.
This is the moment the "Wild West" era officially ends and the "Wall Street" era begins. By defining "mature blockchains" and drawing a hard line between the SEC and CFTC, this bill provides the legal air cover that every major pension fund and sovereign wealth fund has been waiting for.
English
@nic_carter As long as clarity passes laws supporting crypto, no they didn't. Stables are just fiat and exchanges can still offer yield on tokens that dont lose 5% of their purchasing power every year. Stable coin yield was nothing more than a new bank with a marginally better fiat priduct.
English
@CryptoWendyO @iampaulgrewal Stable coins are still fiat. I currently earn higher apy than the stables offer in defi protocols amd with tokens that dont lose 5% of their purchasing power every year. This is still great for actual defi. Not for, whats basically, a bank 2.0 with a slightly better fiat product.
English
@iampaulgrewal Nice so retail gets screwed again in an industry that was created for us.
English
After months in rooms at the WH and Senate, this much is clear: a lot of the public debate overstated the risks and ignored the substance. This outcome preserves activity-based rewards tied to real participation on crypto platforms and networks, which is what the bank lobby said they wanted.
We've long believed that this issue did not warrant legislative changes. But whatever-- we’re focused on getting a bill done and are satisifed that this language should not be the basis of any objection. Onward.
Faryar Shirzad 🛡️@faryarshirzad
The final rewards text in the CLARITY Act is now public. We’ve been clear throughout this process: much of this debate was based on imagined risks, not real evidence, nor was it based on a real understanding of how crypto actually works. Nevertheless, the crypto industry showed up to engage. Through months of meetings, the @WhiteHouse, @USTreasury, @BankingGOP, @SenThomTillis and @Sen_Alsobrooks finally arrived at a compromise. In the end, the banks were able to get more restrictions on rewards, but we protected what matters – the ability for Americans to earn rewards, based on real usage of crypto platforms and networks. We also ensured the US can be at the forefront of the financial system – which in this competitive geopolitical era is paramount. That’s important for innovation, consumers and America's national security. Now that this issue is behind us, it’s time to focus on the broader bill. While this debate has been underway, lots of progress has been made on other areas like token classification, defi, and tokenization. We’re excited to review the full, final text, and for the bill to move forward. It’s time to get CLARITY done.
English
@LibertyDaddy @faryarshirzad @realDonaldTrump I mean, defi staking is not restricted here. Just an exchanges ability to pass down a share of short-term treasury yields on stable coins. (Which are still fiat btw) IMO, defi on sound money alternative tokens is far better than any fiat based yield product will ever be anyway.
English
@faryarshirzad This is garbage. @realDonaldTrump needs to step in here along with coinbase and let people have their staking. The banks have had a monopoly for long enough.
English
The final rewards text in the CLARITY Act is now public.
We’ve been clear throughout this process: much of this debate was based on imagined risks, not real evidence, nor was it based on a real understanding of how crypto actually works.
Nevertheless, the crypto industry showed up to engage. Through months of meetings, the @WhiteHouse, @USTreasury, @BankingGOP, @SenThomTillis and @Sen_Alsobrooks finally arrived at a compromise.
In the end, the banks were able to get more restrictions on rewards, but we protected what matters – the ability for Americans to earn rewards, based on real usage of crypto platforms and networks. We also ensured the US can be at the forefront of the financial system – which in this competitive geopolitical era is paramount.
That’s important for innovation, consumers and America's national security.
Now that this issue is behind us, it’s time to focus on the broader bill. While this debate has been underway, lots of progress has been made on other areas like token classification, defi, and tokenization. We’re excited to review the full, final text, and for the bill to move forward.
It’s time to get CLARITY done.
Brendan Pedersen@BrendanPedersen
SCOOP: Sens. Tillis and Alsobrooks have finalized a compromise on stablecoin yield. Punchbowl News has the text - bans rewards that are “economically or functionally equivalent” to deposit interest - balances *can* be used for rewards if companies clear the “equivalent” test
English
@EuroIRL @BrendanPedersen Exactly why this argument was retarded and absolutely not worth holding up a defi bill over.
English
SCOOP: Sens. Tillis and Alsobrooks have finalized a compromise on stablecoin yield. Punchbowl News has the text
- bans rewards that are “economically or functionally equivalent” to deposit interest
- balances *can* be used for rewards if companies clear the “equivalent” test
English
@EuroIRL @BrendanPedersen It's paid by handing down short-term treasury yields. So now, roughly 3.5%. When t bills come back down, maybe 0.5% or less? It will vary, and in a healthy economy, it will be much lower, making this whole fight totally pointless for retail.
English
@remizain101 @BrendanPedersen And screw stable coin yields. Who in retail defi leaves fiat on exchanges for yield? (Stables are still fiat and still lose purchasing power every year) 3.5% doesnt outpace it, just slows the bleeding. Its a bank 2.0 with a slightly better product but still locks you in fiat.
English
@BrendanPedersen So no more yield on usdc sitting on Coinbase. Awesome. All that for nothing? Fuck the banks.
English
@BrendanPedersen to me this reads like a huge win for DeFi yield and bad for centralized yield products via Companies.
English
@Darth_Martys @TangoNevada How does a person needing to steal a cart afford a BMW suv?
English
Looks like karma sent a polite reminder: if it doesn’t belong to you, maybe don’t test the borrowing policy.
English
𝗛𝗮𝗽𝗽𝘆 𝗙𝗿𝗶𝗱𝗮𝘆!
We’re giving away XRP to say thanks to our community for the support at XRP Vegas 🎰
How to enter:
◼️ Follow @UpholdInc
◼️ Like this post
◼️ Leave a comment
5 winners will receive $100 in XRP each. Good luck!
U.S. only. Terms apply. Ends in 24 hours.
English
@paulbarron If the zombie filibuster goes where it belongs, sure. We need to reinstate the real talking filibuster. It was meant for debate, not minority control, and that is precisely what will happen.
English
Do you think this bill gets through the Senate?
U.S. Senate Banking Committee GOP@BankingGOP
Digital asset market structure legislation will make America the crypto capital of the world. Chairman @SenatorTimScott believes that faster, cheaper transactions help Americans keep more of their money and strengthen U.S. leadership in financial innovation.
English
@grace_vera01 @paulbarron I hope you're right. But it will be tough because Dubai has 0% tax on crypto. I believe there's precisely 0% chance our bloated government gives up any ground to steal more. This will permanently give Dubai an advantage we will never match because there will always be a toll here
English
I hope it passes, but this is the Senate so don’t hold your breath.
Tim Scotts bill is straight America First: clear rules for digital assets, real innovation at home, and making the US the actual crypto capital instead of letting China or Dubai run the show.
The banking lobby and Senate Dems ( but I repeat myself) will fight it tooth and nail because they hate anything that takes power away from the old guard.
Fingers crossed the adults actually get something done for once. 🇺🇸
English